**Crypto News Flash: Senate Banking Committee Eyes Crypto Subcommittee**

The US Senate Banking Committee is gearing up to establish its first-ever crypto subcommittee, a move seen as a positive step for the crypto industry. Senator Tim Scott, the new chair, prioritizes this initiative, aiming to mirror the House Financial Services Committee's model.

Senator Cynthia Lummis, a pro-crypto advocate, is proposed to lead the subcommittee, pending approval. Meanwhile, Summer Mersinger is a top contender to chair the Commodity Futures Trading Commission (CFTC), as current chair Rostin Behnam plans to step down. These developments coincide with President-Elect Donald Trump's upcoming inauguration on Jan. 20.