The Senate Banking Committee is reportedly preparing to establish a dedicated subcommittee on cryptocurrency, with pro-Bitcoin Senator Cynthia Lummis expected to take the helm, according to Fox Business reporter Eleanor Terret.
Crypto Subcommittee in the Works
Under the leadership of Senator Tim Scott, the Senate Banking Committee plans to create a new subcommittee to oversee cryptocurrency affairs, mirroring the House’s crypto subcommittee formed in 2023. The initiative seeks to address the rapidly evolving regulatory landscape surrounding digital assets under the incoming presidential administration.
Membership for the subcommittee will require approval from the full Senate Banking Committee. An insider confirmed to Terret that Senator Lummis, a well-known advocate for Bitcoin and crypto-friendly policies, is the likely candidate to chair the subcommittee.
“A Senate aide confirmed that Senator Lummis has been tentatively chosen to chair the subcommittee, pending a full committee vote,” Terret reported.
Lummis’ Crypto Advocacy
Senator Cynthia Lummis has been a prominent proponent of cryptocurrencies, branding Bitcoin as “freedom money” and emphasizing its potential to hedge against inflation and governmental overreach. She has also proposed the creation of a U.S. strategic Bitcoin reserve and has called for clear, supportive regulatory frameworks to foster innovation in the digital asset sector.
Her leadership on the new subcommittee would solidify her position as a key ally for cryptocurrency advocates in Washington, D.C. However, her appointment and the final subcommittee composition remain subject to a vote by the Senate Banking Committee, expected to occur in the coming days.
Timing and Context
The move to establish a crypto subcommittee comes on the heels of other Senate Banking Committee developments, including a delayed vote on the reappointment of Securities & Exchange Commission (SEC) Commissioner Caroline Crenshaw. Crenshaw, known for her critical stance on cryptocurrency, saw her tenure at the SEC end after the committee postponed her reappointment vote, leaving her future contingent on a renomination by President-elect Trump.
Crenshaw has been perceived as even more skeptical of the crypto industry than outgoing SEC Chair Gary Gensler, signaling potential changes in the regulatory tone depending on the committee’s final decisions.
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