The U.S. Senate Banking Committee will establish the first-ever subcommittee dedicated to cryptocurrency.

BlockBeats News, January 10, FOX reporter Eleanor Terrett posted on social media that the U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first subcommittee dedicated to cryptocurrency. The subcommittee will be modeled after the Republican Financial Services Subcommittee established by Patrick McHenry in 2023.

A Senate aide confirmed that Senator Cynthia Lummis has been preliminarily selected as the subcommittee chair, pending a full committee vote. It is reported that the vote to approve Cynthia Lummis and new Republican and Democratic members (still under consideration) may take place next Thursday, when a confirmation hearing for Trump-nominated Housing and Urban Development Secretary Scott Turner will also be held.