Incoming US Senate Banking Committee Chair Calls Cryptos ‘Next Wonder of the World’

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Sujha Sundararajan

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December 18, 2024

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Senator Tim Scott, the next U.S. Senate Banking Committee Chair, has promised action on crypto legislation during a Washington event.

Speaking at the Policy Summit by Blockchain Association, Scott stresses that crypto has the “potential to democratize the financial world.”

“In my opinion, it is the next wonder of the world,” he said. “I’m going to be the chairman that creates a digital assets subcommittee for the first time.”

Sen. Scott will be replacing Democrat predecessor, Ohio Senator Sherrod Brown, who failed to secure a fourth term. Sen. Brown has long been a vocal critic of cryptos, citing concerns over their use in illicit finance.

On Tuesday, along with Republican lawmaker French Hill, Sen. Scott devised plans to advance two crypto market-structure bills. These include the Financial Innovation and Technology for the 21st Century Act (FIT21) establishing crypto guardrails and a stablecoin bill.

“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,” he wrote on X.

Last week, President-elect Donald Trump appointed venture capitalist and ex-PayPal COO David Sacks as his administration’s “AI and crypto czar.”

Meanwhile, Sen. Hill emphasised the importance of bipartisan support for successful crypto legislation. He also said that the future is bright in the US for digital assets and cryptocurrencies.

“To win, ultimately, you need 60 votes in the Senate,” Sen. Hill noted. “You need to build consensus.”

Sen. Tim Scott on Crypto ‘Scapegoat’ Concerns

In April, Sen. Scott called cryptocurrencies a “scapegoat” for the federal government’s concerns about illicit finance. He also announced his run for US president last year in a motive to develop a digital assets regulatory framework that protects consumers while promoting innovation.

During the July Bitcoin 2024 conference in Nashville, Sen. Scott explored using Bitcoin to establish “opportunity zones” that offers tax-free investments for developers.

The Tuesday Policy meeting also saw the U.S. Securities and Exchange Commission’s two Republican commissioners — Mark Uyeda and Hester Peirce — speaking about the changes they expect to bring in the agency next year.

Uyeda criticised the SEC’s current crypto accounting standard, while Peirce noted that the regulator will work closely with the CFTC.