Pro-crypto Senator Lummis likely to chair potential crypto subcommittee

• The Senate Banking Committee is allegedly planning a new subcommittee geared towards crypto, according to reporter Eleanor Terret. 
• Pro-crypto Senator Lummis will likely head the new committee. 
• Her nomination, alongside other committee members, will be decided via a vote.

In a post on Thursday, Fox Business reporter Eleanor Terret unveiled the Senate Banking Committee's latest plan to kick off a new subcommittee committed to crypto, likely to be headed by Bitcoin strategic reserve advocate Senator Cynthia Lummis.

Plans set in place for crypto subcommittee at Senate level

The Senate Banking Committee, under the leadership of Senator Tim Scott, is alleged to have set plans to establish a new subcommittee for crypto, according to Fox reporter Eleanor Terret.

The subcommittee will function similarly to the House’s crypto subcommittee established in 2023 and will likely control crypto affairs under the new presidential administration.

A large part of the membership will be decided by an approval vote from the Senate Banking Committee. 

An aide told Eleanor Terret that pro-crypto Senator Lummis has surfaced as the likely favorite to head the new committee.

"A Senate aide confirmed that Senator Lummis has been tentatively chosen to chair the subcommittee, pending a full committee vote," Terret stated.

Senator Lummis has been a strong advocate for cryptocurrency advancement in the US. She has often promoted Bitcoin as "freedom money," emphasizing its potential to protect against inflation and government control, which resonates with many crypto supporters. 

Lummis has also proposed establishing a strategic Bitcoin reserve and aims to create a regulatory framework that supports the industry, positioning herself as a key ally for crypto enthusiasts.

However, her appointment will be subjected to a vote by the Senate Banking Committee, along with the selection of the subcommittee members. The vote will likely take place in the next few days.

The new action by the Senate comes a few weeks after the committee was set to vote on the reappointment of Securities & Exchange Commission (SEC) Commissioner Caroline Crenshaw. 

The vote was postponed due to certain delays, and the committee ran out of time, ending Crenshaw's time at the agency — unless President-elect Trump chooses to renominate her.

Crenshaw has also been alleged to be more anti-crypto than outgoing SEC chair Gary Gensler.