According to (FOX Business), the U.S. Senate Banking Committee is preparing to announce the establishment of the first subcommittee dedicated to digital assets. The establishment of this subcommittee is one of the first tasks of South Carolina Senator Tim Scott as the new Chairman of the Banking Committee.
Scott hopes to follow the success of a previous House digital assets subcommittee created in 2023 by North Carolina Rep. Patrick McHenry. Last year, the House Financial Services Committee made history by passing a cryptocurrency bill called (FIT21) drafted by the Digital Assets Subcommittee, aiming to establish a regulatory framework for digital assets. However, the bill still needs to be voted on by the full House of Representatives before being sent to the Senate.
The news that the Senate Digital Assets Subcommittee will be established was first reported by Punchbowl News and confirmed to FOX Business by two Senate aides. They also confirmed that Scott has initially selected Republican Senator Cynthia Lummis from Wyoming to serve as the chairman of this subcommittee. But it is subject to a ratification vote to be held within days.
Lummis is a supporter of Bitcoin and has called on the U.S. Treasury Department to convert some gold certificates into Bitcoin to create a strategic reserve of Bitcoin.
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