The US Senate Banking Committee, led by Senator Tim Scott, is reportedly preparing to establish the first-ever cryptocurrency subcommittee. This new unit will be modeled after Patrick McHenry’s House Financial Services Committee in 2023. 

Cynthia Lummis, the republican Senator from Wyoming, is also reportedly set to chair this new crypto subcommittee. New members are expected to be selected through a committee vote soon. 

Another Major Win for US Crypto Regulations

This news comes as Trump’s official inauguration day is less than two weeks away. With his inauguration, Trump’s administration is likely to start the engine on several pro-crypto regulatory developments. 

Meanwhile, high-profile crypto leaders have donated to Trump’s inaugural committee. Circle, the second largest stablecoin issuer in the market, donated $1 million in USDC earlier today. 

Previously, Ripple also donated a staggering $5 million to the event, as other companies like Kraken, Robinhood, and Ondo Finance have also followed suit. 

It’s clear that crypto companies and leaders will have an effective say in the regulatory discussions under Trump’s government. 

The new crypto subcommittee will likely develop clear and consistent regulations to govern the industry, aiming to balance consumer protection with the promotion of innovation. 

“Senator Lummis is the perfect choice to chair Senate Banking’s digital asset subcommittee. Not only are she and her team deeply knowledgeable, they’re also pragmatic. And they’re already familiar with both the best and worst of the crypto industry. I’m confident under her leadership, we will achieve fit for purpose rules that don’t accelerate shenanigans, which are exac

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Author: Mohammad Shahid