Trump to Establish First-Ever Senate Crypto Committee

The US Senate Banking Committee, chaired by Senator Tim Scott, is reportedly in the process of launching the first-ever cryptocurrency subcommittee.

This initiative is expected to follow the model of the House Financial Services Committee, led by Patrick McHenry in 2023.

Republican Senator Cynthia Lummis from Wyoming is anticipated to chair the new subcommittee.

Selection of additional members is expected to take place soon through a committee vote.

US Crypto Dream Takes Shape

With Trump's inauguration less than two weeks away, his administration is poised to launch key pro-crypto regulatory initiatives.

Meanwhile, high-profile figures in the cryptocurrency space are already making their mark.

Circle, the second-largest stablecoin issuer, contributed $1 million in USDC to Trump's inaugural committee earlier today.

This donation underscores the growing influence of crypto companies and leaders in shaping the regulatory landscape under the incoming administration.

New Crypto Subcommittee Under Trump

The newly proposed crypto subcommittee is expected to focus on crafting clear, consistent regulations that strike a balance between consumer protection and fostering innovation.

Sheila Warren, CEO of the Crypto Council for Innovation, pointed out:

“Senator Lummis is the perfect choice to chair Senate Banking's digital asset subcommittee. Not only are she and her team deeply knowledgeable, they're also pragmatic. And they’re already familiar with both the best and worst of the crypto industry. I'm confident under her leadership, we will achieve fit for purpose rules that don't accelerate shenanigans, which are exactly the rules we need.”

Its work will likely aim to ensure that regulations support technological progress rather than hinder it, while also promoting economic opportunity and financial inclusion.

Senator Tim Scott has long advocated for the transformative potential of crypto, previously noting that it "has the potential to democratise the financial world."

His ongoing support signals a strong commitment to the industry's growth and regulation.