Senator Cynthia Lummis (R-WY) chairs the US Senate panel on crypto assets. She promised big changes in government policy for the sector.
A Bitcoin Sovereign Wealth Fund Republicans call a “strategic national reserve” is just one of Lummis’ promises for blockchain. But the markets are exciting with bullish activity on this outlook alone.
Over the weekend, Bitcoin whales were insatiable in their accumulation.
After Republicans regained control of Congress following the November elections, the US Senate Banking Committee opened its first subcommittee on cryptocurrencies on Thursday.
Binance Founder: Strategic Bitcoin Reserve Alert!
US Strategic Bitcoin Reserve, pretty much confirmed.
Crypto moving at crypto speed again.
– CZ BNB (@cz_binance) January 23, 2025
The idea of a national Bitcoin reserve is so popular at the moment among US policymakers that several states are considering establishing state reserves.
Congress convenes first subcommittee on crypto
The Senate Banking Digital Assets Subcommittee will:
✔️ adopt legislation promoting responsible innovation and consumer protection
✔️ Eradication of Operation ChokePoint 2.0
✔️ make America bitcoin and the world’s digital asset capital– Senator Cynthia Lummis (@senlummis) January 23, 2025
The new Senate Subcommittee on Digital Assets has a host of issues to resolve with standardizing U.S. government policy on blockchain. In an X post Thursday afternoon, Senator Lummis promised a three-point crypto agenda in 2025:
- Adopt legislation promoting responsible innovation and consumer protection
- Eradicate Operation ChokePoint 2.0
- Making America Bitcoin and the World’s Digital Asset Capital
Popular crypto markets analyst Crypto Beast responded: “We are going much higher.” Bitcoin’s strategic reserve has the support of President Trump, according to recent reports and the fact that he signed the documents.
Additionally, he has a strong group of pro-Crypto Congressional delegates in the new subcommittee. This includes Sen. Ruben Gallego (D-Az), who received strong support from the pro-Crypto Fairshake Pac.
Additionally, there is Sen. Bernie Moreno (R-OH), a freshman senator who prevailed in the ballot count over the previous Banking Committee chair, Sen. Sherrod Brown (D-OH).
Bitcoin price had a somewhat unexpected reaction to the aforementioned news. The asset began to lose value after the document was signed and fell to $102,400 before recovering to almost $105,000 now.
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