Senate Banking Committee to Create First Cryptocurrency Subcommittee – A Big Breakthrough for the Crypto Space! – Bitcoinik

Key leaders of the United States of America (US) are taking a very significant step to embrace the crypto sector with the establishment of a new subcommittee.

In the current scenario, the US sector is a very large center for cryptocurrency-focused development. Many political leaders showed their pro-cryptocurrency stance to ensure that they will favor the circulation and adoption of cryptocurrencies.

In the latest development, the Senate Banking Committee decided to establish its first subcommittee dedicated to cryptocurrencies.
Congressman Bryan Steil has been selected as Chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence. This subcommittee will continue to focus on following the evolution of the crypto sector, as well as new technologies.

US Senator Tim Scott will be the first leader of this subcommittee, and another pro-Bitcoin senator, Cynthia Lummis of Wyoming, will play the role of another subcommittee leader.

Congressman Andy Barr (KY-06) has been re-elected as Chairman of the Subcommittee on Financial Institutions for the 119th Congress. Andy will ensure that the new technology sector evolves under balanced rules and laws.

In particular, two years ago, the situation in the crypto space was very bad. Most of the regulatory bodies were against this sector and rarely did anyone talk about the friendly regulatory rules and laws for this innovative space.

Thanks to the president-elect of the United States, Donald Trump, who began talking about the adoption of Bitcoin and cryptocurrencies during his presidential election campaign. His promise for this space created another level of peer pressure for other presidential candidates to support cryptocurrencies.

The US Congress is currently reportedly working on a new bill on a new tax policy, and Trump will sign that bill right after taking office as president this month. Interestingly, that bill also includes some tax rules for cryptocurrencies.