US Congress will have its own committee for bitcoin and cryptocurrencies
A vote is yet to confirm Cynthia Lummis’ leadership of the subcommittee.
The “FIT21” bill, which would provide a regulatory framework for cryptocurrencies, would be on its agenda.
The United States Congressional Banking Committee will announce the creation of a subcommittee specialized in bitcoin (BTC) and other cryptocurrencies. Wyoming Senator Cynthia Lummis, known for her support of the pioneering digital currency, has been tentatively selected to lead this new subcommittee, pending a confirmation vote, which will take place in the coming days.
The information was confirmed by two Senate aides to FOX Business and underscores a new chapter in cryptocurrency regulation in the United States. This has a potential significant impact on the country’s financial policy.
The creation of this subcommittee, focused on cryptocurrency legislation, manifests a clear commitment by Senate Republicans to prioritize these issues. It also reflects his intention to support President-elect Donald Trump’s campaign promise to establish favorable regulation for the digital assets sector, which is emerging as a priority upon assuming the presidency on January 20.
Senator Tim Scott, recently appointed chairman of the Senate Banking Committee, has prioritized financial regulation on his agenda. «To reverse the policies that the Securities and Exchange Commission (SEC) has imposed on our capital markets and the American economy,” Scott declared. in a publication on the social network
He highlights that there are many complaints that the government of Joe Biden had given the order for federal regulators to coordinate to block banks’ free access to digital assets. On the other hand, the outgoing president vetoed a resolution that allowed banking entities to custody bitcoin. These are now part of the actions that the new congressional subcommittee will have to review.
On the other hand, there is the “FIT21” bill, which would provide a regulatory framework for digital assets and which was approved in the House last year. It is now expected to be debated and voted on in full session before advancing to the Senate.
Although the composition of the Democratic side of the subcommittee is still unclear, it is certain that Senator Elizabeth Warren’s voice will be heardnow the highest-ranking Democrat on the Banking Committee, and who has historically expressed a critical stance against cryptocurrencies, which could define the tone of the discussions in the new subcommittee.
