Dwindling down to the eve of the US presidency, there are interesting rumors circulating in the cryptosphere. The US Senate Banking Committee (SBC), under the eager helm of Donald Trump’s administration, is reportedly planning to establish a cryptocurrency-focused subcommittee. According to FOX Business, the driving force behind this initiative is the newly-appointed chair of the SBC, Republican Senator Tim Scott, who considers this a high-priority undertaking. He is even considering Senator Cynthia Lummis, a well-known advocate of Trump’s Bitcoin strategic reserve initiative, to spearhead the subcommittee.
Awaiting the Official Announcement of Chairperson
With only ten days left for the inauguration ceremony, anticipation is building up in the political sphere. As news of Trump’s global ambitions dominates media outlets, there are consequential developments unfolding behind the scenes. The SBC, being the body accountable for managing all banks and financial authorities, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), is set to oversee this new subcommittee that will effectively become the primary authority for digital assets. Consequently, its regulations would take precedence over any divergent rules rolled out by SEC or CFTC.
According to inside sources, Senator Lummis seems to be on top of the candidate list for the chairperson of the subcommittee. Her official appointment is expected to be announced soon. Additionally, Senators Dave McCormick, Bernie Moreno, and Thom Tillis, all known to be pro-cryptocurrency, might also join the committee. It’s noteworthy to mention that both McCormick and Moreno received substantial donations, over $40M, from the cryptocurrency industry during the 2024 election.
However, it is not a one-sided affair, as crypto critic Elizabeth Warren also secured her third term in the SBC. Balanced viewpoints are essential for a comprehensive debate, and as such, opposing standpoints must be welcomed.
Behnam’s Replacement at CFTC in Sight
There also seems to be a shift in the CFTC’s leadership. The current chair, Rostin Behnam, has vowed to resign upon Trump’s ascension to power. Behnam, known for his stringent approach towards cryptocurrency regulation during his four-year tenure, might be replaced by Summer Mersinger, a commissioner at CFTC who served Senator John Thune for over a decade. Mersinger expressed her support for crypto last November and demonstrated discomfort over the CFTC’s regulation-by-enforcement approach.
A Fun Way to Earn Cryptocurrency
Regardless of Trump’s pro-crypto stance, critics abound. However, a creative initiative called Catslap ($SLAP) allows users to literally ‘slap’ characters, including Trump, and earn points, which can be converted into $SLAP tokens. The most active participants stand a chance to win a sizable Slapdrop. With Season 1 concluding soon, ten fortunate winners will be awarded a part of the $100K prize. Participants not making the top ten will still receive a token airdrop, ensuring no one is left out.
Currently, $SLAP is trading at $0.0027, and is anticipated to surge in response to a $1M worth $SLAP token burn planned for January 31. With a 30% staking APY, investors are incentivised to hold on to their tokens. Early adopters have already seen returns exceeding 2,500% since the project’s inception. The $SLAP token can be purchased on the centralized exchange MEXC or via Best Wallet. For updates, join the Catslap X and Telegram communities.
Final Thoughts
Trump’s forthcoming administration pledges to be the most crypto-friendly ever, which could have a positive impact on the overall market. But it’s important to tread carefully in the volatile crypto market and conduct your own research. Only invest what you can afford to lose.
How will the new crypto subcommittee impact the regulatory landscape?
As the primary authority for digital assets, the crypto subcommittee’s rules will take precedence over other financial bodies like SEC and CFTC. It’s expected that this will bring more order and clarity in the cryptosphere.
Who is most likely to chair the new crypto subcommittee?
Although no official announcement has been made, reports suggest that Senator Cynthia Lummis, a known advocate for Bitcoin, is likely to lead the subcommittee.
What changes are expected in the CFTC leadership?
The current CFTC chair, Rostin Behnam, has pledged to step down, and Summer Mersinger is likely to succeed him. She’s known for her discomfort with the CFTC’s existing regulation-by-enforcement approach.
What is the Catslap ($SLAP) initiative?
Catslap ($SLAP) is a fun initiative where users can ‘slap’ characters, including Trump, to earn points convertable into $SLAP tokens. The most active participants have the chance to win a Slapdrop, and all participants are awarded with a token airdrop.
