Trump Backs Pro-Crypto CFTC Pick as Senate Launches Crypto Subcommittee

The U.S. Senate Banking Committee is getting a cryptocurrency subcommittee for the first time ever.

FOX Business and Punchbowl News are reporting that the new chair of the committee, Senator Tim Scott, wants to follow the House Financial Services Committee’s model which created a crypto subcommittee in 2023.

The subcommittee’s chair could be Senator Cynthia Lummis who is a big supporter of digital assets. Lummis has backed initiatives like a strategic Bitcoin reserve and aligning regulations to make the U.S. the leader in crypto innovation. If approved she will be the one to set the tone for the subcommittee.

Other Republicans like Bernie Moreno, Dave McCormick, Thom Tillis and Bill Hagerty are said to be in the running for the subcommittee. All are crypto friendly according to Stand With Crypto. But Democratic members like crypto skeptic Senator Elizabeth Warren will have opposing views.

Mersinger Leads Race for CFTC Chair

As President-elect Donald Trump gets ready to take office on January 20, another big development is happening: a pro-crypto chair for the Commodity Futures Trading Commission (CFTC). Commissioner Summer Mersinger is the front runner to replace outgoing chair Rostin Behnam.

Mersinger was a longtime staffer for Senate Majority Leader John Thune and is seen as a safe pick to get confirmed. Trump could also make her acting chair while the Senate debates.

Mersinger has expressed skepticism about using enforcement actions to set crypto policy. At a blockchain conference in November she said we need clearer regulatory frameworks to support innovation in the crypto space.

Mersinger’s appointment would fit with Trump’s overall goal of making the U.S. a “crypto capital” with less regulations and policies that promote digital asset growth.

Trump’s Crypto Agenda Gains Momentum

This all happens as the Republican Party takes control of Congress after winning the Senate in November’s elections. The 2024 FIT21 bill passed the House and now awaits Senate action.

Key points shaping the regulatory landscape include:

• The CFTC’s potential leadership shift under Mersinger.

• Growing bipartisan interest in clearer crypto policies.

• Trump’s pledge to make the U.S. a leader in the global crypto economy.

Now that the new Congress is in session January 3 Trump’s administration will get to work. Big changes are coming.