Republican Wyoming Senator to Chair Crypto Subcommittee
Key Points:
- Senator Cynthia Lummis chosen to chair the US Senate Banking Committee’s crypto subcommittee
- Lummis, a prominent crypto advocate, introduced the Bitcoin Act of 2024 bill
- Other Republican members of the subcommittee include Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty
The US Senate Banking Committee is gearing up to launch its inaugural crypto subcommittee, with Senator Cynthia Lummis of Wyoming slated to lead it.
Background:
Senator Tim Scott of South Carolina, the committee chair, is spearheading the creation of the crypto subcommittee, drawing inspiration from the successful model of the House Financial Services Committee. Notably, the House Financial Services Committee, established by former Congressman Patrick McHenry, introduced a crypto subcommittee in 2023.
Republican French Hill, who recently assumed leadership of the House Financial Services Committee, announced that Republican Bryan Steil will head the digital assets subcommittee.
Appointment of Cynthia Lummis:
Senator Scott has reportedly selected Cynthia Lummis, a vocal supporter of cryptocurrencies, to chair the crypto subcommittee. This decision was first reported by Punchbowl News and later confirmed by FOX News. A formal vote is anticipated in the coming days.
In July, Senator Lummis introduced the Bitcoin Act of 2024 bill, proposing the creation of a strategic Bitcoin reserve for the United States.
Composition of the Subcommittee:
An internal memo obtained by FOX News reveals the Republican members of the crypto subcommittee, including Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty. The Democratic Senators who will join the subcommittee remain undisclosed, with Senator Elizabeth Warren, a known critic of cryptocurrencies, serving as the top Democrat on the Senate Banking Committee.
