The Senate Banking Committee is set to launch a subcommittee on digital assets.

The Senate Banking Committee is preparing to announce the creation of its first-ever subcommittee on digital assets, Fox Business has learned.

The move comes just days after Republicans officially took control of the Senate last week and President-elect Donald Trump’s 2018 presidential campaign. January 20, 2009 This would make the GOP’s power over the government complete as it retained control of the House after the election. It is also seen as a commitment by Senate Republicans to prioritize crypto legislation and support Trump’s campaign pledge to make America the world’s crypto hub.

Creating a crypto subcommittee was one of South Carolina Senator Tim Scott’s first orders of business as chairman of the Senate Banking Committee, which oversees banks and financial regulators such as the Securities and Exchange Commission and the Federal Deposit Insurance Corporation (FDIC).

Senator-elect Cynthia Lammis (R-WY) He met with the media on November 9, 2020 in Washington, DC. The Senate will reconvene for the first time since the 2020 presidential election and a coronavirus aid package is high on their priority list. (P (Stephanie Reynolds-Pool/Getty Images/Getty Images)

Trump appointed Paul Atkins to head the Securities and Exchange Commission.

Scott In 2023, a crypto subcommittee in the House of Commons, established by former North Carolina Congressman Patrick McHenry, is hoping to emulate its success. Last year, the House Financial Services Committee made history by passing the “FIT21” bill drafted by the Digital Assets Subcommittee, a crypto bill to establish a regulatory framework for digital assets. The bill still has to go to the full House of Representatives for a debate and vote, and if passed, then to the Senate.

Former US President Donald Trump speaks at the Bitcoin 2024 conference on Saturday, July 27, 2024 in Nashville, Tennessee, US. to the (Photographer: Brett Carlson/Bloomberg via Getty Images/Getty Images)

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News of the new Senate subcommittee was first reported by Punchbowl News and confirmed to FOX Business by two Senate aides. The aides also confirmed that Scott has appointed Cynthia Lammis, a Republican senator from Wyoming and a bitcoin advocate, to chair the subcommittee on an interim basis pending a confirmation vote in the coming days.

Republican members tentatively identified to the subcommittee, according to an internal memo released by Scott and seen by FOX Business, include primary senators Bernie Moreno of Ohio and Dave McCormick of Pennsylvania, as well as Tom Tillis of North Carolina and Bill Hagerty of Tennessee. Moreno and McCormick have received significant funding from the $3.5 trillion crypto industry during their 2024 election campaign. Moreno has received more than $40 million in industry funding through pro-crypto super PACs, helping him win the seat from incumbent Senator Sherrod Brown, who has held the seat for eighteen years.

Ohio Senate candidates Bernie Moreno, Republican, (L) and Sen. Sherrod Brown, Democrat (R).

It is not immediately clear which Democratic senators will serve on the subcommittee. Massachusetts Senator Elizabeth Warren is now the top Democrat on the Banking Committee and is expected to continue her historically anti-crypto stance.

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Two primary Democratic senators, Ruben Gallego of Arizona and Andy Kim of New Jersey, are both considered supporters of the industry and may get a look at serving on the subcommittee. Senator Pete Ricketts, the former governor of Nebraska, is very pro-Creto. Governor Ricketts signed the Nebraska Financial Innovation Act, which authorized a new charter for digital asset depositories, allowing them to hold crypto.