Introduction
US Senator Cynthia Lummis had posted on her official X account on January 23rd, “stay tuned at 10:00 am. Eyes then turned to the Senate Banking Committee. Senate Banking Committee Chairman Tim Scott appointed Cynthia Lummis as the first chair of the new Senate committee dedicated to digital assets.
“Digital assets are the future, and if the United States wants to remain the global leader in financial innovation, Congress urgently needs to pass bipartisan legislation that creates a comprehensive legal framework for digital assets and strengthens the U.S. dollar with a strategic reserve of Bitcoin. I am grateful that my colleagues have entrusted me to lead this historic subcommittee, and I look forward to bringing bipartisan legislation to President Trump’s desk this year that will secure our financial future.”
“President Trump promised to make this administration the most pro-digital asset administration in U.S. history, and in these first days, with this executive order, he is delivering on that promise. Under President Trump’s leadership, the United States will be the global leader in financial innovation and digital asset advancement. I look forward to working with President Trump and my colleagues in the coming months to pass bipartisan bitcoin and digital asset legislation and ensure that regulatory excesses like SAB 121, Operation Chokepoint 2.0, and lawsuits against digital asset companies are resolved.
Purpose and Scope of the Senate Banking Digital Asset Subcommittee
Senator Lummis, Chairman of the Senate Banking Digital Asset Subcommittee, announced the goals of the Senate Banking Digital Asset Subcommittee under three main headings on his official X account immediately after his election as the chairman of the committee. According to Lummis’ post the committee will accomplish the following:
- Enact laws that promote responsible innovation and consumer protection
- It will eliminate Operation Chokepoint 2.0
- It will make America the world capital of Bitcoin and digital assets.
In this context, the Senate Banking Subcommittee on Digital Assets will have two areas of focus. These are:
- Pass bipartisan digital asset legislation that encourages responsible innovation and protects consumers, including market structure, stablecoins and a strategic bitcoin reserve.
- Conducting strict oversight of federal financial regulators to ensure that they comply with the law, including ensuring that Operation Chokepoint 2.0 never happens again
Members of the Senate Banking Digital Asset Subcommittee
Cynthia Lummis is a Republican Senator elected from the U.S. state of Wyoming. Lummis entered the Senate in 2021, becoming Wyoming’s first female senator. She is also one of the most prominent cryptocurrencies and blockchain advocates in the US Congress.
Thom Tillis: Thom Tillis is a Republican senator representing the state of North Carolina in the United States of America. First elected to the Senate in 2015, he continues to serve and is active on various committees.
Bill Hagerty: is a Republican US senator representing the state of Tennessee. He joined the Senate in 2021 and is known for his business experience and foreign policy work.
Bernie Moreno: A well-known figure in business and politics in the United States. He is a businessman who has been a leader in innovative areas such as technology, the automotive industry and blockchain. His vision, especially in blockchain and technology, has made him a prominent figure in the Republican Party.
Dave McCormick: An American businessman, politician and former soldier. A member of the Republican Party, he ran for the US Senate from Pennsylvania in 2022 but narrowly lost the primary. He is notable for his business achievements and his experience in public service.
Ruben Gallego: is a Democratic member of Congress representing Arizona’s 3rd Congressional District in the United States. Elected in 2015 to the House of Representatives, Gallego is particularly known for his work on veterans, immigration reform and economic equality.
Mark Warner: He is a senior Democratic senator representing the U.S. state of Virginia. He has served in the Senate since 2009. Warner’s expertise in technology and economics has earned him recognition as one of the most influential senators in Washington.
Chris Van Hollen: is a Democratic senator representing the state of Maryland. Elected in 2017 to the US Senate, Van Hollen previously served in the House of Representatives from Maryland’s 8th Congressional District and has been a leading figure on the progressive wing of Congress. Since his election to the Senate, he has focused primarily on economic policy, climate change and health care.
Tina Smith: is a Democratic senator representing the state of Minnesota. Elected in 2018 to the US Senate in a special election, Smith previously served as lieutenant governor of Minnesota. Her political career has focused on social justice, health care, women’s rights and education.
