Senator Cynthia Lummis expressed her anticipation for advancing "bitcoin and digital asset" legislation, stating her support for President Trump's crypto summit. Lummis made this statement in a March 7 post on X.
"Best wishes for a great crypto summit at the White House today," said Sen. Cynthia Lummis. "I'm home sick with pneumonia this week and sad that I won't be there. We hope to get bitcoin and digital asset legislation to your desk soon, President Trump!"
According to a report by Reuters, industry leaders convened at Trump's White House crypto summit to discuss regulatory clarity and the government's role in digital assets. Trump promoted his plan to create a federally controlled reserve of seized cryptocurrency, emphasizing that it would not impose costs on taxpayers. The event included major figures such as Coinbase CEO Brian Armstrong, MicroStrategy's Michael Saylor, and the Winklevoss twins.
Sen. Lummis' post
| X
President Donald J. Trump signed an executive order establishing a strategic bitcoin reserve and a U.S. digital asset stockpile, aiming to strengthen the country’s role in digital asset management. The reserve will hold bitcoin seized through forfeiture proceedings, with agencies evaluating options to transfer holdings. The stockpile will include other digital assets acquired similarly, with oversight from the Treasury Department. The order seeks to centralize government-held cryptocurrency, prevent premature sales, and enhance strategic management, according to the White House.
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. The subcommittee in the 119th Congress will focus on advancing bipartisan digital asset legislation to promote innovation and protect consumers, addressing areas such as market structure, stablecoins, and a strategic bitcoin reserve. It will also oversee federal financial regulators to ensure compliance with the law and prevent initiatives like Operation Chokepoint 2.0, according to Lummis's press release.
Lummis was sworn into the U.S. Senate on January 3, 2021, as the first female Senator from Wyoming. 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.
