The U.S. Senate Banking Committee is drawing attention with its efforts to establish the first digital asset subcommittee focused on the cryptocurrency sector.
Led by Senator Tim Scott, the committee plans to launch this new subcommittee to regulate and address digital assets more comprehensively. It is expected that Senator Cynthia Lummis, a known advocate for cryptocurrencies, will lead the subcommittee.
The establishment of this subcommittee is seen as fulfilling a promise previously made by the committee’s new chair. In addition to Lummis, Senators Bill Hagerty (R-Tenn.) and Bernie Moreno (R-Ohio) are also expected to be part of the subcommittee. However, the formal establishment of the subcommittee and the appointment of its members depend on the outcome of a vote within the Banking Committee.
Tim Scott had previously stated his intention to create a digital asset-focused subcommittee if he assumed the chairmanship. During his speech at the Wyoming Blockchain Symposium, he highlighted that this subcommittee would bring the sector further into the spotlight, increase the number of hearings, and accelerate regulatory processes.
The committee’s leadership plays a crucial role in advancing cryptocurrency-related legislation and controlling funding processes. Senator Moreno, who will also serve on the subcommittee, is well-known for his support of the cryptocurrency sector. Having won the November elections, Moreno has expressed his commitment to leading the fight to defend crypto in the U.S. Senate. This move is regarded as a critical turning point in accelerating regulatory efforts regarding digital assets in the United States.
