Lummis teases “Big things cooking” as Senate’s Crypto Subcommittee gears up for key hearing 

Is the U.S. Treasury about to hold Bitcoin? Lummis proposed a strategic Bitcoin reserve last year—now she says “Big things cooking.” What’s really on the table?

Lummis puts Bitcoin on the big stage

Senator Cynthia Lummis has announced that she will be the co-host for Bitcoin (BTC) for America, an event taking place on Mar. 11 in Washington, D.C.

Organized by the Bitcoin Policy Institute, the event will bring together top executives, public officials, and policy experts to discuss Bitcoin’s role in the U.S. economy.

In her announcement, Lummis used Bitcoin’s symbol (₿), stating, “₿ig things cooking,”—hinting at something substantial, possibly new legislative efforts or policy discussions that could impact the future of Bitcoin in the country.

This comes at a time when Bitcoin adoption and regulatory frameworks are at a crossroads, with growing interest from both policymakers and financial institutions.

Lummis has long been a key advocate for Bitcoin in Congress, backing legislation to establish clear crypto regulations and pushing for a strategic Bitcoin reserve for the U.S. Treasury.

With her direct involvement in Bitcoin for America, this event could serve as a platform to accelerate policy discussions and shape upcoming regulatory moves.

But what exactly has Lummis been working on, and what can we expect from this event? Let’s take a closer look.

What’s cooking for Bitcoin in D.C.?

Senator Lummis has made major strides in shaping Bitcoin and crypto policy in Washington since being sworn in as the first-ever chair of the Senate Banking Subcommittee on Digital Assets on Jan. 23.

Prior to assuming this position, Lummis had long championed Bitcoin’s role in the financial system, and just six months earlier, she introduced one of her most ambitious policy proposals.

In July 2024, on the final day of Bitcoin Conference 2024 in Nashville, she announced a plan for a U.S. strategic Bitcoin reserve. The proposal called for the U.S. Treasury to gradually accumulate Bitcoin, treating it as a long-term asset rather than a speculative investment.

She framed it as a strategy to strengthen the U.S. dollar against inflation and solidify America’s leadership in the global financial system.

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Moreover, since becoming chair of the subcommittee, Lummis has been actively working on multiple fronts. In February, she sent two key letters pressing financial regulators on crypto-related policies.

On Feb. 20, she took aim at the Federal Reserve, demanding documents related to Operation Choke Point 2.0, a term used to describe alleged regulatory pressure on banks to limit access to crypto-related businesses.

She, along with Senator Tim Scott, called for transparency on whether the Federal Reserve Board of Governors and the Federal Reserve Banks of Dallas and Richmond engaged in discriminatory actions against digital asset firms.

Lummis made it clear that claims of privilege or confidentiality won’t exempt the Fed from Congressional oversight, setting a Mar. 13 deadline for document production.

The following day, on Feb. 21, she and a bipartisan group of senators sent a letter to the Securities and Exchange Commission, demanding clarity on its stance toward protocol staking in digital asset exchange-traded products.

She expressed concern that while Canada and Europe allow staking within their crypto ETPs, the SEC continues to prohibit it in the U.S., putting American asset managers at a disadvantage.

The letter specifically calls for transparency on the SEC’s rationale for restricting staking, the potential risks and benefits the agency has identified, and the broader implications for digital assets that rely on staking as part of their consensus mechanisms.

The senators set a Mar. 21 deadline for the SEC to respond, signaling they expect clear answers.

Now, with Bitcoin for America approaching, the event could offer a glimpse into what’s next for Washington’s crypto policy.

The meeting that could change everything

The first hearing of the Senate Banking Subcommittee on Digital Assets is set for Feb. 26 at 2:30 PM ET, marking the start of what could be a defining chapter in U.S. crypto policy.

Senator Lummis, who chairs the subcommittee, has called it a critical first step toward bipartisan legislation, with discussions focused on market structure and stablecoins.

In a tweet ahead of the hearing, Lummis stated, “Yes, this is a big deal,” outlining key topics and confirming that expert witnesses will provide testimony that could shape future regulations.

But she faces a key challenge—while she has worked closely with Democratic Senator Kirsten Gillibrand on crypto policy in the past, Gillibrand is not a member of the Senate Banking Committee.

That means Lummis must build alliances with other Senate Democrats to move forward.

So far, there are signs of support, with Gillibrand already co-sponsoring the GENIUS Act alongside Senator Bill Hagerty, a bill that could pave the way for stablecoin regulation.

The hearing’s witness lineup reflects growing pressure for regulatory clarity and reform. Among them is Jai Massari, Co-Founder and Chief Legal Officer of Lightspark.

Another key witness, Austin Campbell, a well-known figure in both traditional finance and digital assets, who recently endorsed a scathing critique of the SEC’s regulatory approach under the Biden Administration.

The article, “That Colossal Wreck,” accused the agency of excessive enforcement that stifled crypto innovation.

Campbell claims Democratic officials once urged him to soften his stance on former SEC Chair Gary Gensler, but he refused. Instead, he doubled down, calling those responsible for what he labeled “a shameful chapter in U.S. financial regulatory history” unfit for power.

Massari echoed this sentiment, calling for a “clear-eyed look” at past regulatory failures and advocating for reforms beyond political divides.

While their testimonies remain unclear, their recent comments suggest a push for a more predictable regulatory framework.

Beyond Massari and Campbell, other key witnesses include Jonathan Jachym, Deputy General Counsel for Kraken Digital Asset Exchange, who recently testified in the House on crypto policy, Lewis Cohen, a blockchain and tokenization lawyer, and Timothy Massad, Director of the Digital Assets Policy Project at Harvard’s Kennedy School of Government.

Lummis will also work alongside Senator Ruben Gallego, the subcommittee’s Ranking Member from the Democratic side.

While new to this role, Gallego has backed crypto-friendly policies, including FIT21 in the House and the repeal of SAB 121, a regulatory rule opposed by the crypto industry. His stance could be key to shaping bipartisan cooperation.

The hearing will be livestreamed for public viewing, offering an early look at how this subcommittee plans to approach crypto regulation in the months ahead.

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