The U.S. Senate Banking Committee has officially designated its members for the new digital assets committee, placing Senator Cynthia Lummis in the leadership role. Notably, it also features two individuals backed significantly by the crypto political action committee Fairshake during the 2024 elections.

Newly elected Senator Bernie Moreno, a blockchain entrepreneur from Ohio who succeeded former Democratic Chairman Sherrod Brown, is one of the five Republican members on this panel. The crypto super PAC contributed a remarkable $40 million to support Moreno’s campaign.

Among the Democratic members, Senator Ruben Gallego of Arizona stands out as the ranking senator, having received around $10 million in ad support from Fairshake.

This subcommittee is poised to be at the forefront of crypto legislation in this Congressional session. Last year, the House of Representatives had been actively advancing digital asset measures, while the Senate Banking Committee, under Brown, was reluctant to address the bills.

With the establishment of this new subcommittee, led by Republican Lummis from Wyoming, the industry can expect upcoming legislative efforts. Lummis has previously authored several bills related to this domain.