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Sen. Cynthia Lummis (R-WY) chairs the US Senate panel on crypto assets. She has promised some big changes in government policy for the sector.
A Bitcoin sovereign wealth fund Republicans are calling a “strategic national reserve” is only one of Lummis’ promises for blockchain. But markets are thrilling with bullish activity on that prospect alone.
Over the weekend, Bitcoin whales were insatiable in their accumulation.
After Republicans retook control of Congress following November’s election, the US Senate Banking Committee opened its first subcommittee panel on cryptocurrencies Thursday.
Binance Founder: Strategic Bitcoin Reserve Alert!
US Strategic Bitcoin Reserve, pretty much confirmed.
Crypto moving at crypto speed again. https://t.co/8qWlt65ARE
— 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 asset subcommittee will:
✔️ Pass legislation promoting responsible innovation and consumer protection
✔️ Eradicate Operation Chokepoint 2.0
✔️ Make America the bitcoin and digital asset capital of the world— Senator Cynthia Lummis (@SenLummis) January 23, 2025
The new Senate subcommittee on digital assets has a host of issues to tackle with normalizing US government policy over blockchain. In an X post on Thursday afternoon, Sen. Lummis promised a three-point crypto agenda in 2025:
- Pass legislation promoting responsible innovation and consumer protection
- Eradicate Operation Chokepoint 2.0
- Make America the bitcoin and digital asset capital of the world
Popular crypto markets analyst Crypto Beast replied, “we’re going much higher.” The strategic Bitcoin reserve has backing from President Trump, according to recent reports and the fact that he signed the documents.
In addition, it has a strong group of pro-crypto delegates to Congress in the new subcommittee. That includes Sen. Ruben Gallego (D-AZ), who received strong backing from the pro-crypto Fairshake PAC.
Plus, there’s Sen. Bernie Moreno (R-OH), a freshman senator who prevailed in the ballot count over the Banking Committee’s previous chair, Sen. Sherrod Brown (D-OH).
Bitcoin’s price had a somewhat unexpected reaction to the aforementioned news. The asset started to lose value after the document’s signing and dropped to $102,400 before it recovered some ground to nearly $105,000 now.
This article first appeared at CryptoPotato
