U.S. Senator Cynthia Lummis (R-WY) has been appointed as the first chair of a new Senate panel focused on digital assets. The announcement was made by Senate Banking Committee Chair Tim Scott (R-SC).
Lummis emphasized the importance of digital assets for the future, 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." She expressed gratitude for her colleagues' trust and aims to advance bipartisan legislation this year.
Scott praised Lummis's leadership in digital asset legislation, saying, "Blockchain technology and cryptocurrency have the potential to democratize the financial world – and there’s no better champion for the industry than my friend Cynthia Lummis." He highlighted her role in leading efforts through the new Subcommittee on Digital Assets.
The subcommittee will focus on two main areas: passing bipartisan digital asset legislation that encourages responsible innovation while protecting consumers, and conducting oversight over federal financial regulators to ensure compliance with laws.