The US Senate has established its first digital asset subcommittee, with Senator Cynthia Lummis from Wyoming set to lead this new initiative. Lummis, a proponent of a national strategic bitcoin reserve, previously introduced a bill intended for the government to acquire about 5% of the total bitcoin supply, designated solely for paying off the national deficit. With her leadership and support from Senate Banking Chair Tim Scott, there is potential for expedited movement on the reserve initiative in Congress. Lummis emphasized the urgency for bipartisan legislation and is expected to outline the subcommittee's first hearing topic soon. The establishment of this subcommittee marks a significant step toward legislative engagement with the crypto sector, amid speculations regarding potential presidential actions related to bitcoin holdings.

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