Key takeaways
- Senate Banking Chairman Tim Scott is focusing on crypto regulation and financial innovation in his new legislative agenda.
- The committee plans to foster digital asset products, balancing oversight and innovation, under new leadership.
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Senate Banking Committee Chairman Tim Scott prioritizes crypto regulation and financial innovation under 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 the trading and custody of digital assets, including stablecoins, with a focus on consumer choice, education and protection.
“Under Gensler’s presidency, the SEC has refused to provide clarity to the cryptocurrency industry, forcing projects overseas,” Scott said in a Jan. 15 advisory.
Until January 3, former Ohio Senator Sherrod Brown chaired the Banking Committee. His defeat by Republican Bernie Moreno changed control of the Senate, making Tim Scott the new president.
Fairshake, a crypto-backed political action committee, spent more than $40 million on media buys during the race.
This made it one of the most expensive congressional campaigns of 2024 and was instrumental in Moreno’s victory, paving the way for Tim Scott to become the new president.
In the notice, Scott also highlighted plans to promote financial inclusion, overhaul burdensome regulations, improve housing affordability and strengthen national economic security.
He focused on promoting innovation in infrastructure and addressing challenges such as cyber threats and illicit financing.
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