The U.S. Senate Committee on Banking has tentatively approved Senator Cynthia Lummis to head a newly formed subcommittee on digital assets.

Senate Banking subcommittee on digital assets has the following GOP members, per internal planning doc:

Lummis (Wyo)- Chair
Moreno (Ohio)
Tillis (NC)
Hagerty (Tenn)
McCormick (Pa.)
— Brendan Pedersen (@BrendanPedersen) January 9, 2025

This subcommittee will also include several crypto-friendly lawmakers—Bill Hagerty and Bernie Moreno among them.

Both the subcommittee and its members require formal approval by the Senate Banking Committee. The initiative was overseen by Committee Chairman Tim Scott.

His predecessor, crypto-skeptic Sherrod Brown, is not part of the new lineup. Senator Elizabeth Warren will remain a voice for critics.

Context

French Hill has been appointed as chair of the House Financial Services Committee.
The previous chairman, Patrick McHenry, left his post at the end of 2024. He played a key role in advancing the Stablecoins Payments Act and the Financial Innovation and Technology (FIT21) Bill.
Hill had led the congressional task force on digital assets and was involved in crafting both of these pieces of legislation.