Democratic lawmakers have selected ranking members of key committees as they prepare to become the minority party in the 119th U.S. Congress, Cointelegraph reported. California Representative Maxine Waters will continue to serve as the ranking member of the House Financial Services Committee until 2025.
Republican Patrick McHenry will serve as the committee chairman until January 3. With McHenry leaving office, several Republicans are being considered to become the next chairman, including French Hill, the chairman of the Digital Assets Subcommittee.
In the Senate, Massachusetts Sen. Elizabeth Warren will become ranking member of the Senate Banking Committee. Ohio Sen. Sherrod Brown will serve as chairman until January.
The Senate Agriculture Committee will also see a change in leadership. Democratic Senator Debbie Stabenow announced that she will retire at the end of her term, with Amy Klobuchar likely to succeed her. The committee is responsible for overseeing the Commodity Futures Trading Commission (CFTC), and if the (21st Century Financial Innovation and Technology Act) is passed in the next Congress, the CFTC's influence on digital assets may surpass that of the SEC.