Warren poised to lead Senate Banking as Democrats take control

The Wall Street Journal reported that Warren could take the gavel from Republican Senator Tim Scott, whom she currently serves alongside as the committee’s ranking member. The committee oversees the Federal Reserve, banks, securities markets and digital assets, including cryptocurrency exchanges, stablecoin issuers and custodians.

According to the Journal, Warren’s potential agenda includes consumer protections for cryptocurrency users, scrutiny of prediction markets and inquiries into possible conflicts involving President Donald Trump and his family. As chair, she could set the committee’s agenda and use subpoena procedures to seek documents and testimony. Her appointment remains subject to Senate leadership arrangements.

Warren has pressed regulators over Trump-linked crypto businesses, including World Liberty Financial. In January, she asked banking regulators to pause consideration of a bank charter application involving the company until potential conflicts were examined. The allegations remain disputed; the inquiries do not establish wrongdoing. During negotiations over the CLARITY Act, she also sought tighter restrictions on cryptocurrency holdings and businesses involving senior officials. “This is corruption, plain and simple,” she said in a July statement. Trump has rejected criticism of his crypto ventures and said his activities have not violated the law.

Warren also joined more than 40 lawmakers in March in asking the Commodity Futures Trading Commission and Office of Government Ethics for guidance on whether federal employees could use nonpublic government information to trade on prediction markets. The lawmakers cited reports of unusually timed bets tied to political and geopolitical events and sought details about efforts to identify prohibited trading.

Crypto markets fell on November 6 as investors weighed the election outcome and losses in U.S. technology stocks. Bitcoin traded at about $75,531, down 6.1% over 24 hours. Ethereum fell 8.3% to $2,223, XRP dropped 8.4% to about $1.20, and Solana lost roughly 7% to $89.18, according to crypto.news price data. Bitcoin had climbed above $80,000 on November 5 before retreating.

CoinGlass reported that more than 239,000 traders were liquidated over 24 hours, with crypto derivatives liquidations totaling $1.25 billion, mostly from long positions. Separately, U.S. spot Bitcoin funds took in $74.6 million on November 4 after three straight sessions of net withdrawals, according to an earlier review of ETF flows.