On January 23, 2025, the U.S. Senate Banking Committee established a new digital assets panel, led by Senator Cynthia Lummis, a prominent supporter of cryptocurrency. The committee includes Senator Bernie Moreno, a blockchain entrepreneur who received significant backing from the crypto super PAC Fairshake, which invested $40 million in his election campaign. Additionally, Arizona's Senator Ruben Gallego, who garnered $10 million in support from Fairshake, joins the panel as a ranking Democrat.
This subcommittee is poised to spearhead crypto legislation in Congress, addressing the previous Senate's reluctance to advance digital asset bills. With this development, the industry anticipates a more proactive legislative approach to cryptocurrency regulation.