Senator Cynthia Lummis said that "this is the year" for Bitcoin and digital assets in a March 11 post on X.
"Say it with me: this is the year for bitcoin and digital assets," said Lummis.
Lummis, representing Wyoming, reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the Senate. The legislation has support from Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn, and Bernie Moreno as cosponsors. Representative Nick Begich of Alaska introduced similar legislation in the House. According to a press release by Lummis, the BITCOIN Act aims to create a strategic Bitcoin reserve to strengthen the U.S. balance sheet and ensure transparent management of federal Bitcoin holdings. The act proposes establishing secure Bitcoin vaults managed by the Treasury, a 1-million-unit Bitcoin purchase program, and affirming private Bitcoin holders' self-custody rights.
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 its decentralized network makes it highly resistant to attacks since no single entity controls the blockchain. Additionally, cryptographic methods such as asymmetric encryption protect transactions and ensure user privacy. Transactions are immutable once recorded, ensuring integrity and transparency on the blockchain. Furthermore, Layer 2 protocols like the Lightning Network enhance scalability without compromising security.
Lummis has been appointed by Senate Banking Committee Chair Tim Scott of South Carolina as the first chair of the Senate Banking Subcommittee on Digital Assets. The subcommittee will focus on advancing bipartisan digital asset legislation to promote innovation and protect consumers during the 119th Congress. It will address areas such as market structure, stablecoins, and a strategic bitcoin reserve while overseeing federal financial regulators to ensure compliance with laws and prevent initiatives like Operation Chokepoint 2.0.
Lummis was sworn into the U.S. Senate on January 3, 2021, becoming 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.
