Senate Banking Committee Forms First Crypto Subcommittee

According to ShibDaily, the Senate Banking Committee, under the leadership of Republican Senator Tim Scott, has announced the establishment of its first-ever subcommittee dedicated to cryptocurrency. This development follows the recent shift in power, with Republicans gaining control of both the Senate and the House, positioning President-elect Donald Trump to begin his second term with a unified government. This change strengthens the Republican Party's ability to advance crypto-friendly legislation in the upcoming term, aligning with Trump's campaign promise to position the United States as a global leader in cryptocurrency. Senator Tim Scott, who also chairs the Senate Banking Committee, has prioritized the creation of this crypto subcommittee. His goal is to build on the achievements of the House's crypto subcommittee, which was established in 2023 under former Congressman Patrick McHenry. In 2024, the House Financial Services Committee achieved a significant milestone by passing the Financial Innovation and Technology for the 21st Century Act (FIT21). This legislation, drafted by the digital assets subcommittee, aims to establish a regulatory framework for digital assets, addressing jurisdictional disputes by defining the roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating the cryptocurrency industry. To ensure the success of the new subcommittee, Senator Scott has reportedly selected pro-crypto Republican Senator Cynthia Lummis to lead it. Her appointment is expected to be confirmed through an approval vote in the coming days. An internal memo from Senator Scott, as reported by FOX Business, indicates that freshman Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty have been tentatively chosen to join the subcommittee. The identity of the Democratic Senator to be appointed remains unknown. However, with Senator Elizabeth Warren now serving as the top Democrat on the Banking Committee, her well-known opposition to cryptocurrency is anticipated to influence her role and perspectives on the subcommittee.