The United States Senate is making significant efforts to formalize its legislative oversight of crypto as it moves to create a subcommittee exclusively dedicated to the industry.
Popular FOX Business journalist Eleanor Terrett made the disclosure yesterday. She suggested that the subcommittee will operate under the Senate Banking Committee.
According to Terrett, the U.S. Senate Banking Committee, chaired by Tim Scott (R-SC), is set to create a subcommittee exclusively focused on cryptocurrencies. The FOX Business journalist noted that this is the first-ever Senate subcommittee exclusively dedicated to cryptos.
She mentioned that the subcommittee is similar to a panel created by the House Financial Services Committee in 2023 under Patrick McHenry’s leadership.
Senator Lummis to Head Crypto Subcommittee
Terrett disclosed that she learned from a Senate aide that Senator Cynthia Lummis (R-WY), known for supporting pro-crypto regulation, has been tentatively selected to head the crypto-focused subcommittee.
However, her appointment requires a full committee vote, which sources expect will occur in the coming days. This vote will also decide whether to include other members from the Republican and Democratic Parties in the subcommittee.
🚨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
Pro-Crypto Congress and Senator Lummis Support for the Industry
It is no longer news that the 119th United States Congress is considered to be the most pro-crypto in the country’s history. The Congress, inaugurated on January 3, features 298 pro-crypto advocates, including Senator Lummis.
Senator Lummis’ support dates back to the early days of crypto when only a few people knew about the asset. She became the first senator to acquire Bitcoin in 2013, thanks to a tip from her son-in-law.
The ‘Senate Crypto Queen,’ as many call her, has not looked back ever since, as she pushes for friendly regulation for the industry. In December, she marked 2025 as a pivotal year for crypto, indicating that the multiple proposed policies and appointments could pave the way for significant changes in the industry.
One of the proposed policies is her proposal to establish a Strategic Bitcoin Reserve in the United States. This proposal aligns with Donald Trump’s promise to create a national Bitcoin stockpile.
Yesterday, The Crypto Basic reported that crypto stakeholders are already lobbying Trump to use an executive order to fulfill this promise within the first 100 days of his administration.
Meanwhile, if the Senate Banking Committee confirms Lummis as the head of the crypto subcommittee, she could be influential in shaping industry-friendly regulation.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
