The US Senate Banking Committee has officially set its list for the new digital assets committee, placing Senator Cynthia Lummis at the top, as expected. But it also includes two names that received strong backing from the Fairshake crypto political action committee in the 2024 election.
New Sen. Bernie Moreno, the Ohio blockchain entrepreneur who unseated former Democratic President Sherrod Brown, is among the five Republicans on the panel. The crypto super PAC dedicated a whopping $40 million to support Moreno in that race.
And among the four Democrats, the highest-ranking senator is Arizona Democrat Rubén Gallego, who received about $10 million in advertising support from Fairshake.
The subcommittee is likely to represent the spearhead of cryptocurrency legislation this session of Congress. The House of Representatives had been well ahead of the Senate last year in passing measures on digital assets, but the Brown-led Senate Banking Committee had resisted taking up the bills.
With the new subcommittee in place, led by Republican Lummis of Wyoming, the industry will likely soon take up bills. Lummis has written some in previous sessions.
