According to Fox Business reporter Eleanor Terrett's post on the X platform, 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 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 votes to approve Cynthia Lummis and the new Republican and Democratic members (still under consideration) may take place next Thursday, when a nomination hearing for Trump's nominee for Secretary of Housing and Urban Development, Scott Turner, will be held.