U.S. Senate Banking Committee to Form Cryptocurrency Subcommittee

According to Odaily, the U.S. Senate Banking Committee, led by Senator Tim Scott, is set to establish its first subcommittee dedicated to cryptocurrency. This new subcommittee will be modeled after the Republican Financial Services Subcommittee created by Patrick McHenry in 2023. A Senate aide confirmed that Senator Cynthia Lummis has been preliminarily chosen as the chair of the subcommittee, pending a full committee vote. The vote to approve Cynthia Lummis and new Republican and Democratic members, who are still being decided, is expected to take place next Thursday. This will coincide with the nomination hearing for Scott Turner, nominated by Trump for the position of Secretary of Housing and Urban Development.