US Senate Banking Committee To Launch First-Ever Crypto Subcommittee—Cynthia Lummis Likely To Chair

Key Takeaways

• Pro-crypto figures are being appointed, or nominated, to significant positions for the incoming Trump administration.
• Cynthia Lummis introduced the BITCOIN act, which would establish BTC as part of the U.S.’s National Reserve.
• Donald Trump has pledged to make the U.S. the crypto capital of the world.

Having officially taken over the Senate last week, Republicans are moving swiftly to set the groundwork for the incoming administration.

Pro-crypto South Carolina Senator Rep. Tim Scott, the new chairman of the Senate Banking Committee, has made the creation of the first-ever digital asset-dedicated subcommittee a top order of business.

Lummis To Lead Crypto Committee

Initially, early reports  were unconfirmed. However, Fox Business has since received confirmation  from Senate aides. Fox also reports that Cynthia Lummis, the pro-Bitcoin Senator from Wyoming, is Scott’s pick to chair the new committee.

This is particularly tantalizing for the crypto industry as Lummis is one of Bitcoin’s most vocal backers in the U.S. government.

In fact back in August 2024, Lummis officially introduced the Boosting Innovation Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024— a mouthful otherwise referred to as the “BITCOIN Act“.

The proposal sent a ripple effect across multiple states, prompting them to submit their own plans to implement BTC as a treasury reserve asset.

Crypto Dream Team?

After thinking it would be “kind of cool” to create such a committee in August 2024 at the Wyoming Blockchain Symposium, Scott, the newly appointed U.S. Senate Banking Committee chair is following through on this consideration, spelling good news for future plans.

On the campaign trail, Republicans made their presence felt within the crypto industry. This includes multiple pledges from Trump himself to make the U.S. the crypto capital of the world, notable appearances from Republican party members at major crypto conferences, and the state-wide domino effect set off by Lummis’ BITCOIN Act.

With the heavy-handed crypto enforcer, U.S. Securities and Exchange Commission (SEC) chair Gary Gensler soon to be exiting the picture, and Paul Atkins set to take his place, all eyes remain on who will take over from Rostin Behnam as the chair of the Commodity Futures Trading Commission (CFTC).

It is presumed that yet another pro-crypto, or at least non-anti-crypto politician will take over, giving the crypto industry even more room to gallop through 2025.