After President-elect Donald Trump’s inauguration, the U.S. prepares to take bold steps to include crypto in its government agenda.
On Thursday, January 9, Fox Business reported that the Senate Banking Committee, chaired by Senator Tim Scott, is preparing to announce its first-ever digital assets subcommittee. Senator Cynthia Lummiss will likely chair the subcommittee pending an approval vote. Senator Lummis has been a vocal crypto advocate since joining Congress in 2021 and a major supporter of creating a Bitcoin Reserve in the country.
The First-Ever Crypto Subcommittee in the U.S. Senate
According to a report, Senator Scott’s first business in office as chairman will be to create the digital assets subcommittee. Many have seen it as a political tool to help Republicans prioritize crypto legislation. Additionally, it would back Trump’s campaign promise of making America the world’s “crypto capital.”
The report noted that he was hoping to copy the success of the digital assets subcommittee established in the lower chamber in 2023. The subcommittee, established by former North Carolina Congressman Patrick McHenry, drafted the “FIT21” bill. This comes as the first piece of crypto legislation to be approved by the House Financial Services Committee. The bill aims to establish a clear regulatory framework for digital assets. However, the House of Representatives must debate and vote on the bill before it can proceed to the Senate.
It remains unclear whether Senator Elizabeth Warren, a top Democrat on the Senate Banking Committee, will serve on the digital asset subcommittee. However, two freshman Democratic Senators, Andy Kim of New Jersey and Ruben Gallego of Arizona, have shown commitment to the pro-crypto agenda.
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