Wyoming Senator Cynthia Lammis is reportedly being tapped to lead a new subcommittee focusing on digital assets.
According to Fox Business, this is a branch of the Senate Banking Committee. South Carolina has a new chairman in the form of Tim Scott, who previously stated that “crypto has the potential to democratize the financial world.”
Scott recently held a meeting with Donald Trump's incoming crypto czar David Sachs, and appeared with Loomis on a panel at the Wyoming Blockchain Symposium last September.
At the time, he said, “Wouldn't it be good if we had a sub-committee in the banking committee that focuses on the industry, so that we can bring more light to the discussion, and have more hearings on the industry?” Get things done quickly?”
Such a subcommittee exists in the larger House of People's Representatives, which is undergoing a leadership change.
On Thursday, it was announced that Brian Steele of Wisconsin will chair the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence – with jurisdiction over crypto, stablecoins and CBDCs.
He succeeded Arkansas Congressman French Hill, who in turn became chairman of the House Financial Services Committee.
The Stand With Crypto campaign group gave Steele an “A” rating, indicating he strongly supports the digital assets sector, with the congressman previously warning that a lack of regulation risks “opportunities to push overseas.”
After his new position was announced, Steele said: “Innovation in the financial services sector will benefit consumers as technologies such as financial apps, digital assets and machine learning transform our economy. And it provides an exciting opportunity for entrepreneurs,” he said.
The selection of Loomis and Steele to lead these two crypto-focused subcommittees is a sign that Donald Trump is in full control of the Republican administration, especially when he wants to push through his pro-Bitcoin promises.
A regular on the crypto conference circuit, Lummis was an early adopter of BTC-and led the US calls to create a strategic Bitcoin reserve through her proposal receipts in the Senate.
Last July, she unveiled the Boosting Innovation, Technology and Competitiveness through Optimized Investment (BITCOIN) Act, which requires the government to buy 1 million BTC over a five-year period. Lummis stressed that this $95 billion investment should not be funded by taxpayers and should instead use funds in the Federal Reserve and the Treasury.
That goes further than Trump himself proposed, and the president-elect suggested that 200,000 BTC ($19.2 billion in current market value) seized by criminals could be turned into such a reserve.
Edited by Stacy Elliott.
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