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New Chair of US Senate Banking Committee Describes Cryptocurrencies as the ‘Next Marvel of the World’
Senator Tim Scott, the incoming Chair of the U.S. Senate Banking Committee, has pledged to take action on cryptocurrency legislation during an event in Washington.
While addressing the Policy Summit organized by the Blockchain Association, Scott emphasized that cryptocurrency possesses the “potential to democratize the financial world.”
“In my view, it represents the next wonder of the world,” he stated. “I will be the chairman who establishes a digital assets subcommittee for the first time.”
Sen. Scott will succeed Democrat Sherrod Brown of Ohio, who was unable to secure a fourth term. Sen. Brown has consistently been a prominent critic of cryptocurrencies, citing worries regarding their use in illegal financing.
On Tuesday, alongside Republican representative French Hill, Sen. Scott outlined plans to promote two bills concerning crypto market structure. These include the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to set up regulatory frameworks for cryptocurrencies, as well as a bill focused on stablecoins.
“I am eager to collaborate with President Trump, David Sacks, and my colleagues in Congress to create a regulatory framework for digital assets that fosters innovation within the United States, rather than abroad,” he posted on X.
#Crypto has the potential to democratize the financial world.
I look forward to working with President Trump, David Sacks, and my colleagues in Congress to develop a regulatory framework for digital assets that encourages innovation here in the United States, not overseas. pic.twitter.com/DWNufTFR2i— Tim Scott (@SenatorTimScott) December 17, 2024
Recently, President-elect Donald Trump appointed venture capitalist and former PayPal COO David Sacks as his administration’s “AI and crypto czar.”
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At the same time, Sen. Hill highlighted the necessity of bipartisan support for effective cryptocurrency legislation. He also expressed optimism about the future of digital assets and cryptocurrencies in the U.S.
Fantastic to join my friend @PatrickMcHenry at the @BlockchainAssn’s 2024 #BAPolicySummit. The future is bright in the US for #DigitalAssets and #crypto!
pic.twitter.com/gimAqvm2kI
— French Hill (@RepFrenchHill) December 17, 2024
“To succeed, ultimately, you require 60 votes in the Senate,” Sen. Hill remarked. “Consensus building is essential.”
Sen. Tim Scott on Crypto ‘Scapegoat’ Concerns
In April, Sen. Scott referred to cryptocurrencies as a “scapegoat” for the federal government’s worries regarding illicit finance. He also declared his candidacy for U.S. president last year with the aim of creating a regulatory framework for digital assets that safeguards consumers while encouraging innovation.
During the Bitcoin 2024 conference in Nashville in July, Sen. Scott discussed the potential of utilizing Bitcoin to create “opportunity zones” that provide tax-free investment options for developers.
The Tuesday Policy meeting also featured remarks from the U.S. Securities and Exchange Commission’s two Republican commissioners — Mark Uyeda and Hester Peirce — regarding anticipated changes within the agency for the upcoming year.
Uyeda criticized the SEC’s existing crypto accounting standards, while Peirce indicated that the regulator intends to collaborate closely with the CFTC.
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