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Elon Musk met with GOP senators at the Capitol, discussing the Department of Government Efficiency (DOGE) and its savings of approximately $4 million daily through audits and waste reduction. He humorously noted that identifying government waste is easier than many think and advocated for the repeal of the National Environmental Policy Act (NEPA) to expedite energy projects. Musk praised federal workers for their willingness to assist in identifying fraud and waste, emphasizing their newfound motivation to help.
Elon Musk's political contributions for the 2024 election exceeded $290 million, primarily supporting Donald Trump and various GOP candidates through his super PAC, America PAC. As Trump transitions into a leadership PAC, fundraising efforts continue, with millions raised to influence upcoming elections, particularly the 2026 midterms. Key Senate incumbents in battleground states are gearing up for competitive races, with significant cash reserves reported by both parties as they prepare for the next electoral cycle.
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.
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."
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21:03 05.03.2025
fundraising efforts heat up ahead of critical 2026 midterm elections
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16:46 01.02.2025
Senate establishes crypto subcommittee with Cynthia Lummis as chair
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18:48 13.01.2025
Senate Banking Committee establishes first cryptocurrency subcommittee under Tim Scott
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22:25 10.01.2025
Trump administration to establish crypto subcommittee led by Senator Lummis
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14:12 10.01.2025
cynthia lummis appointed chair of new senate crypto subcommittee
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10:35 10.01.2025
us senate banking committee plans crypto subcommittee ahead of trump inauguration
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06:39 10.01.2025
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