Last July, Senator Lummis, who proposed the establishment of a national Bitcoin strategic reserve in the United States, was appointed as the chair of the newly established Digital Assets Committee of the Senate Banking Committee, which will focus on legislation related to strategic Bitcoin reserves and other digital assets.
Written by: Li Dan, Wall Street Insights
After Trump took office, he took action on cryptocurrencies by signing an executive order aimed at promoting the development of the cryptocurrency industry. Additionally, there was good news from the U.S. Congress for the crypto community: a senator who first proposed the establishment of a Bitcoin strategic reserve in the U.S. has been promoted.
On Thursday, January 23, Eastern Time, the White House announced that President Trump signed an executive order titled "Strengthening America's Leadership in Digital Financial Technology." The order requires the establishment of a Presidential "Working Group on Digital Asset Markets" within the National Economic Council, which advises the president.
The working group will be led by David Sacks, the White House's first AI and cryptocurrency special advisor, who has been dubbed the "AI and cryptocurrency czar." Members of the working group will also include the U.S. Secretary of the Treasury, Attorney General, Secretary of Commerce, Chair of the Securities and Exchange Commission (SEC), Chair of the Commodity Futures Trading Commission (CFTC), and other heads or designated personnel from government departments and regulatory bodies.
The executive order also explicitly mentions that the Trump administration is considering whether to designate Bitcoin as a national reserve for the United States. The order states that the working group will submit a report to Trump within 180 days of the order's issuance, providing recommendations for regulation and legislation. The report should focus on: managing a federal regulatory framework for the issuance and operation of U.S. digital assets, including stablecoins, considering regulations on market structure, oversight, consumer protection, and risk management, as well as
The working group "should assess the feasibility of establishing and maintaining a national digital asset reserve and propose standards for such reserves, which may come from cryptocurrencies lawfully seized by the federal government through enforcement actions."
The executive order also explicitly prohibits central bank digital currencies (CBDCs). The order states:
"Except as required by law, all (federal government) agencies are hereby prohibited from taking any action to establish, issue, or promote CBDCs within or outside the United States."
The order requires that any government agency currently planning or undertaking initiatives related to establishing CBDCs within the United States must immediately terminate such plans and take no further action to develop or implement such initiatives.
Sacks stated that the new working group will "make America the world capital of cryptocurrency" under Trump's leadership, and actions in AI will position the U.S. "to dominate and lead the world in the AI field." Trump mentioned that these actions "will earn a lot of money for America."
New Digital Assets Committee Established by the U.S. Senate Banking Committee Focuses on Strategic Bitcoin Reserve Legislation
Earlier on Thursday, Tim Scott, the chairman of the U.S. Senate Banking Committee, appointed Wyoming Senator Cynthia Lummis as the chair of the newly established Digital Assets Committee under the committee. Lummis subsequently released a statement announcing that this new committee dedicated to digital assets will focus on two areas:
Promoting responsible innovation and protecting consumers through bipartisan digital asset legislation, including legislation on market structure, stablecoins, and strategic Bitcoin reserves;
Conducting strict oversight of federal financial regulatory agencies to ensure these agencies comply with the law, including ensuring that Operation Chokepoint 2.0 does not occur again.
Operation Chokepoint 2.0 is reportedly an action taken by U.S. federal government agencies in collaboration to exclude cryptocurrency companies from the traditional banking system, and no formal documents have confirmed its existence to date.
Last July, Trump promised at the Bitcoin 2024 conference to designate Bitcoin as a strategic reserve asset for the United States. Lummis, as Trump's ally in the Senate, first proposed the Strategic Bitcoin Reserve Act that month, which called for selling a portion of the Federal Reserve's gold reserves without increasing the government deficit to purchase 1 million Bitcoins and establish the "strategic Bitcoin reserve" proposed by Trump. Based on the then-current price of Bitcoin, this would cost approximately $90 billion.
In Thursday's statement, Lummis again mentioned legislation related to the Bitcoin strategic reserve. She stated:
"Digital assets represent the future, and if the U.S. wants to maintain its leading position in global financial innovation, Congress urgently needs to pass bipartisan legislation to establish a comprehensive legal framework for digital assets and strengthen the dollar through a strategic Bitcoin reserve. … I look forward to submitting bipartisan legislation to President Trump this year to ensure our financial future."
The news of Lummis's appointment quickly ignited the cryptocurrency market. During Thursday's trading session, the price of Bitcoin (BTC) against the U.S. dollar surged.
According to CoinMarketCap data, the spot trading price of Bitcoin against the U.S. dollar first fell below $101,300 during European trading hours, hitting a daily low, but accelerated its rebound after the U.S. stock market opened, rising above $106,800 towards the end of the morning session, an increase of over $5,000 or more than 5% from the daily low, approaching the intraday record high of over $109,000 set on Monday. However, the U.S. stock market returned to a downward trend towards the end of the trading session, and after the market closed, it fell below $103,000, down over 1% in the last 24 hours.
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