Trump Administration and Senate Moves: Senate Banking Committee to Establish Crypto Subcommittee
According to two reports, a pro-crypto commissioner is now a top choice to succeed the departing chair of the Commodity Futures Trading Commission, and the US Senate Banking Committee is apparently planning to establish its first-ever crypto subcommittee. Less than two weeks before President-elect Donald Trump’s inauguration on January 20, the two reports are viewed as encouraging for the cryptocurrency sector.
Republican Senator Tim Scott, the newly appointed chair of the US Senate Banking Committee, has made the establishment of the subcommittee a top priority, according to a January 9 FOX Business report. Scott intends to follow the House Financial Services Committee’s example, which established a crypto subcommittee in 2023. Scott nominated Senator Cynthia Lummis to chair the panel, and a vote on her approval is scheduled to take place in the coming days, two Senate aides told FOX. Longtime Bitcoin advocate Lummis recently repeated Trump’s call for a strategic Bitcoin reserve.
Will the US Senate’s Crypto Subcommittee Fulfill Trump’s Crypto Capital Ambitions?
Trump has made broad pledges to make the US a crypto capital and to crack down on crypto regulation. Senators Bill Hagerty, Thom Tillis, Dave McCormick, and Bernie Moreno were being considered for the new crypto subcommittee, according to a memo obtained by FOX. The advocacy group for digital assets, Stand With Crypto, claims that they are all “strongly supportive” of cryptocurrency. On the other hand, the Democrats’ most senior senator on the Senate Banking Committee, Elizabeth Warren, is a strong crypto skeptic. Nevertheless, it is unclear which Democrats will be joining the subcommittee.
Mersinger vs. Quintenz: Who Will Lead the CFTC Under Trump?
As current CFTC chair Rostin Behnam announced he would be leaving when Trump enters office, Unchained reported on January 9 that, according to five sources familiar with the situation, CFTC Commissioner Summer Mersinger has emerged as a top candidate to helm the agency. Since Mersinger is thought to be able to get Senate approval, she has surpassed former CFTC commissioner and a16z policy chief Brian Quintenz for the position. For twelve years, she worked as a staffer for Senate Majority Leader John Thune. Trump may designate her as a temporary chair while the Senate considers her confirmation because she is already a commissioner.
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