(FOX Business) reported that the U.S. Senate Banking Committee is preparing to establish a Digital Assets Subcommittee, which is expected to be led by Republican encryption-friendly Congressman Lummis to focus on policy advancement and regulatory discussions to pave the way for future relevant legislation.

Digital Asset Subcommittee Establishment Plan

Senate aides reported that incoming Senate Banking Committee Tim Scott is taking action to fulfill his promise to establish a digital assets committee.

In August last year, the Republican first proposed the idea of ​​creating a committee group focused on digital assets, believing that it would help increase understanding of the encryption industry and speed up policy discussions and legislation.

At a blockchain seminar held in Wyoming, Scott emphasized the importance of establishing this committee, which is expected to bring new opportunities to the cryptocurrency industry:

If we could create a subcommittee within the Banking Commission focused on the industry, it would increase transparency and hold more industry hearings to move policy forward more quickly.

Cynthia Lummis expected to lead committee

Financial services reporter Brendan Pedersen of Punchbowl News also revealed on social media

According to Senate aides, some Republican members have "preliminarily selected" the group's leaders and members, but those names still need to wait for committee votes before they can be formally confirmed.

It is reported that members of the Lummis team also include two Republican senators, Bill Hagerty and newly elected Bernie Moreno, who also support cryptocurrency.

Comparison of the policies of the old and new Banking Commission chairmen

Interestingly, Scott’s style is in stark contrast to outgoing Democratic Chairman Sherrod Brown, who is critical of the cryptocurrency industry and has repeatedly called and asked federal agencies to strengthen regulation to combat those who use cryptocurrency for illegal activities. Behavior.

Now, as cryptocurrency opponents quit Congress one after another, the bright future of the encryption industry is also highly anticipated.

(Coinbase CEO: The U.S. presidential election witnessed the victory of the encryption industry, and opposing excessive regulation is the key)

Will the U.S. encryption industry see the light of day?

As the chairman of the Senate Banking Committee, Tim Scott has the power to promote legislative progress, including of course cryptocurrency-related bills; coupled with Lummis's own optimistic attitude towards cryptocurrency, it is not difficult to understand why the Digital Assets Subcommittee has high hopes , is expected to promote the construction of regulations and policy discussions in the encryption industry.

(Republican Congressman Lummis proposed the Bitcoin Strategic Reserve Act: The United States will accumulate 1 million Bitcoins within five years to solve the national debt)

The establishment of the Digital Assets Subcommittee and Lummis’ leadership represent further efforts by the Senate Banking Committee to focus on the crypto industry. With the finalization of relevant members and the holding of future hearings, the committee will have a profound impact on the development of the U.S. digital asset industry.

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