Rep. Senator Cynthia Lummis selected to chair crypto subcommittee

• Republican Wyoming Senator Cynthia Lummis has been picked to chair the crypto subcommittee
• Lummis, a crypto advocate, filed the Bitcoin Act of 2024 bill last month
• Other Republican members of the crypto subcommittee include Senators Bernie Moreno from Ohio, Dave McCormick from Pennsylvania, Thom Tillis from North Carolina and Bill Hagerty from Tennessee

The US Senate Banking Committee is preparing to create its first-ever crypto subcommittee with Republican Wyoming Senator Cynthia Lummis set to chair it.

South Carolina Senator Tim Scott, the chair of the Senate Banking Committee, has prioritized creating the crypto subcommittee, and is aiming to copy the success of the House Financial Services Committee. Established by former North Carolina Congressman Patrick McHenry, the House Financial Services Committee introduced a crypto subcommittee in 2023.

Crypto-friendly Republican French Hill, who was voted in last year to chair the House Financial Services Committee, announced yesterday that Republican Bryan Steil is to lead the digital assets subcommittee.

Scott has, reportedly, picked Lummis – a crypto advocate – to chair the crypto subcommittee. This was first reported by Punchbowl News and later confirmed by FOX News. A vote is expected to take place in the next few days.

In July, Lummis filed legislation for a Bitcoin Act of 2024 bill, proposing a Bitcoin strategic reserve for the US.

An internal memo seen by FOX News shows that Republican members of the crypto subcommittee include Ohio Senator Bernie Moreno, Pennsylvania Senator Dave McCormick, Senator Thom Tillis from North Carolina and Senator Bill Hagerty from Tennessee.

It’s not known which Democratic Senators will join the crypto subcommittee; however, Massachusetts Senator Elizabeth Warren, known for being anti-crypto, is the top Democrat on the Senate Banking Committee.