BlockBeats news, on January 10, FOX reporter Eleanor Terrett posted on social media that the U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first subcommittee specifically focused on cryptocurrency. This subcommittee will be modeled after the Republican Financial Services Subcommittee established by Patrick McHenry in 2023.
Senate aides have confirmed that Senator Cynthia Lummis has been preliminarily selected as the chair of the subcommittee, pending a vote by the full committee. It is reported that the votes to approve Cynthia Lummis and the new Republican and Democratic members (still to be determined) may take place next Thursday, when a nomination hearing for Trump's nominee for Secretary of Housing and Urban Development, Scott Turner, will also be held.