The US Senate Banking Committee plans to establish its first-ever crypto subcommittee, coinciding with President-Elect Donald Trump’s upcoming inauguration on January 20. Senator Tim Scott, the committee's new chair, aims to model the subcommittee after the 2023 House Financial Services Committee's crypto subcommittee. Senator Cynthia Lummis is expected to chair this new group, which includes strong crypto supporters like Senators Bernie Moreno, Dave McCormick, Thom Tillis, and Bill Hagerty. The composition of Democratic members remains uncertain, with Senator Elizabeth Warren being a notable crypto skeptic. Meanwhile, Summer Mersinger, a current CFTC Commissioner, has become the top candidate to replace outgoing CFTC chair Rostin Behnam. Mersinger's prior experience and supportive stance on crypto enhance her chances of Senate confirmation. The developments signal potential shifts toward more favorable crypto regulation under the incoming Republican leadership, which has vowed to position the US as a global hub for cryptocurrency.

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