Michaela Alvez
The Senate Banking Committee, led by Republican Senator Tim Scott, has announced the creation of its first-ever crypto subcommittee, a move that comes just days after Republicans officially assumed control of the Senate last week.
With Republicans now holding majorities in both the Senate and the House, President-elect Donald Trump is poised to begin his second term with a unified government. This shift gives the Republican Party a stronger position to push through crypto-friendly legislation in the coming term.
This move signals Senate Republicans’ dedication to advancing legislation on digital assets and backing Trump’s campaign pledge to establish America as the global leader in cryptocurrency.
Senator Tim Scott, who also serves as the head of the Senate Banking Committee, has made the creation of a crypto subcommittee a top priority. He aims to build on the success of the House’s crypto subcommittee, established in 2023 under former Congressman Patrick McHenry.
In 2024, the House Financial Services Committee marked a historic achievement by passing the Financial Innovation and Technology for the 21st Century Act (FIT21). Drafted by the digital assets subcommittee, the legislation sought to create a regulatory framework for digital assets.
FIT21 seeks to resolve jurisdictional disputes by establishing clear guidelines for the roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating the cryptocurrency industry.
Per FOX Business, to ensure the subcommittee’s success, Senator Scott has reportedly chosen pro-crypto Republican Senator Cynthia Lummis to lead it. Her appointment is expected to go through an approval vote in the next few days.
An internal memo from Senator Scott, viewed by FOX Business, reveals that freshman Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty have been tentatively selected for the new subcommittee.
The specific Democratic Senator to be appointed to the crypto subcommittee is still unknown. However, with Senator Elizabeth Warren now serving as the top Democrat on the Banking Committee, her longstanding opposition to cryptocurrency is expected to shape her role and views on the subcommittee.
Read More
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- US CFTC Chair Rostin Behnam Resigns, Calls for Tighter Crypto Rules
- Gary Gensler Firm On Anti-Crypto Stance as SEC Exit Looms
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
