The U.S. Senate Banking Committee is creating a new subcommittee focused on cryptocurrency regulation.
The U.S. Senate Banking Committee, led by Chairman Tim Scott, is reportedly planning to establish its first subcommittee dedicated to cryptocurrency. Senator Cynthia Lummis has been chosen to head the subcommittee, though her appointment awaits approval in a forthcoming vote.
This initiative is one of Scott's first priorities as chairman of the Senate Banking Committee, a body that plays a key role in overseeing major financial regulators, including the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). Inspired by a similar crypto-focused subcommittee established by Patrick McHenry in 2023 under the House Financial Services Committee, Scott aims to structure the new entity similarly. The House passed a significant crypto bill, the Financial Innovation and Technology for the 21st Century Act (FIT21), developed by its crypto branch in 2024. This legislation seeks to clarify regulatory responsibilities across agencies overseeing the crypto industry. Scott emphasizes the bill's strict consumer protections, including a prohibition on commingling customer funds, which he believes will prevent collapses like FTX. According to an internal memo by Scott, Republican members selected for the new division include Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty, all described as strong crypto advocates. The inclusion of Democratic leaders remains unclear, though Elizabeth Warren, a prominent crypto critic, is the party's most senior member on the Senate Banking Committee. This development follows Republicans officially assuming control of the Senate, solidifying their legislative majority. With President-elect Donald Trump's inauguration set for January 20, the party will hold unified control of both Congress and the White House. The subcommittee's formation is seen as a significant step toward fulfilling the GOP's commitment to advancing crypto-related legislation, aligning with Trump's stance on digital assets
CRYPTOCURRENCY SENATE REGULATION FINANCE REPUBLICAN
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