Senate Banking Committee launches digital assets subcommittee
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The Senate Banking Committee is preparing to announce the creation of the first-ever subcommittee dedicated to digital assets, FOX Business has learned.
The move comes just days after Republicans officially took control of the Senate last week and before President-elect Donald Trump’s inauguration on January 20. This would make the Republican Party’s control of the government complete, as it retained control of the House of Representatives after the election. It is also seen as a commitment by Senate Republicans to prioritize cryptocurrency legislation and support Trump’s campaign promise to make America the world’s cryptocurrency hub.
The creation of the Cryptocurrency Subcommittee is one of the first orders of business for Sen. Tim Scott of South Carolina as the new chairman of the Senate Banking Committee, which oversees banks and financial regulators such as the Securities and Exchange Commission and the Federal Deposit Insurance Corporation (FDIC).
Senator-elect Cynthia Lummis (R-WY) meets with the media on November 9, 2020 in Washington, DC. The Senate is back in session for the first time after the 2020 presidential election, and the coronavirus relief package is high on its list of priorities. (p (Stephanie Reynolds-Paul/Getty Images/Getty Images)
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Scott hopes to emulate the success of the House Cryptocurrency Subcommittee created by former North Carolina Congressman Patrick McHenry in 2023. Last year, the House Financial Services Committee made history by passing cryptocurrency legislation drafted by the Digital Assets Subcommittee. The draft law is called “FIT21”, which aims to create a regulatory framework for digital assets. The bill must still be submitted to the full House of Representatives for discussion and votes, and if passed, it will be advanced to the Senate.
Former US President Donald Trump speaks at the Bitcoin 2024 conference in Nashville, Tennessee, US, on Saturday, July 27, 2024. Trump said he would ask the government to create a huge reserve of Bitcoin if he returned to the White House in a bid. to (Photo by: Brett Carlsen/Bloomberg via Getty Images/Getty Images)
News of the new Senate subcommittee was first reported by Punchbowl News and confirmed to FOX Business by two Senate aides. Aides also confirmed that Scott has tentatively selected Wyoming Republican Sen. Cynthia Lummis, a Bitcoin advocate, to chair the subcommittee pending a approval vote that will take place in the coming days.
Republican members initially selected for the subcommittee, according to an internal memo issued by Scott and seen by FOX Business, include new Sens. Bernie Moreno of Ohio and Dave McCormick of Pennsylvania as well as Thom Tillis of North Carolina and Bill Hagerty of Tennessee. Both Moreno and McCormick received significant financial support from the $3.5 trillion cryptocurrency industry during their 2024 election race thanks to their pro-crypto leanings. Moreno received more than $40 million in industry funds funneled through major pro-crypto political action committees, helping him win the seat from incumbent Senator Sherrod Brown, who he held for eighteen years.
Ohio Senate candidates Bernie Moreno, Republican (left) and Senator Sherrod Brown, Democrat (right).
It is currently unclear which Democratic senators will serve on the subcommittee. Senator Elizabeth Warren of Massachusetts is now the top Democrat on the Banking Committee, and her historic anti-crypto views are expected to continue.
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Two recent Democratic senators, Ruben Gallego of Arizona and Andy Kim of New Jersey, are industry supporters and may get a look at serving on the subcommittee. Senator Pete Ricketts, former governor of Nebraska, is very supportive of cryptocurrencies. While governor, Ricketts signed the Nebraska Financial Innovation Act, which allowed a new charter for digital asset depositories, allowing them to hold cryptocurrencies.
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