Sen. Cynthia Lummis, R-Wyo., has been elected chair of the virtual currency subcommittee. Lummis, a crypto advocate, introduced the Bitcoin Act of 2024 last month, along with other Republicans on the virtual currency subcommittee. Members include Sens. Bernie Moreno of Ohio, Dave McCormick of Pennsylvania, and U.S. Sens. Thom Tillis and Bill Hagerty of North Carolina and Tennessee.
The U.S. Senate Banking Committee is preparing to form its first virtual currency subcommittee, chaired by Republican Wyoming Sen. Cynthia Lummis.
South Carolina Sen. Tim Scott, chairman of the Senate Banking Committee, has prioritized creating a virtual currency subcommittee, aiming to emulate the success of the House Financial Services Committee. The House Financial Services Committee, founded by former North Carolina Congressman Patrick McHenry, introduced a virtual currency subcommittee in 2023.
French Hill, a cryptocurrency-friendly Republican who was voted chairman of the House Financial Services Committee last year, announced yesterday that Republican Brian Still will lead the Digital Assets Subcommittee. .
Scott has reportedly chosen crypto advocate Lummis to chair his virtual currency subcommittee. This was first reported by Punchbowl News and later confirmed by Fox News. Voting is expected to take place within the next few days.
In July, Lummis introduced the Bitcoin Act of 2024, which proposes a Bitcoin Strategic Reserve for the United States.
Republican members of the virtual currency subcommittee include Sens. Bernie Moreno of Ohio, Dave McCormick of Pennsylvania, Thom Tillis of North Carolina and Tennessee, according to an internal memo obtained by Fox News. Includes Sen. Bill Hagerty.
It is unclear which Democratic senators will serve on the cryptocurrency subcommittee. However, Massachusetts Sen. Elizabeth Warren, who is known to be anti-cryptocurrency, is the top Democrat on the Senate Banking Committee.
