The new Republican-led Senate Banking Committee has made clear in its first two months that it intends to prioritize cryptocurrency legislation, with a focus on stablecoins and market structure.
Stablecoins are up first, Sen. Cynthia Lummis (R-Wyo.) said Wednesday at the inaugural hearing of the Digital Assets Subcommittee she is chairing.
"I hope we can get both pieces of legislation to President Trump for his signature this year," Lummis said.
"But we're going to start with stablecoins, and on stablecoins, I'm optimistic the Senate Banking Committee will soon mark up Sen. [Bill] Hagerty's legislation," she continued, referring to the Tennessee Republican's GENIUS Act.
Lummis confirmed to The Hill after the hearing that's she hoping to mark up the stablecoin legislation in March.
PLUS: Former Rep. Patrick McHenry (R-N.C.) will be joining Andreessen Horowitz capital venture firm, a16z, as a senior adviser.
In a statement posted to X, the former congressman said he looks forward to helping “innovators navigate the policy landscape so they can build.”
“For too long, D.C. has created barriers for startups and emerging companies. It’s time to level the playing field and ensure that Little Tech – the next generation of builders – gets a fair shot,” he wrote.
McHenry, who retired from Congress in January, was an ardent advocate for the cryptocurrency industry, especially during his time as chair of the House Financial Services Committee.
A16z, founded by venture capitalists Marc Andreessen and Ben Horowitz, invests in a variety of emerging technology, including cryptocurrency ventures.
The move marks the latest collaboration between Silicon Valley and current or former policymakers, a relationship that has ramped up in recent months.
Last month, former Sen. Krysten Sinema (I-Ariz.) and President Trump's co-campaign manager Chris LaCivita joined cryptocurrency exchange Coinbase.
