Lummis to Lead SBC’s Crypto Subcommittee Under Trump

Rumor has it that the US Senate Banking Committee (SBC) plans to create a crypto-specific subcommittee under Trump’s proactive administration.

FOX Business reports the initiative comes from the SBC’s new chair, Republican Senator Tim Scott, and is a ‘top priority.’

Scott considers Senator Cynthia Lummis, who advocated for Trump’s Bitcoin strategic reserve venture, to lead the subcommittee.

Countdown to Committee’s Chair Announcement Begins

Ten days remain until Trump’s inauguration, and tension is mounting. While Trump’s geopolitical aspirations grab headlines, real work is happening in the background.

The SBC oversees all banks and financial regulators in the country, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The crypto subcommittee would be the main authority for digital assets, so its regulations should theoretically take precedence over any conflicting rules issued by the SEC or CFTC.

Senate aides claim that Senator Lummis is the top candidate for the subcommittee’s chair position. We can expect the Senate to announce her approval in the coming days.

Senators Dave McCormick, Bernie Moreno, and Thom Tillis, all strongly pro-crypto, may also join the committee. Notably, McCormick and Moreno received over $40M in donations from crypto industry players during the 2024 election.

On the flip side, crypto skeptic Elizabeth Warren won her third term in the SBC. At the end of the day, the truth always lies somewhere in the middle, so opposing opinions are very much welcome.

Mersinger Might Replace Behnam as CFTC Chair

The CFTC also anticipates positive changes. Rostin Behnam, current CFTC chair, pledged to step down when Trump takes office. Behnam spent his four years in the office under the motto ‘intimidate, suppress, enforce’ and called for even stricter crypto regulation.

Behnam’s possible successor is a CFTC commissioner, Summer Mersinger, who served as a staffer for Senator John Thune for over a decade.

Mersinger advocated for crypto in November when she admitted the CFTC’s regulation by enforcement approach was making her uncomfortable.

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Closing Remarks

Trump’s administration promises to be the most pro-crypto ever, which should benefit the entire market.

But let’s not count our chickens before they hatch. The crypto market remains volatile, so DYOR and only invest as much as you can afford to lose.