According to Fox Business reporter Eleanor Terrett's post on platform X, the U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first subcommittee dedicated to 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 the new Republican and Democratic members (still being decided) may take place next Thursday, when a nomination hearing for Scott Turner, nominated by Trump for Secretary of Housing and Urban Development, will also be held.