Senator Cynthia Lummis said that she met with Representative Bryan Steil and emphasized the importance of passing legislation on "stablecoins" and "market structure" as part of ongoing efforts to position the United States as a center for bitcoin and digital assets. Lummis made her statement in an April 1 post on X.
"I loved meeting with Rep. Bryan Steil today," said Lummis. "My team and I are working hard to make America the bitcoin and digital asset capital of the world, and it starts by passing stablecoin and market structure legislation in the coming months."
Lummis, a Republican from Wyoming, reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the Senate. Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn, and Bernie Moreno are cosponsors. Representative Nick Begich, a Republican from Alaska, introduced similar legislation in the House. 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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Steil was appointed to lead the Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence in the 119th Congress by House Financial Services Chairman French Hill from Arkansas's 2nd district. Steil previously served on the Subcommittee on Digital Assets, Financial Technology, and Inclusion in the 118th Congress and is currently serving his fourth term on the Financial Services Committee. The subcommittee will oversee matters such as digital assets, cryptocurrencies, stable assets, central bank digital currencies (CBDCs), financial technology (fintech), mobile device transactions, and artificial intelligence technologies.
According to Lummis's press release, she has been appointed by Senate Banking Committee Chair Tim Scott from South Carolina as the first chair of the Senate Banking Subcommittee on Digital Assets. This subcommittee in the 119th Congress will focus on advancing bipartisan digital asset legislation to promote innovation and protect consumers while 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 was sworn into the U.S. Senate on January 3rd, 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.
