Senate Banking Committee primed to launch subcommittee for crypto

The Senate Banking Committee is reportedly on the verge of announcing an inaugural subcommittee dedicated to the oversight of crypto. 

The new body is set to be led by Senator Cynthia Lummis, the Republican delegate from Wyoming. She has been tipped to be joined by the likes of fellow Republicans, Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty.

The panel is likely to have an initial focus on stablecoins.

As part of the fresh government focus on crypto and digital assets, President-elect Donald Trump is determined to establish the United States as the crypto capital of the world. As part of these aspirations, the establishment of the subcommittee can be viewed as a measure to deliver clarity and direction for the industry, and to encourage growth while mitigating risks.