The United States Senate is making significant efforts to formalize its legislative oversight of crypto as it moves to create a subcommittee exclusively dedicated to the industry. 

Popular FOX Business journalist Eleanor Terrett made the disclosure yesterday. She suggested that the subcommittee will operate under the Senate Banking Committee. 

According to Terrett, the U.S. Senate Banking Committee, chaired by Tim Scott (R-SC), is set to create a subcommittee exclusively focused on cryptocurrencies. The FOX Business journalist noted that this is the first-ever Senate subcommittee exclusively dedicated to cryptos. 

She mentioned that the subcommittee is similar to a panel created by the House Financial Services Committee in 2023 under Patrick McHenry’s leadership. 

Senator Lummis to Head Crypto Subcommittee 

Terrett disclosed that she learned from a Senate aide that Senator Cynthia Lummis (R-WY), known for supporting pro-crypto regulation, has been tentatively selected to head the crypto-focused subcommittee. 

However, her appointment requires a full committee vote, which sources expect will occur in the coming days. This vote will also decide whether to include other members from the Republican and Democratic Parties in the subcommittee. 
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