Jan 16, 2025 - Politics & Policy

Scoop: Warner passes on top crypto slot

Stephen Neukam

Ranking member Sen. Mark Warner, D-Va., questions John Ratcliffe, President-elect Donald Trump's nominee to be director of the CIA, testifies during his Senate Select Intelligence Committee confirmation hearing in Dirksen building on Wednesday, January 15, 2025. — Sen. Mark Warner at a hearing on Jan. 15, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

Sen. Mark Warner (D-Va.) turned down a chance to be the top Democrat on a new subcommittee on cryptocurrency under the Senate Banking Committee, Axios has learned.

Why it matters: The next Congress will likely play a key role in shaping U.S. policy on cryptocurrency, and Senate Democrats need to find a member to be on the frontline of those battles.

Warner instead will serve as the top Democrat on the Securities, Insurance and Investment Subcommittee, a Warner aide told Axios.
Warner would have been a more crypto-friendly Democrat atop the subcommittee. The top Democrat on the Banking panel is Sen. Elizabeth Warren (D-Mass.), who is viewed as anti-crypto by the industry.

The big picture: The Senate Banking Committee recently created the new subcommittee to deal with digital assets. Republicans on the committee, led by Sen. Tim Scott (R-S.C.), are likely to pursue pro-crypto legislation.

The crypto industry has made clear its displeasure with Senate Democrats on the Banking panel.
The industry this year spent tens of millions of dollars to oust former Sen. Sherrod Brown (D-Ohio), who was the most recent chairman of the Banking Committee.

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Scoop: Warner passes on top crypto slot

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