Bitcoin jumps after pro-crypto senator takes leadership role
Bitcoin jumped more than 2% on Thursday shortly after pro-crypto Sen. Cynthia Lummis announced that she would chair a new subcommittee on digital assets.
That move adds to the potential that a strategic national bitcoin reserve, one of President Trump’s campaign promises, may be closer to becoming reality. Lummis said the subcommittee will focus on creating infrastructure, including a national reserve, and insuring regulators don't unfairly target crypto and crypto-adjacent companies.
Honored to chair the Senate Banking Subcommittee on Digital Assets. pic.twitter.com/mWj2hKA0NQ
— Senator Cynthia Lummis (@SenLummis) January 23, 2025
In July, Lummis introduced the BITCOIN Act (aka the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act), which had the goal of establishing a federal bitcoin reserve. Republicans now control the Senate, giving the bill a better shot at passing.
Sen. Lummis has disclosed that she bought between $100,001 and $250,000 of bitcoin in 2021, which she has said is stored in a blind trust. The price of bitcoin has skyrocketed since then, in part because Trump has embraced the industry.
Honored to chair the Senate Banking Subcommittee on Digital Assets. pic.twitter.com/mWj2hKA0NQ
— Senator Cynthia Lummis (@SenLummis) January 23, 2025
In July, Lummis introduced the BITCOIN Act (aka the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act), which had the goal of establishing a federal bitcoin reserve. Republicans now control the Senate, giving the bill a better shot at passing.
Sen. Lummis has disclosed that she bought between $100,001 and $250,000 of bitcoin in 2021, which she has said is stored in a blind trust. The price of bitcoin has skyrocketed since then, in part because Trump has embraced the industry.
