PANews reported on January 10 that, according to The Block, the U.S. Senate Banking Committee plans to appoint cryptocurrency-friendly senator Cynthia Lummis to lead the newly established Digital Assets Subcommittee, fulfilling the commitment of the new chairman.
Some Republican members of the Senate Banking Committee have tentatively selected the leaders and members of the subcommittee, but it still requires a committee vote for confirmation. Senate aides revealed that Lummis will lead a Digital Assets Subcommittee, which includes cryptocurrency-supportive senators Bill Hagerty and newly elected senator Bernie Moreno.
Incoming committee chairman Tim Scott previously stated that if elected, he would establish a subcommittee focused on digital assets. The current chairman, Sherrod Brown, holds a critical stance towards the cryptocurrency industry, calling for a crackdown on related illegal activities. The leadership of the Senate Banking Committee is also crucial, as the chairman holds significant legislative financial power, including over cryptocurrency bills.
Earlier news reported that the U.S. House Financial Services Committee appointed Bryan Steil as the chairman of the Digital Assets Subcommittee.