Reports indicate that the United States Senate Banking Committee plans to establish its inaugural cryptocurrency subcommittee, and a crypto-friendly commissioner is being strongly considered as a replacement for the departing head of the Commodity Futures Trading Commission.
These two encouraging updates for the cryptocurrency sector have emerged approximately two weeks prior to President-Elect Donald Trump’s inauguration, which is scheduled for January 20th.
As a crypto investor, I’ve been closely watching developments, and it seems that according to recent reports from FOX Business on Jan. 9, following an earlier report by Punchbowl News on Jan. 8, Senator Tim Scott, the new chair of the US Senate Banking Committee, has prioritized the establishment of a subcommittee dedicated to cryptocurrencies. His aim is to emulate the House Financial Services Committee’s model that established a crypto subcommittee as early as 2023. This could potentially lead to more focused scrutiny and regulation in the crypto space, which might impact my investments.
Two Senate assistants shared with FOX that Scott is proposing Senator Cynthia Lummis as the potential chairperson of the subcommittee, subject to her confirmation vote within the next few days. Notably, Lummis, who has been an advocate for cryptocurrencies for a long time, has recently backed Trump’s call for a strategic Bitcoin (BTC) reserve.
Donald Trump has pledged broad reforms for cryptocurrency oversight, aiming to make the United States a leading hub for crypto, while the Senate Banking Committee plays a pivotal role in supervising financial bodies like the Securities and Exchange Commission and shaping federal monetary policy.
According to a memo obtained by FOX, Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty are being considered for a new crypto subcommittee. These senators have been reportedly “strong advocates” of cryptocurrencies, as per the digital assets advocacy group Stand With Crypto.
It’s unclear who among the Democrats will serve on the subcommittee, but Senator Elizabeth Warren, known for her criticism of cryptocurrencies, holds the highest rank within the Senate Banking Committee from her party.
2024 saw the House approve a significant cryptocurrency-related legislation, dubbed FIT21, which was formulated by the House Financial Services Cryptocurrency Subcommittee. This bill aims to transfer more regulatory authority over crypto matters to the Commodity Futures Trading Commission. At present, it waits for further action in the Senate.
Mersinger tipped to lead CFTC
It was revealed by Unchained on January 9th that, according to five individuals familiar with the situation, Commissioner Summer Mersinger of the Commodity Futures Trading Commission (CFTC) is a top contender to take over as the agency’s chair. This news comes after current CFTC chair Rostin Behnam announced his intention to resign when President Trump takes office.
Mersinger is now in line for the position, surpassing Brian Quintenz (former CFTC commissioner and head of policy at a16z) because she’s considered capable of securing Senate confirmation due to her extensive experience working as a staff member for Senate majority leader John Thune for twelve years.
Instead of going through the formal confirmation process, Trump might decide to temporarily assign her as the chair of the agency since she’s currently a Commissioner, allowing the Senate time to consider her nomination.
At a blockchain conference in November, Mersinger expressed cryptocurrency-friendly sentiments, expressing discomfort about the Commodity Futures Trading Commission (CFTC) potentially establishing policies through its enforcement actions, which she found unusual.
On January 20th, Donald Trump will assume office, marking the point where the Republican Party holds complete authority over the government. This shift occurred after the Republicans gained a significant number of Senate seats and maintained their control over the House, as evidenced in November’s elections. The new Congress commenced on January 3rd.
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2025-01-10 08:44