According to the FOX Business report, the U.S. Senate Banking Committee is preparing to establish a Subcommittee on Digital Assets, which is expected to be led by the crypto-friendly Republican Senator Lummis. The focus will be on policy advancement and regulatory discussions, paving the way for future related legislation.

Plan to Establish the Subcommittee on Digital Assets

According to the report, the incoming Senate Banking Committee Chair Tim Scott is taking action to fulfill his commitment to establish a Subcommittee on Digital Assets.

Last August, the Republican first proposed the creation of a subcommittee focused on digital assets, believing it would help increase understanding of the crypto industry and accelerate policy discussions and legislation.

At a Blockchain conference in Wyoming, Scott emphasized the importance of establishing this committee, hoping it would bring new opportunities for the cryptocurrency industry:

If we can create a subcommittee within the Banking Committee that is focused on this industry, it will increase transparency and hold more industry hearings, allowing us to move policy forward more quickly.

Cynthia Lummis Expected to Lead the Committee

Brendan Pedersen, a financial services reporter for X, also revealed that Senator Cynthia Lummis, a supporter of cryptocurrencies, is expected to lead this newly established Subcommittee on Digital Assets:

According to the Senate aide, some Republican members have "preliminarily selected" the leader and members of this subgroup, but these choices still need to be formally confirmed through a committee vote.

It is reported that Lummis' team also includes two other Republican Senators, Bill Hagerty and the newly elected Bernie Moreno, who are also supporters of cryptocurrencies.

Comparison of the Policies of the New and Outgoing Chairs of the Banking Committee

Interestingly, Scott's approach contrasts sharply with that of the outgoing Democratic Chair Sherrod Brown, who has been critical of the cryptocurrency industry and has repeatedly called for and demanded that federal agencies strengthen regulation to crack down on the use of cryptocurrencies for illegal activities.

Now, with crypto opponents leaving Congress one after another, the crypto industry's bright future is also highly anticipated.

(Coinbase CEO: The U.S. Presidential Election Witnessed a Victory for the Crypto Industry, and Opposing Excessive Regulation is Key)

Will the U.S. Crypto Industry See a Brighter Future?

As the Chair of the Senate Banking Committee, Tim Scott has the power to drive legislative progress, including on crypto-related Bills. Combined with Lummis' optimistic attitude towards cryptocurrencies, it is not difficult to understand why the Subcommittee on Digital Assets is being viewed with high expectations, and is expected to promote the regulatory framework and policy discussions for the crypto industry.

(Republican Senator Lummis Proposes a Bitcoin Strategic Reserve Bill: The U.S. to Accumulate 1 Million Bitcoins within 5 Years to Solve the National Debt)

The establishment of the Subcommittee on Digital Assets and Lummis' leadership represent the Senate Banking Committee's further focus on the crypto industry. With the finalization of the committee members and the upcoming hearings, this committee will have a profound impact on the development of the U.S. digital assets industry.