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The US Senate Banking Committee is set to create the first-ever crypto-focused subcommittee similar to the version created in the House Financial Services Committee in 2023. Senator Cynthia Lummis is set to chair the subcommittee with voting scheduled next Thursday. The new US administration lays its initial foundation to provide clarity for the crypto industry as the Senate Banking Committee led by Republican Senator Tim Scott discloses plans to create the first-ever crypto-focused sub-committee. According to the report first shared by Fox Business journalist Eleanor Terrett, this establishment would mirror the Financial Services GOP created in the House Financial Services Committee by Patrick McHenry. 🚨NEW: The Senate Banking Committee, led by @SenatorTimScott, is set to establish its first-ever subcommittee dedicated to #crypto. The subcommittee will mirror the @FinancialCmte version established by @PatrickMcHenry in 2023. A Senate aide confirmed that @SenLummis has been…— Eleanor Terrett (@EleanorTerrett) January 9, 2025 Cynthia Lummis to Chair? Delving into this, we found that Senator Cynthia Lummis could chair the subcommittee, but be subjected to a decision through voting that will be participated by both Republican and Democrat Senators next week Thursday. Lummis has been a long-term crypto advocate, labeling Bitcoin “freedom money.” She is also credited with the 2024 Bitcoin strategic reserve legislation called “Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the U.S. Senate.” Lummis also emphasized her position in crypto in a 2021 CNF publication, stating that the asset class should be embraced because they are secure, private, cheaper, and fast. As featured in our previous report, Lummis’ proposal highlighted the transformational power of Bitcoin to mitigate the adverse impact of the rising inflation rate and national debt. As families across Wyoming struggle to keep up with soaring inflation rates and our national debt reaches new and unprecedented heights,…

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Filed under: News - @ January 10, 2025 1:27 pm