- The new crypto subcommittee is like the one set up in the House Financial Services Committee one year back by Patrick McHenry.
- The building of the Senate’s crypto subcommittee is possibly to make the process of approving coherent and understandable legislation even easier.
- Sources show that prominent members of the industry have called for the building of a US Bitcoin reserve and official orders to encourage advancement.
Senator Tim Scott’s Senate Banking Committee is getting ready to set up its first-ever subcommittee aimed at cryptocurrency administration. This step came between government attention on virtual assets, consisting of the current sale of $6.7 billion in Bitcoin captured from the Silk Road case by the U.S. Department of Justice.
It is said that this step is a part of wider efforts to offer regulatory clarity for the quickly growing crypto industry. As per the report by FOX Business reporter Eleanor Terrett, Senator Cynthia Lummia has been deliberately chosen to chair the subcommittee.
The new crypto subcommittee
The new crypto subcommittee is like the one set up in the House Financial Services Committee one year back by Patrick McHenry. The decision taken by the Senate Banking Committee is in a file with efforts made by both parties to fill the gaps in the regulation of cryptocurrencies, which has been a source of trouble within the virtual asset industry.
A Senate adviser revealed that a vote to standardize Senator Lummis as chair with new Republican and Democrat members will possibly take place on January 16. The vote is to happen before another corroboration hearing for Scott Turner, the person selected by President-elect Donald Trump for Secretary of Housing and Urban Development.
Senator Lummis is considered among the biggest proponents of the growth of virtual assets and blockchain technology. The supervision in the subcommittee may be able to aid bring more attention to referring industry issues, like the uncertainty of regulation that has caused some firms to shift operations overseas.
The upcoming advancements
The building of the Senate’s crypto subcommittee is possibly to make the process of approving coherent and understandable legislation even easier. This accompanies other actions by the government in the crypto domain like the sale of Bitcoin that was captured from the Silk Road.
The selling off of $6.7 billion worth of Bitcoin by the DOJ not only showed a notable enforcement action, but also emphasized the government’s growing presence within the asset class. As the change of government admin comes into view, the crypto industry is also placing pressure on the coming President of the United States, Donald Trump to back the crypto-friendly environment.
Adding more to this, sources show that prominent members of the industry have called for building of a US Bitcoin reserve and official orders to encourage advancement of the blockchain technology.
If accepted as chair, Senator Cynthia Lummis will have a crucial influence on establishing the new course for the U.S. crypto policies. Lummis has long been a supporter of virtual assets, mostly campaigning for their approval into the US financial system.
