U.S. Senate Banking Committee to Launch First-Ever Crypto Subcommittee

The United States Senate Banking Committee is preparing to establish the first-ever crypto subcommittee. According to FOX Business, the Republican senator from Wyoming, Cynthia Lummis, will likely emerge as the chair for the subcommittee.

First-Ever Crypto Subcommittee

The U.S. Senate Banking Committee oversees banks and financial agencies like the Securities and Exchange Commission (SEC). Republican Tim Scott of South Carolina recently emerged as the committee’s chairman, while Democrat Elizabeth Warren of Massachusetts is the ranking member.

Notably, the Senate Banking Committee’s decision to establish a crypto-orientated subcommittee comes a week after Republican senators dominated the Senate with 52 seats out of 100. Such dominance could play a role in enabling Senate Republicans to propel Donald Trump’s crypto promises during the presidential campaign.

Two Senate aides disclosed that Cynthia Lummis could spearhead the crypto subcommittee once it is established. Still, her appointment depends on the Senate Banking Committee’s approval vote next week. Lummis, a crypto advocate, has echoed her support for digital assets like Bitcoin. Emerging as the crypto subcommittee’s chairperson could give her the authority to dispense crypto-focused directives.

A Further Step Towards Crypto Adoption?

It remains to be seen how a crypto subcommittee under the Senate will drive the crypto regulatory landscape. Still, Tim Scott shed some light during a Wyoming Blockchain Symposium in August 2024. He explained then that such a subcommittee would bring light into the crypto industry and “get things done faster.”

Although Republican senators in the committee are rooting for the subcommittee’s creation, it has yet to be seen how welcoming Democrats will be toward the new initiative. Hours ago, a report confirmed that Warren had assembled a team of Democrats to serve on the Banking Committee.

Meanwhile, many are optimistic that Trump’s incoming inauguration will usher in pro-crypto moves in the country. Earlier this week, stablecoin issuer Circle donated $1 million to support the President-elect’s inauguration.