Senator Cynthia Lummis said that the current administration is the "most" historically supportive of "Bitcoin" and digital assets. Lummis made this statement in a March 7 post on X.
"This is the most pro-bitcoin and digital asset administration in history," said Sen. Cynthia Lummis.
President Donald J. Trump signed an executive order to establish a strategic bitcoin reserve and a U.S. digital asset stockpile, aiming to enhance the nation's role in digital asset management. According to the White House, the reserve will consist of bitcoin seized through forfeiture proceedings, with agencies evaluating options for transferring holdings. The stockpile will include other digital assets acquired similarly, under the oversight of the Treasury Department. The order aims to centralize government-held cryptocurrency, prevent premature sales, and improve strategic management. Additionally, Trump reiterated his commitment to making the U.S. a leader in cryptocurrency by appointing a "crypto czar" and hosting a White House crypto summit.
Sen. Lummis' post
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Bitcoin operates as a decentralized digital currency independent of central banks or governmental control. Trust Machines reported that Bitcoin's decentralized network makes it highly resistant to attacks since no single entity controls the blockchain. It uses cryptographic methods such as asymmetric encryption to secure transactions and ensure user privacy. Transactions are immutable; once recorded, they cannot be altered, ensuring blockchain integrity and transparency. Layer 2 protocols like the Lightning Network improve scalability without compromising security.
Lummis has been appointed by Senate Banking Committee Chair Tim Scott (R-SC) as the first chair of the Senate Banking Subcommittee on Digital Assets. According to Lummis's press release, this subcommittee in the 119th Congress will focus on advancing bipartisan digital asset legislation to promote innovation and protect consumers by addressing areas such as market structure, stablecoins, and a strategic bitcoin reserve. It will also oversee federal financial regulators to ensure compliance with laws and prevent initiatives like Operation Chokepoint 2.0.
Lummis (R-WY) was sworn into the U.S. Senate on January 3, 2021, as Wyoming's first female Senator. She previously served in the U.S. House of Representatives from 2008 to 2016, where she was a founding member of the House Freedom Caucus and worked on fiscal issues and Western policies, according to Senate.gov.
