Key Takeaways
- Senator Cynthia Lummis will chair the primary Senate Digital Asset Subcommittee listening to.
- Key witnesses embrace Lightspark’s Jai Massari and Kraken’s Jonathan Jachym.
- The listening to will concentrate on Bitcoin coverage and potential SEC regulatory reforms.
After years of advocating for Bitcoin in Congress, Senator Cynthia Lummis (R-WY) will chair the newly shaped Senate Digital Asset Subcommittee below the Banking Committee.
This listening to represents a key second as lawmakers push for stablecoin and market construction laws.
As I gear up for the FIRST digital asset subcommittee listening to, right here’s what to know:
➡️That is the first step in the direction of bipartisan laws
➡️We’ll hear from consultants who will form coverage on market construction & stablecoins
➡️Keep tuned for livestream particulars
➡️Sure it is a huge deal— Senator Cynthia Lummis (@SenLummis) February 25, 2025
Democratic assist will likely be key
Whereas Lummis has labored intently with Senator Kirsten Gillibrand (D-NY) on Bitcoin-related payments, Gillibrand just isn’t on the Senate Banking Committee.
Lummis should now safe bipartisan backing from committee Democrats to advance key initiatives.
Senator Ruben Gallego (D-AZ), the subcommittee’s rating member, has a historical past of pro-Bitcoin votes, having supported the FIT21 invoice and the repeal of SAB 121.
Key witnesses & SEC criticism
Among the many witnesses scheduled to testify is Jai Massari, Co-Founder and Chief Authorized Officer of Lightspark.
Massari just lately endorsed an article on X calling for main reform on the SEC, criticizing previous regulatory actions below the Biden administration.
Austin Campbell, CEO of WSPN and former Paxos govt, has been vocal towards the SEC’s strategy.
In his article That Colossal Wreck, Campbell argued that officers behind current Bitcoin regulation insurance policies needs to be barred from future authorities roles.
Listening to particulars
The listening to will happen on Wednesday, February 26, at 2:30 p.m. ET within the Dirksen Senate Workplace Constructing 538 and will likely be livestreamed on-line.
Different witnesses embrace Jonathan Jachym of Kraken, crypto lawyer Lewis Cohen, and Timothy Massad from Harvard College’s Digital Property Coverage Undertaking.