Senator Cynthia Lummis has been appointed to chair the Senate Banking Subcommittee on Digital Assets, the first Senate body dedicated to overseeing cryptocurrencies, blockchain technology, and how to regulate and connect them with the existent financial system.
US Moves Forward With Digital Assets
The subcommittee was established under the Senate Banking Committee following the Republican takeover of the Senate, with Senator Tim Scott, the committee’s new chairman, selecting Lummis for the role.
Senator Lummis expressed her gratitude on X (formerly Twitter), stating:
Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress needs to urgently pass bipartisan legislation establishing a comprehensive legal framework for digital assets and that strengthens the U.S. dollar with a strategic bitcoin reserve.
Following the news, the Bitcoin price pushed to $105,752, a 1.0% increase in the last hour, and 1.8% from yesterday. The total crypto market cap today is $3.79 trillion, with minimal changes from yesterday, according to data from CoinGecko.
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