Lummis to Lead Crypto-Vital U.S. Senate Panel With Digital Assets Industry Defenders

The U.S. Senate Banking Committee has officially set its roster for the new digital assets committee, putting Senator Cynthia Lummis at the top, as expected. But it also includes two names that received heavy backing from the crypto political action committee Fairshake in the 2024 elections.

New Senator Bernie Moreno, the Ohio blockchain entrepreneur who knocked off former Democratic Chairman Sherrod Brown, is among the panel's five Republicans. The crypto super PAC devoted a towering $40 million to back Moreno in that contest.

And among the four Democrats, the ranking senator is Arizona Democrat Ruben Gallego, who received about $10 million in ad support from Fairshake.

The subcommittee is likely to represent the tip of the spear for crypto legislation in this session of Congress. The House of Representatives had been far ahead of the Senate last year in approving digital assets measures, but the Senate Banking Committee led by Brown had resisted taking up the bills.

With the new subcommittee in place, led by Wyoming Republican Lummis, the industry is likely to soon take up bills. Lummis has authored a few herself in previous sessions.