Important points
- Senate Banking Committee Chairman Tim Scott is focusing his new legislative agenda on crypto regulation and financial innovation.
- Under new leadership, the Commission plans to foster digital asset products, balancing oversight and innovation.
Share this article
Senate Banking Committee Chairman Tim Scott is prioritizing cryptocurrency regulation and financial innovation as part of his new legislative agenda, marking a shift in the committee's approach to digital assets.
Mr. Scott aims to establish a regulatory framework that focuses on consumer choice, education, and protection, and creates a coordinated pathway for trading and storing digital assets, including stablecoins.
“Under Chairman Gensler, the SEC has refused to provide clarity to the crypto industry and forced projects offshore,” Scott said in a Jan. 15 notice.
Until January 3, former Ohio Sen. Sherrod Brown served as chairman of the Banking Committee. The loss to Republican Bernie Moreno changed the Senate majority and made Tim Scott the new speaker.
FairShake, a crypto-supporting political action committee, spent more than $40 million on media buyouts during the race.
That makes it one of the most expensive legislative campaigns of 2024, helping to secure Moreno's victory and paving the way for Tim Scott to become the new speaker.
In his notice, Scott also highlighted plans to increase financial inclusion, overhaul burdensome regulations, improve housing affordability, and strengthen national economic security.
He emphasized promoting infrastructure innovation and addressing challenges such as cyber threats and illicit finance.
Share this article
