Bitcoin Legitimacy Era Has Begun – Exploration of Digital Asset Bipartisan Legislation Confirmed

Key Points

• Yesterday’s 1st ever digital asset subcommittee hearing confirmed exploring bipartisan legislative framework for crypto.
• Senator Cynthia Lummis addressed Bitcoin, digital assets, and stablecoins during the hearing.

Yesterday, the first hearing on digital assets took place, and Senator Cynthia Lummis, a long-time Bitcoin supporter addressed important subjects from the crypto industry.

Washington is reportedly exploring bipartisan legislative frameworks for digital assets.

Exploring Bipartisan Legislation on Bitcoin and Crypto

Yesterday’s hearing of the Subcommittee on Digital Assets, Financial Technology, and Inclusion was chaired by the “Bitcoin Senator”, Cynthia Lummis.

Stablecoin legislation will be the first on the Senate Banking Committee’s crypto-related agenda. Stablecoins and the Congress’ role in addressing future legislation took center stage at the meeting.

In her opening statement, Lummis said that the US is on the precipice of finally creating a bipartisan legislative framework for stablecoins and the market structure, making a reference to the FIT21 Act – the Financial Innovation and Technology for the 21st Century Act.

The FIT21 Act explicitly addresses the treatment of digital assets under US law.

It’s important that Senator Lummis also mentioned Bitcoin in her opening statement, saying that they are on the precipice of creating a legal framework for both stablecoins and market structure.

She said that there are efforts to get President Trump’s signature this year regarding crypto legislation.

Bitcoin Legitimacy Era Begins

Mario Nawfal, host of the largest show on X, highlighted yesterday’s meeting saying that finally Bitcoin goes mainstream and Washington eventually gets the memo.

In his X post, he said that for years, Bitcoin was the ultimate outsider in finance, and now, it’s pulling up a seat at the table.

He explained that the US government is no longer ignoring Bitcoin and clearer regulations could push BTC further into the financial mainstream.

If politicians take BTC seriously, the rest of the world will follow. He concluded by saying that the era of Bitcoin legitimacy has begun.

In May 2024, Lummis revealed plans to build a pro-crypto army in Congress.

Today, Lummis offered her gratitude to over 40,000 people who tuned in for the first hearing yesterday. She said that we’re in the early stages of BTC and crypto, and bipartisan support is needed for legislation.

Today, BTC is trading above $86,000 following a rebound from earlier dips to $82,000. The crypto industry remains optimistic amidst adoption efforts despite the market volatility.