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The Senate Banking Committee is getting ready to announce the creation of its first subcommittee dedicated to digital assets, FOX Business has learned.
The move comes just days after Republicans officially took over the Senate last week and ahead of President-elect Donald Trump’s Jan. 20 inauguration. This will make the GOP’s control of the government complete, as it retained control of the House after the election. It’s also seen as a commitment by Senate Republicans to prioritize crypto legislation and support Trump’s campaign promise to make America the crypto epicenter of the world.
Creating the crypto subcommittee is one of South Carolina Sen. Tim Scott’s first orders of business as the new chairman of the Senate Banking Committee, which oversees banks and financial regulators like the Securities and Exchange Commission and the Federal Reserve Bank of Canada. Deposit Insurance (FDIC).
Senator-elect Cynthia Lummis (R-WY) meets with the media on November 9, 2020 in Washington, DC. The Senate is meeting for the first time since the 2020 presidential election, and a coronavirus relief package is at the top of their priority list. (P (Stefani Reynolds-Pool/Getty Images/Getty Images)
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Scott hopes to emulate the success of the House crypto subcommittee founded in 2023 by former North Carolina congressman Patrick McHenry. Last year, the House Financial Services Committee made history by approving a piece of crypto legislation drafted by the digital assets subcommittee called the “FIT21” bill, which aimed to create a regulatory framework for digital assets. The bill must still be presented to the House of Representatives for a debate and vote and, if passed, to the Senate.
Former U.S. President Donald Trump speaks at the Bitcoin 2024 conference in Nashville, Tennessee, U.S., Saturday, July 27, 2024. Trump said he would ask the government to create a massive Bitcoin reserve if he returns to the White House in an offer to (Photo: Brett Carlsen/Bloomberg via Getty Images / Getty Images)
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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 pre-selected Wyoming Republican Sen. Cynthia Lummis, a bitcoin advocate, to chair the subcommittee pending a confirmation vote in the coming days.
Republican members pre-selected for the subcommittee, according to an internal memo released by Scott and seen by FOX Business, include first-time senators Bernie Moreno of Ohio and Dave McCormick of Pennsylvania, as well as Thom Tillis of North Carolina and Bill Hagerty of Tennessee. Moreno and McCormick both received significant financial support from the $3.5 trillion crypto industry during their respective races in the 2024 election thanks to their pro-crypto leanings. Moreno received more than $40 million in industry funds poured through pro-crypto super PACs, helping him win the seat from incumbent Senator Sherrod Brown, who had held it for eighteen years.
Ohio Senate candidates Bernie Moreno, a Republican, (L) and Sen. Sherrod Brown, a Democrat (R).
It is currently unclear which Democratic senators will serve on the subcommittee. Massachusetts Senator Elizabeth Warren is now the top Democrat on the Banking Committee, and her historically anti-crypto views are expected to continue.
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Two junior Democratic senators, Ruben Gallego of Arizona and Andy Kim of New Jersey are both considered pro-industry and may look to serve on the subcommittee. Senator Pete Ricketts, the former governor of Nebraska, is also very pro-crypto. While governor, Ricketts signed the Nebraska Financial Innovation Act, which authorized a new statute for depositories of digital assets, allowing them to hold cryptocurrencies.
