What about keeping US Treasury bitcoin? Lummis proposed a strategic bitcoin reserve last year – now she says “Big things cook.” What is really on the table?
Lummis puts bitcoin on the big stage
Senator Synthia Lummis has announced that she will be co-masters for Bitcoin (BTC) for the US, an incident on March 11 in Washington, DC.
Conducted by Bitcoin Policy Institute, the event will bring top officials, public authorities and policy experts together to discuss the role of bitcoin in the American economy.
In his announcement, Lummis used a symbol (₿) of bitcoin, saying, “₿ig Things Things Cooking,” – Some enough, possibly indicating new legislative efforts or policy discussions that affect the future of bitcoin in the country Can
It comes at a time when bitcoin adoptions and regulatory structures occur at an intersection, with both policy makers and increasing interest from financial institutions.
Lummis has long been a prominent lawyer for bitcoin in Congress, supporting the law to establish clear crypto rules and emphasize for a strategic bitcoin reserve for American Treasury.
With its direct participation in bitcoin for the US, the event can serve as a platform to intensify policy discussions and shape upcoming regulatory moves.
But what is actually working Lummis, and what can we expect from this incident? let’s take a closer look.
What is cooking for bitcoin in DC?
Senator Lumis has made great progress in shaping the bitcoin and crypto policy in Washington, as on 23 January, digital assets have been sworn in as the first chairman of the Senate Banking Subcommittee on digital assets.
Before assuming the post, Lummis played a bitcoin role in the financial system, and exactly six months ago, he introduced one of his most ambitious policy proposals.
In July 2024, on the last day of the Bitcoin Conference in Nashville, 2024, he announced a plan for the American Strategic Bitcoin Reserve. The proposed proposal to gradually accumulate bitcoin to the American Treasury considered it as a long-term property rather than speculative investment.
He implicated it as a strategy to strengthen the US dollar against inflation and strengthen the US leadership in the global financial system.
In addition, since becoming the chairman of the sub -committee, Lummis is actively working on several fronts. In February, he sent two major letters suppressing financial regulators on crypto-related policies.
On 20 February, he targeted the Federal Reserve, demanding Documents related to Operation Chok Point 2.0, a term that is used to describe alleged regulatory pressure on banks to limit access to crypto-related businesses.
Along with Senator Tim Scott, he called for transparency on whether the Federal Reserve Board of Governors and the Federal Reserve Bank of Dallas and Richmond Digital Asset are engaged in discriminatory works against firms.
Lummis made it clear that the claims of privilege or privacy would not free the Fed from the inspection of the Congress, setting the March 13 deadline for documents production.
The next day, on 21 February, he and a bilateral group of senators Sent A letter to the Securities and Exchange Commission demands clarity on the stance towards protocols in digital asset exchange-traded products.
He expressed concern that when Canada and Europe allow stakeing within their Crypto ETP, SEC restricts it in America, damaging American asset managers.
The letter asks for transparency on the rationality of SEC to restrict staking, the agency has identified potential risks and benefits, and a wide implication for digital assets that rely on stacking as part of their consensus mechanisms We do.
The senators set the March 21 deadline to respond to SEC, indicating that they expect a clear answer.
Now, with bitcoins for the US, this incident can give a glimpse of what is ahead for Washington’s Crypto policy.
The meeting that can change everything
The first hearing of the Senate Banking sub -committee on digital assets is scheduled on ET at 2:30 pm on February 26, which may be a defined chapter in the US Crypto Policy.
Senator Lumis, who presided over the subcommittee, has called it an important first step towards the bipartisan law, focusing on the market structure and stabilcoin.
In a tweet before the hearing, Lummis said, “Yes, it’s a great thing,” underlining the major topics and confirming that experts will provide witnesses testimony that can shape future rules.
But she faces an important challenge – while she has worked closely with Democratic Senator Kirsten Gilibrand on the Crypto policy in the past, Gilibrand is not a member of the Senate Banking Committee.
This means that Lummis should form an alliance with other Senate Democrats to move forward.
So far, there are signs of support, with Gilibrand already couming the Genius Act with the Senator Bill Hergerti, a bill that can pave the way for stabechoin regulation.
The hearing witness lineup reflects regulator clarity and increasing pressure for improvement. Among them Jai Masari is the co-founder and chief legal officer of LightSpark.
Another major witness, Austin Campbell, a famous person in both traditional finance and digital assets, who recently supported a scary criticism of SEC’s regulatory approach under Biden administration.
The article, “That colloom debris,” accused Excessive enforcement agency that stopped Crypto innovation.
Campbell claims that the Democratic authorities once requested him to soften his stand on Gary Gensler, the former SEC president, but refused. Instead, he doubled, who is responsible for those who labeled “a shameful chapter in the US Financial Regulatory History”.
Masari resonated this feeling, called for a “clear-eye look” over previous regulatory failures and advocated reforms beyond political division.
While his testimony is unclear, his recent comments suggest a push for a more predicted regulatory structure.
Beyond Masari and Campbell, other major witnesses include Jonathan Jacham, Deputy General Manager for Crackon Digital Asset Exchange, who recently Crypto Policy, Louis Cohen, A Blockchain and Token Lawyer, and Director of Timothy Masad, Digital Assets Policy But testified in the house. Project in Harvard’s Kennedy School of Government.
Lummis will also work with a subcommittee ranking member Senator Ruben Galgo from the Democratic side.
The new for this role, Gallego has supported the crypto-friendly policies, including the cancellation of FIT21 and sab 121 in the house, a regulatory rule opposed by the Crypto industry. Their stance may be important for shaping bipartisan cooperation.
The hearing will be alive to see publicly, takes a initial look at how this subcommittee is planning to contact Crypto regulation in the next months.
