Senate Republicans Establish Digital Assets Subcommittee, Lummis to Chair, Focusing on Crypto Legislation

Jan 9, 2025, 09:56 PM

The U.S. Senate Banking Committee, under the leadership of Senator Tim Scott, is set to establish its first-ever subcommittee dedicated to digital assets, mirroring a similar initiative by the House Financial Services Committee in 2023. Senator Cynthia Lummis has been selected to chair this new subcommittee, pending an approval vote. This move is seen as a commitment by Senate Republicans to prioritize cryptocurrency legislation and policy advancement, aligning with President-elect Donald Trump's campaign promise to make America the global crypto epicenter. The subcommittee aims to emulate the success of the House's digital assets subcommittee, which passed the 'FIT21' bill last year, a significant piece of crypto legislation.