Cynthia Lummis prepares to lead new U.S. Senate Digital Assets Subcommittee

PANews reported on January 10 that according to The Block, the U.S. Senate Banking Committee plans to appoint cryptocurrency-friendly Senator Cynthia Lummis to lead the newly established Digital Assets Subcommittee to fulfill the commitments of the new chairman.

Some Republican members of the Senate Banking Committee have initially selected the subcommittee's leaders and members, but the committee still needs to vote to confirm them. Senate aides revealed that Lummis will lead a digital assets subcommittee that includes pro-cryptocurrency Senator Bill Hagerty and newly elected Senator Bernie Moreno.

Incoming committee chairman Tim Scott said earlier that if elected, he would establish a subcommittee focused on digital assets. The current chairman, Sherrod Brown, is critical of the cryptocurrency industry and calls for a crackdown on related illegal activities. The leadership of the Senate Banking Committee is also critical, as the chair holds the financial power of legislation, including the crypto bill.

Earlier news , the U.S. House of Representatives Financial Services Committee appointed Bryan Steil as chairman of the Digital Assets Subcommittee.