According to a report by Golden Finance, Fox Business reporter Eleanor Terrett posted on platform X that the U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first subcommittee specifically responsible for 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 vote to approve Cynthia Lummis and new Republican and Democratic members (still being decided) 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.