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The Senate Banking Committee has established its first crypto subcommittee, led by pro-crypto Senator Cynthia Lummis, as Republicans aim to advance digital asset legislation under President-elect Donald Trump. This initiative follows the House's successful passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to clarify regulatory roles between the SEC and CFTC. The subcommittee's composition includes several Republican senators, while the Democratic appointment remains uncertain, with Senator Elizabeth Warren's opposition to cryptocurrency likely influencing her stance.
The U.S. Senate Banking Committee, under Chairman Tim Scott, is set to establish its first cryptocurrency subcommittee, with Senator Cynthia Lummis as the likely chair, pending a vote. This initiative aims to enhance regulation of the digital assets industry and follows the House's passage of the Financial Innovation and Technology for the 21st Century Act, which emphasizes consumer protections. Republican members selected for the subcommittee include strong crypto advocates, while the participation of Democratic leaders remains uncertain.
The US Senate Banking Committee is set to establish a crypto subcommittee, with Senator Cynthia Lummis as the leading candidate for chair under the new administration. This subcommittee will oversee digital asset regulations, potentially superseding conflicting rules from the SEC and CFTC. Meanwhile, Rostin Behnam is expected to step down as CFTC chair, with Summer Mersinger likely to succeed him, advocating for a more balanced regulatory approach.
The US Senate Banking Committee is set to establish its first crypto-focused subcommittee, chaired by Senator Cynthia Lummis, with voting scheduled for next Thursday. This initiative aims to provide clarity for the crypto industry, following a similar move in the House Financial Services Committee. The new administration's appointments, including former SEC commissioner Paul Atkins and Treasury Secretary Scott Bessent, signal a potential shift towards friendlier regulations for digital assets.
Republican Senator Cynthia Lummis of Wyoming has been appointed to chair the newly formed crypto subcommittee of the US Senate Banking Committee, with a vote expected soon. Lummis, a proponent of cryptocurrency, recently introduced the Bitcoin Act of 2024, advocating for a Bitcoin strategic reserve for the US. Other Republican members include Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty, while the participation of Democratic Senators remains uncertain, particularly with Elizabeth Warren's known opposition to crypto.
The US Senate Banking Committee is poised to establish its first crypto subcommittee, with Senator Cynthia Lummis as a leading candidate for chair, reflecting a pro-crypto stance ahead of President-Elect Trump's inauguration. Meanwhile, CFTC Commissioner Summer Mersinger is favored to succeed Rostin Behnam as chair of the agency, signaling a potential shift towards more favorable crypto regulations. As Trump prepares to take office, the Republican majority aims to enhance the US's position as a "crypto capital."
Members of the US Congress, supported by cryptocurrency PACs, will be sworn in for the 119th session on January 3. Significant funding from groups like Fairshake influenced elections, with 10 new senators and 63 house members benefiting, potentially shaping future crypto legislation. With $103 million earmarked for the 2026 election cycle, the crypto industry aims to maintain its political influence.
Senator-elect Bernie Moreno, a pro-crypto advocate, will join the Senate Banking Committee, marking a significant shift in Washington's political landscape as he replaces crypto skeptic Sherrod Brown. Moreno's appointment, supported by a $40 million campaign from the crypto sector, could reshape crypto legislation alongside other pro-crypto lawmakers. Additionally, President-elect Trump is assembling a team of crypto-friendly nominees for key regulatory positions, signaling a broader agenda to foster a favorable environment for cryptocurrencies.
Senator Tim Scott, the new chair of the U.S. Senate Banking Committee, plans to introduce the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin bill to establish clearer crypto regulations in 2025. He aims to create a digital assets subcommittee and aligns with pro-crypto initiatives alongside the incoming Trump administration. Despite expected criticism from Senator Elizabeth Warren, Scott emphasizes the potential of crypto as the "next wonder of the world."
US lawmakers are making a final push to confirm Caroline Crenshaw for another term at the SEC before Democrats lose control in January. The Senate Banking Committee, led by Sherrod Brown, has scheduled a vote for Dec. 18 after delays attributed to Republican opposition linked to corporate interests, particularly from the cryptocurrency sector. Crenshaw, who has served since 2020, faces criticism for her stance on crypto regulations, and her confirmation is crucial as the SEC may shift to a Republican majority with potential changes in leadership.
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