Jan 23, 2025 - Politics & Policy

Senate Banking Committee convenes its first digital assets subcommittee

Brady Dale

Illustration of a crypto coin with crossed gavels on it. — Illustration: Aïda Amer/Axios

The new Senate subcommittee focused on the blockchain world will be led by two solidly pro-crypto legislators: Sen. Cynthia Lummis (R.-Wyo.) will chair while Sen. Ruben Gallego (D-Ariz.) will serve as its ranking member.

Why it matters: Gallego had the backing of Fairshake and its affiliated pro-crypto PACs. His appointment is a win for the industry and puts an ally in a key gatekeeping position.

For her part, Sen. Lummis has been a longtime proponent of moving crypto legislation.

Zoom in: Sen. Bernie Moreno (R.-Ohio), the freshman Senator who defeated former Banking Committee chair, Sen. Sherrod Brown, will also serve on the subcommittee.

Sen. Bill Hagerty (R-Tenn.) is also a member.
Banking chairman Tim Scott (R.-SC) and ranking member Elizabeth Warren (D.-Mass) will be non-voting members.

Flashback: Sen. Scott's intention to establish a committee for digital assets was reported earlier this month.

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Senate Banking Committee convenes its first digital assets subcommittee

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