- Senate Banking Committee to create first-ever crypto-focused subcommittee
- Senator Cynthia Lummis likely to chair the new task force
- The development marks a major step toward embracing cryptocurrency in the U.S
Senate Banking Committee led by Republican Senator Tim Scott is set to create the first-ever crypto-focused subcommittee. This new government branch will work similarly to the previously established version by the House Financial Services Committee, which aims to oversee cryptocurrency regulation in the United States.
The report shared on Twitter by Fox Business’ Eleanor Terret states that a Senate aide confirmed that Senator Cynthia Lummis is the runner-up to Chair the new subcommittee. This decision is scheduled for next Thursday when Republican and Democrat Senators will vote on who should lead the new task force.
This development marks yet another major step towards embracing cryptocurrency development in the U.S. Government.
For several years, crypto firms have complained about the lack of clarity in American crypto regulations, which has led many to take their businesses elsewhere. Also, many businesses like Ripple Labs and Coinbase have suffered under unclear SEC guidelines, leading to several years-long legal battles against the commission.
However, since Donald Trump’s victory on November 5th—the overall feeling is that the next presidency will work closer to the cryptocurrency sector than ever before. On top of the new subcommittee, several pro-crypto stances have already been made by the transition team, including adding a new role of “Crypto Czar” in the White House and also appointing a new leadership in the SEC to replace Gary Gensler.
Senator Lummis herself has been one of the loudest voices in favor of digital asset development in the U.S.. Her leadership in this new role is expected to bring significant changes to the regulatory landscape, potentially fostering a more favorable environment for crypto innovation and growth. The establishment of this subcommittee comes at a crucial time for the cryptocurrency industry, which has been seeking clearer regulatory guidelines.
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