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Senator Cynthia Lummis to Chair First Senate Subcommittee on Digital Assets

2 mins mins
Senator Cynthia Lummis to Chair First Senate Subcommittee on Digital Assets

Key Points:

  • Senator Cynthia Lummis has been appointed chair of the Senate’s first-ever Digital Assets Subcommittee.
  • The subcommittee, featuring bipartisan members, aims to lead crypto legislation in the Senate, building on the House’s FIT21 Act.

Senator Cynthia Lummis, one of Bitcoin’s loudest cheerleaders in Congress, was named chair of the Senate Banking Subcommittee on Digital Assets.

Read more: Senator Cynthia Lummis Criticizes U.S. Marshals’ Plan to Sell Bitcoin 

Senator Cynthia Lummis to Lead First Senate Digital Assets Subcommittee

The new subcommittee, created under the Senate Banking Committee, is the first oversight committee focused only on digital assets as Congress turns its ratcheting attention to cryptocurrency regulation.

This new subcommittee comes after Republicans regained control of the Senate. New Senate Banking Committee Chairman Tim Scott tapped Senator Cynthia Lummis to head it. Of its members, five are Republicans, including newly elected Senator Bernie Moreno of Ohio, a blockchain entrepreneur who defeated former Democratic chairman Sherrod Brown.

Moreno’s campaign was boosted by $40 million in support from a crypto-focused super PAC. The subcommittee’s ranking Democrat is Arizona Senator Ruben Gallego, whose campaign received $10 million in backing from the Fairshake advocacy group.

House’s FIT21 Act Sparks New Senate Push for Digital Asset Regulation

The subcommittee is supposed to take the reins on cryptocurrency legislation in the Senate this Congress. The House had forged ahead aggressively last year, forcing through the FIT21 Act in May 2024 that would establish a framework to regulate digital assets. Yet the Senate Banking Committee had previously baulked at moving similar legislation.

FIT21 Act represents a few critical issues: consumer protection and market structure. The Biden administration opposed it because it perceived that investors’ protection was not up to par.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Digital Assets Subcommittee

FIT21 Act

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Tim Scott

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Harold

23 January 2025, 17:16:55 GMT +0000

With a passion for untangling the complexities of the financial world, I’ve spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. “The financial markets are a fascinating puzzle,” I often say, “and I love helping people make sense of them.” That’s what drives me to bring clear and insightful financial journalism to the readers of Coincu.