US Senate Banking Chair Tim Scott to prioritize crypto regulation in new agenda

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Senate Banking Committee Chairman Tim Scott is prioritizing crypto regulation and financial innovation as part of his new legislative agenda, marking a shift in the committee’s approach to digital assets.

Scott aims to establish a regulatory framework that creates a tailored pathway for trading and custody of digital assets, including stablecoins, focusing on consumer choice, education, and protection.

“Under Chair Gensler, the SEC refused to provide clarity to the cryptocurrency industry, which has forced projects overseas,” Scott said in a Jan. 15 notice.

Until January 3, former Ohio Senator Sherrod Brown chaired the Banking Committee. His loss to Republican Bernie Moreno shifted Senate control, making Tim Scott the new chair.

Fairshake, a crypto-backed political action committee, spent over $40 million on media buys during the race.

This made it one of 2024’s most expensive congressional campaigns and was instrumental in securing Moreno’s victory, which paved the way for Tim Scott to become the new chair.

In the notice, Scott also highlighted plans to promote financial inclusion, revise burdensome regulations, improve housing affordability, and strengthen national economic security.

He emphasized fostering innovation in infrastructure and addressing challenges like cyber threats and illicit finance.

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