Cynthia Lummis, a Wyoming state senator, has reportedly been appointed to lead a new subcommittee focused on digital assets.

According to Fox Business Network. This would be a branch of the Senate Banking Committee. It has a new president in South Carolina's Tim Scott, who has previously said that "cryptocurrencies have the potential to democratize the financial world."

Scott I recently had a meeting With David Sachs, Donald Trump's next cryptocurrency czar, and appeared with Loomis at a session at the Wyoming Blockchain Symposium last September.

At the time, he said: “Wouldn't it be great if we had a subcommittee on the Banking Committee focused on the industry, so we can shine more light on the conversation, more hearings on the industry, so we can shine a light on the industry.” Get things done faster?

Such a subcommittee already exists in the larger House of Representatives, which is also undergoing a change in leadership.

Thursday, It has been announced Wisconsin's Brian Steele will chair the House Subcommittee on Digital Assets, FinTech, and Artificial Intelligence — with jurisdiction over cryptocurrencies, stablecoins, and central bank digital currencies.

He succeeds Arkansas Congressman French Hill, who in turn becomes Chairman of the House Financial Services Committee.

the Stand with encryption The campaign group gave Steele an “A” rating, suggesting he strongly supports the digital asset sector, with the congressman previously warning that a lack of regulation risks “pushing opportunities outward.”

After announcing his new position... said sharp: “Innovation in the financial services sector presents an exciting opportunity for consumers and entrepreneurs, as technologies such as financial apps, digital assets and machine learning revolutionize our economy.”

The selection of Lummis and Steele to lead these two cryptocurrency-focused subcommittees is a sign that Donald Trump is looking to take advantage of Republicans' total control of the government — especially when it comes to implementing his pro-bitcoin promises.

A regular on the cryptocurrency conference circuit, Loomis was an early adopter of bitcoin — and led calls for the United States to create a strategic reserve of bitcoin through bills she proposed in the Senate.

last July, It unveiled the Promoting Innovation, Technology and Competitiveness Through Optimal Investment (BITCOIN) Act, which requires the government to purchase 1 million BTC over a five-year period. Loomis stressed that this $95 billion investment will not be funded by taxpayers, and instead will use existing funds through the Federal Reserve and the Treasury Department.

This goes further than what Trump himself has suggested, with the president-elect suggesting that about 200,000 bitcoins seized by criminals (with a current market value of $19.2 billion) could be diverted into such a reserve.

Modified by Stacey Elliott.