The U.S. is preparing to take bold steps in including crypto in its government agenda. President-elect Donald Trump is set to be inaugurated officially on January 20.
On Thursday, January 9, Fox Business reported that the Senator Tim Scott-led Senate Banking Committee is “getting ready” to announce its first-ever digital assets subcommittee. Senator Cynthia Lummiss will likely chair pending approval vote. Senator Lummis, has been a vocal crypto advocate since joining Congress in 2021. She is also the main proponent for the creation of a strategic Bitcoin Reserve in the country.
The First-Ever Crypto Subcommittee in the U.S. Senate
According to a report from Fox News, Senator Scott’s first order of business as the new Senate Banking Committee chairman is to create the digital assets subcommittee. This can be seen 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 provision made history last year. This comes as the first crypto legislation piece to be approved by the House Financial Services Committee. The bill aims to establish a clear regulatory framework for digital assets. However, it must be debated and voted on by the House of Representatives before proceeding to the Senate if passed.
It is 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 and may be appointed to join the initiative.
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