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Senator Cynthia Lummis To Lead New Congressional Panel on Bitcoin and Crypto Assets

Senator Cynthia Lummis To Lead New Congressional Panel on Bitcoin and Crypto Assets

Pro-Bitcoin Wyoming Republican Senator Cynthia Lummis has been named the first-ever chair of a new Senate panel devoted to digital assets. The Senate Banking Committee panel will focus on passing bipartisan legislation that boosts the industry while protecting investors. Lummis says there will be a specific focus on market structure, stablecoins and a strategic Bitcoin […]

The post Senator Cynthia Lummis To Lead New Congressional Panel on Bitcoin and Crypto Assets appeared first on The Daily Hodl.

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Texas kicks off 89th legislative session with new strategic Bitcoin reserve bill

If passed and signed into law, “it would make Texas the first state to establish a strategic Bitcoin reserve,” says Senator Charles Schwertner.

Texas state Senator Charles Schwertner has introduced a bill in the new legislative session to establish a strategic Bitcoin reserve in the Lone Star State. 

“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve,” the Republican politician and physician said while announcing the Senate Bill (SB 778) on X on Jan. 16. 

“If passed and signed into law, [it] would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve,” he said before adding, “This would position our state at the forefront of the digital economy, driving growth and securing economic freedom for our great state.”

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Crypto community hopeful about new Senate leader John Thune

Not endorsed by Donald Trump, Senator John Thune defeated the Elon Musk-supported Senator Rick Scott to become the new Senate majority leader.

The cryptocurrency industry has high hopes for regulatory clarity in the United States as the Republican Party elected Senator John Thune of South Dakota as the new Senate majority leader.

Thune won the Senate majority leader race on Nov. 13, defeating the Elon Musk-endorsed Senator Rick Scott of Florida.

“We will work to make America prosperous again by streamlining the bureaucratic machine and overturning costly Biden-Harris regulations,” Thune stated in a speech after winning.

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Hitting and holding $100K Bitcoin price depends on $11.8B end-of-year BTC options expiry

Bitcoin’s ability to reach and hold the $100,000 level will be influenced by the upcoming $11.8 billion options expiry.

Bitcoin’s (BTC) market is preparing for the year-end $11.8 billion options expiry, set for Dec. 27 at 8:00 am UTC. Recent data reveals a strong advantage for call (buy) options, though bears could significantly limit their losses by keeping Bitcoin’s price below $75,000.

Aggregate Bitcoin options open interest for Dec. 27. Source: Laevitas.ch

As of now, the total open interest for call options is $7.9 billion, while put (sell) options lag at $3.92 billion—underscored by Bitcoin’s 29% rise since October, which has likely rendered most put options worthless.

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Trump’s 2nd term to start with trifecta as Republicans tipped to win House

The Republicans will have total control of the executive branch and all of Congress after the GOP was projected to keep a majority in the House.

The Republicans are projected to keep the United States House, giving the party total control of the government after taking a majority in the Senate along with Donald Trump’s election win.

Decision Desk HQ called the race for the House at 12:13 am UTC on Nov. 12, projecting the GOP would win the 218 seats needed for a majority after it projected Republican Juan Ciscomani would be reelected to represent Arizona’s 6th congressional district.

There are eight seats still left to call, according to Decision Desk HQ. The GOP is currently leading in races that are still ongoing for Alaska’s only seat, along with three districts across California, while the Democrats are ahead in the rest.

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Republicans won the Senate, but 2 crypto races are still up for grabs

Democrat Ruben Gallego was leading in a race for Arizona’s Senate race, while Republican Sam Brown trailed in Nevada. 

Republican lawmakers in the United States have already flipped enough seats to secure a slim majority in the Senate for 2025, but the outcome for two candidates who received support from crypto-backed political action committees (PACs) and executives has yet to be determined.

As of Nov. 8, Republican Kari Lake was trailing Democrat Ruben Gallego in the race for an Arizona Senate seat. Lake has claimed to be a “pro-crypto candidate,” pledging to support some of Donald Trump’s policies on digital assets and Bitcoin (BTC), but did not appear to have received any campaign contributions from industry leaders or support from crypto-backed PACs.

The Fairshake PAC and its affiliates spent more than $10 million on media buys supporting Gallego, who led in the race against Lake with roughly 77% of votes counted at the time of publication. The Arizona lawmaker currently represents the state’s 3rd congressional district and voted in favor of the Financial Innovation and Technology for the 21st Century Act while in office.

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Senator Lummis’ Bitcoin reserve proposal faces uphill battle

A US strategic Bitcoin reserve faces steep odds, with legislative hurdles and economic risks stalling approval.

United States Senator Cynthia Lummis, long known as the "Crypto Queen" of Capitol Hill, has thrown a financial curveball into the post-election buzz by announcing plans to establish a strategic Bitcoin (BTC) reserve. 

Source: Senator Cynthia Lummis

This bold move, declared just hours after Donald Trump's re-election, could redefine the US fiscal strategy, but at the same time raises questions on its feasibility, impact on US debt, policy barriers and market volatility.

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North Korea’s Lazarus Group’s Sophisticated Tactics Behind $1.46B Bybit Crypto Heist

Republican seeking to unseat Sherrod Brown said he sold all his Bitcoin

The Defend American Jobs political action committee has spent more than $40 million on media buys supporting businessman Bernie Moreno’s Senate run.

Bernie Moreno, the Republican Party candidate for the United States Senate race in Ohio, reportedly claimed to have sold his Bitcoin (BTC) holdings in an apparent attempt to push back against potential conflicts of interest with support from the cryptocurrency industry.

According to an Oct. 28 Cleveland.com report, Moreno said he was “proud” to have the support of the crypto industry in his race to unseat Senator Sherrod Brown.

The Senate candidate has received more than $40 million in support through media buys from the political action committee (PAC) Defend American Jobs, an affiliate of Fairshake that primarily helps Republican candidates. 

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Better Know a Crypto Candidate: Jerrod Sessler

As part of its coverage of the 2024 US Elections, Cointelegraph asked several congressional candidates for their positions on crypto.

Jerrod Sessler is running for Washington’s 4th Congressional District in the United States House of Representatives as a Republican against incumbent Dan Newhouse, who is also a Republican who has held the chair since 2015.

The GOP newcomer is an entrepreneur and the founder of the HomeTask maintenance service. Sessler also served in the US Navy and was previously a NASCAR driver. According to a video statement from Sessler, he strongly opposes the centralization of digital assets:

The Congressional candidate continued, “Those that seek to destroy American Liberty, also seek to centralize crypto. As Congressman, I will fully and completely oppose the centralization of crypto in America.”

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Coinbase CEO Brian Armstrong backs Republican Senate candidates

Armstrong has endorsed pro-crypto Senate candidates, backing Republicans like John Deaton and David McCormick for their stance on digital asset policies.

Coinbase co-founder and CEO Brian Armstrong has endorsed several Republican candidates for the United States Senate in the November elections.

Armstrong took to X on Oct. 20 to show support for pro-crypto Senate candidates, including the pro-XRP (XRP) lawyer John Deaton and former Bridgewater Associates CEO David McCormick.

Both candidates are running under the Republican Party banner, with Deaton running for a Senate seat in Massachusetts and McCormick in Pennsylvania.

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North Korea’s Lazarus Group’s Sophisticated Tactics Behind $1.46B Bybit Crypto Heist