US Senate Banking to Establish First-Ever Crypto Subcommittee
The U.S. Senate Banking Committee, led by Senator Tim Scott, is reportedly preparing to form the first-ever cryptocurrency subcommittee. The new department will be modeled after Patrick McHenry’s House Financial Services Committee in 2023.
Republican Senator Cynthia Lummis of Wyoming will also reportedly chair this new cryptocurrency subcommittee. New members are expected to be selected by committee vote soon.
Another major victory for U.S. cryptocurrency regulation
this information Trump’s official inauguration is less than two weeks away. As Trump takes office, his administration is likely to initiate several efforts. Supporting regulatory developments in cryptocurrencies.
Meanwhile, high-profile cryptocurrency leaders have donated to Trump’s inaugural committee. Round, second largest Stablecoin Issuers in the market, Donate USD 1 million USDC Earlier today.
Before, Ripple also donated a staggering $5 million Other companies including Kraken, Robinhood and Ondo Finance have followed suit.
It’s obvious Cryptocurrency Company Leaders will have an effective voice in regulatory discussions under the Trump administration.
The new cryptocurrency subcommittee is likely to develop clear and consistent regulations to govern the industry, aiming to balance consumer protection with promoting innovation.
“Senator Loomis is the perfect choice to chair the Senate Banking Subcommittee on Digital Assets. She and her team are not only knowledgeable, but also very pragmatic. They are already familiar with the best and worst-case scenarios in the cryptocurrency industry. I am confident that in Under her leadership, we will implement rules that are fit for purpose without accelerating mischief, which is exactly what we need.” wrote Sheila Warren, CEO of the Cryptocurrency Innovation Council.
The subcommittee may also ensure that regulatory measures do not stifle technological progress. It will have the potential to promote economic opportunity and financial inclusion.
Senator Scott previously noted that “cryptocurrencies have the potential to democratize the financial world,” stating Provide continuous and strong support to the industry.
Is the U.S. Bitcoin Reserve Dream Getting Closer?
At the same time, Senator Lummis’ appointment as subcommittee chairperson is not surprising given her extremely pro-crypto stance throughout the campaign. Loomis is one of them Strongest advocate of Bitcoin strategic reserve.
She even recently suggested Sell Some Fed Gold to Buy More Bitcoin. Trump also sought to establish a national Bitcoin reserve during his campaign. However, this is a congressional process that may require considerable effort to pass.
Earlier today, the U.S. government announced that it would Selling its $6.7 biBillions of dollars worth of Bitcoin seized from Silk Road. President Biden appears to be trying to make Trump’s decision on Bitcoin reserves as difficult as possible.
However, Supporting regulatory developments in cryptocurrencies Before the new government takes office, everything is in full swing. Trump has announced David Sachs as The First White House Cryptocurrency Czar.
The most important thing is, Gary Gensler Will resign on Inauguration Day, leaving the SEC chairmanship to Paul Atkins. These developments, along with the announcement of the new subcommittee, paint a very positive picture for the U.S. cryptocurrency industry in 2025.
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