According to Fox Business reporter Eleanor Terrett's post on X platform, the U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first subcommittee specifically responsible for cryptocurrencies. The subcommittee will be built with reference to the Republican Financial Services Subcommittee established by Patrick McHenry in 2023. Senate aides confirmed that Senator Cynthia Lummis has been preliminarily selected as the chairperson of the subcommittee, awaiting a vote by the full committee. It is reported that the vote to approve Cynthia Lummis and new Republican and Democratic members (still being decided) may take place next Thursday, when Trump's nomination hearing for Secretary of Housing and Urban Development Scott Turner will be held.