- Senate forms crypto subcommittee to support Trump’s goal of making America a crypto hub.
- Senator Cynthia Lummis to lead, with major GOP backing for crypto-friendly Senators.
- Debate over crypto regulations grows as Democrats and SEC appointments remain key.
The Senate Banking Committee, under Senator Tim Scott’s leadership, has announced the formation of its first subcommittee dedicated to digital assets. This strategic move coincides with the recent Republican control of the Senate and aligns with President-elect Donald Trump’s vision of positioning the U.S. as a global leader in cryptocurrency innovation.
Lummis to Chair Digital Asset Subcommittee
Long-time cryptocurrency advocate Senator Cynthia Lummis has been appointed to chair the subcommittee, pending a committee vote in the coming days. Lummis’s extensive knowledge of digital assets is expected to play a crucial role in shaping the subcommittee’s direction.
Joining Lummis are several prominent Republican Senators, including Bernie Moreno (Ohio), Dave McCormick (Pennsylvania), Thom Tillis (North Carolina), and Bill Hagerty (Tennessee). Notably, Moreno and McCormick garnered significant financial backing from pro-crypto super PACs during the 2024 elections, raising over $40 million combined.
Republican Push to Lead Crypto Policy
Senator Scott has expressed intentions to emulate the House Financial Services Committee’s Digital Assets Subcommittee, which was instrumental in drafting the FIT21 bill. This legislation aims to establish a comprehensive regulatory framework for digital assets. While the bill is still under House review, it marks a significant step toward addressing regulatory clarity.
Potential Democratic Counterbalance
Although Republicans now lead the new subcommittee, Democratic influence remains a factor. Senator Elizabeth Warren, a vocal cryptocurrency critic, assumes the role of the top Democrat on the Banking Committee. It is yet to be seen how her perspective will impact the subcommittee’s initiatives.
Read also: Senator Elizabeth Warren Chastises SEC for Approving Bitcoin ETF Launch
The committee faces an additional challenge with the delayed vote on SEC Commissioner Caroline Crenshaw’s reappointment. Crenshaw, known for her skepticism toward cryptocurrencies, may not return to the SEC unless President-elect Trump re-nominates her.
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