Cryptocurrency prices were mixed early Thursday as the Senate Banking Committee appointed Sen. Cynthia Lummis (R-WY) to lead the new Banking Subcommittee on Digital Assets. Meanwhile, anticipation is building within the digital assets industry for the announcement of a strategic bitcoin reserve.
The Senate on Thursday voted to appoint Senator Lummis to chair the Senate Banking Subcommittee on Digital Assets, which aims to facilitate cryptocurrency legislation.
"Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress needs to urgently pass bipartisan legislation establishing a comprehensive legal framework for digital assets and that strengthens the U.S. dollar with a strategic bitcoin reserve," Senator Lummis wrote online following her appointment. "I am humbled my colleagues have placed their trust in me to chair this historic subcommittee and I look forward to shepherding bipartisan legislation to President Trump's desk this year that secures our financial future."
The new subcommittee is an offshoot of the Senate Banking Committee, which is now led by South Carolina's Republican Sen. Tim Scott.
Meanwhile, Senator Lummis has been a longtime supporter of cryptocurrencies and bitcoin. Last July, she proposed legislation that would require the government to purchase 1 million bitcoin over a five-year period, in an effort to amass 5% of the total supply for a U.S. strategic bitcoin reserve.
MARA Lobbies For Bitcoin Reserve
Meanwhile, executives at bitcoin miner MARA Holdings have been lobbying with local government officials to introduce a strategic bitcoin reserve to all 50 states, in addition to the Federal Reserve.
"Focusing now on bringing the Strategic Bitcoin Reserve (aka SBR) to all 50 states and the federal government," Mara CEO and Chairman Fred Thiel wrote online earlier this week.
Jayson Browder, SVP of Government Affairs and Social Responsibility, added that the SBR remains a "top priority" at the state and local level. Meanwhile, MARA continues to support bitcoin-focused advocacy organizations as it engages with the Trump administration.
So far 11 states have introduced legislation for a strategic bitcoin reserve, including Texas, Florida, Wyoming, Alabama, New Hampshire, Pennsylvania, Ohio, North Dakota, Oklahoma, Massachusetts and Utah, according to reports.
Trump Launches Crypto Task Force, Meme Coins. Bitcoin Hits New High.
Tokenizing Stocks?
Elsewhere, BlackRock CEO Larry Fink in an interview with CNBC's Squawk Box on Thursday urged the SEC to "rapidly approve the tokenization of bonds and stocks."
Fink made similar comments earlier this week when speaking at Davos about putting stocks and bonds on the blockchain.
"If we can tokenize bonds and stocks tomorrow, it would democratize investing in all ways we can't imagine," he said. Fink added that bitcoin could reach $700,000 if everybody reached 2% to 5% allocation, following conversations with a sovereign wealth fund.
"If you're frightened of your debasement of your currency or you're frightened of your economic or political stability, you could have an internationally-based instrument called bitcoin that will overcome those local fears," Fink said. "I'm a big believer in the utilization of that as an instrument."
Bank of America CEO Brian Moynihan on Tuesday said that the banking industry will be quick to embrace crypto if regulators allow it.
"If the rules come in and make it a real thing that you can actually do business with, you'll find that the banking system will come in hard on the transactional side of it," Moynihan said in an interview at the World Economic Forum, reported by CNBC.
New Crypto Task Force
The latest string of news comes after Securities and Exchange Commission Acting Chairman Mark Uyeda on Tuesday announced the regulator is launching a crypto task force "dedicated to developing a clear regulatory framework for crypto assets."
The task force will help draw regulatory lines, provide paths to registration, craft disclosure frameworks and deploy enforcement resources, while operating within a statutory framework provided by Congress. Commissioner Hester Peirce was tapped to lead the task force. The new task force will also coordinate with federal departments and agencies, including the Commodity Futures Trading Commission, as well as state and international counterparts.
Bitcoin Price Action
Bitcoin traded around $105,700 on Thursday following the vote on Senator Lummis. The cryptocurrency rebounded above $106,000 earlier in the day, on hopes for a strategic bitcoin reserve announcement.
Bitcoin is up 13.5% so far this year and on Monday hit a record high of $109,225.
Ethereum traded around $3,275, up slightly from its 24-hour low of 3,184. Ethereum has skidded about 2% in 2025.
Coinbase stock climbed less than 1% Thursday.
MARA stock swung 1.2% higher, creeping closer to its 50-day moving average.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
