On January 10, 2025, the U.S. Senate Banking Committee announced the formation of a digital asset subcommittee, led by crypto-advocate Sen. Cynthia Lummis. This initiative is part of incoming Chair Tim Scott's promise to enhance legislative focus on cryptocurrencies ahead of the November elections.
The subcommittee will include members such as Sen. Bill Hagerty and newly elected Sen. Bernie Moreno, both of whom support cryptocurrency initiatives. This shift in leadership is significant, as the previous chair, Sen. Sherrod Brown, had been critical of the crypto industry.
Scott emphasized the need for more hearings and discussions to expedite legislative processes related to digital assets, aiming to foster a more favorable environment for the crypto sector in the U.S.