The US Senate Banking Committee intends to create a subcommittee designed to improve the interaction between the traditional banking system and the digital asset industry. Wyoming Senator Cynthia Lummis will chair the subcommittee.

Chairman of the US Senate Banking Committee Tim Scott said that the relevant legislative group intends to create its own subcommittee on digital assets, similar to the one that has been working under the auspices of the Financial Services Committee of the US House of Representatives since 2023.

According to Scott, the subcommittee on digital assets will harmonize legislative activities, as well as improve the interaction of traditional banks and financial regulators of the country, such as the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), with representatives of the cryptocurrency industry.

Republican Senator from Wyoming Cynthia Lummis, known for her friendly attitude towards cryptocurrencies, was chosen as the chair of the new subcommittee on cryptocurrencies. Previously, Lummis proposed a strategy for acquiring bitcoins to create a government reserve through the conversion of US Treasury gold certificates.