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January 23, 2025

Washington, D.C.— U.S. Senator Cynthia Lummis (R-WY) released the following statement after Senate Banking Committee Chair Tim Scott (R-SC) named her the first-ever chair of the new Senate panel devoted to digital assets:

“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,” said Lummis. “I am humbled my colleagues have placed their trust in me to chair this historic subcommittee and I look forward to shepherding bipartisan legislation to President Trump’s desk this year that secures our financial future.”

“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,” said Scott. “Since day one, Senator Lummis has been a leader on digital assets legislation, and I am proud to have her spearhead the Banking Committee’s efforts through our new Subcommittee on Digital Assets. Working with the Trump administration and our colleagues in the House, we will advance a commonsense regulatory framework to facilitate innovation here in the United States, not overseas.”

The Senate Banking Subcommittee on Digital Assets in the 119th Congress will have two focus areas:

1) Passing bipartisan digital asset legislation that promotes responsible innovation and protects consumers, including market structure, stablecoins and a strategic bitcoin reserve.

2) Conducting robust oversight over Federal financial regulators to ensure those agencies are following the law, including by ensuring Operation Chokepoint 2.0 never happens again.

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