According to Fox Business reporter Eleanor Terrett, the U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first subcommittee dedicated to cryptocurrencies. The subcommittee will be structured along the lines of the Republican Financial Services Subcommittee established by Patrick McHenry in 2023. Senate aides confirmed that Senator Cynthia Lummis has been tentatively selected to chair the subcommittee pending a full committee vote. It is understood that a vote to approve Cynthia Lummis and new Republican and Democratic members (still being decided) could take place next Thursday, when Trump's nomination hearing for Housing and Urban Development Secretary Scott Turner will be held.