Key Takeaways
- Senator Cynthia Lummis will chair the first Senate Digital Asset Subcommittee hearing.
- Key witnesses include Lightspark's Jai Massari and Kraken's Jonathan Jachym.
- The hearing will focus on Bitcoin policy and potential SEC regulatory reforms.
After years of advocating for Bitcoin in Congress, Senator Cynthia Lummis (R-WY) will chair the newly formed Senate Digital Asset Subcommittee under the Banking Committee.
This hearing represents a key moment as lawmakers push for stablecoin and market structure legislation.
As I gear up for the FIRST digital asset subcommittee hearing, here’s what to know:
— Senator Cynthia Lummis (@SenLummis) February 25, 2025
➡️This is the 1st step towards bipartisan legislation
➡️We'll hear from experts who will shape policy on market structure & stablecoins
➡️Stay tuned for livestream details
➡️Yes this is a big deal
Democratic support will be key
While Lummis has worked closely with Senator Kirsten Gillibrand (D-NY) on Bitcoin-related bills, Gillibrand is not on the Senate Banking Committee.
Lummis must now secure bipartisan backing from committee Democrats to advance key initiatives.
Senator Ruben Gallego (D-AZ), the subcommittee’s ranking member, has a history of pro-Bitcoin votes, having supported the FIT21 bill and the repeal of SAB 121.
Key witnesses & SEC criticism
Among the witnesses scheduled to testify is Jai Massari, Co-Founder and Chief Legal Officer of Lightspark.
Massari recently endorsed an article on X calling for major reform at the SEC, criticizing past regulatory actions under the Biden administration.
Austin Campbell, CEO of WSPN and former Paxos executive, has been vocal against the SEC’s approach.
In his article That Colossal Wreck, Campbell argued that officials behind recent Bitcoin regulation policies should be barred from future government roles.
Hearing details
The hearing will take place on Wednesday, February 26, at 2:30 p.m. ET in the Dirksen Senate Office Building 538 and will be livestreamed online.
Other witnesses include Jonathan Jachym of Kraken, crypto lawyer Lewis Cohen, and Timothy Massad from Harvard University’s Digital Assets Policy Project.
