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With a Republican majority having taken control of the US Senate in January, Tim Scott said the Banking Committee would have an “open-minded environment” for digital assets.
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Republican Senator Tim Scott, recently elected chair of the US Senate Banking Committee, announced that developing a regulatory framework for digital assets would be one of the body’s priorities in the 119th Congress.
In a Jan. 15 notice, Senator Scott said the Banking Committee intended to focus on policies for financial inclusion that “create opportunity” in the US. The committee’s list of priorities included affordable housing, economic national security, oversight and digital assets.
“Under Chair Gensler, the SEC refused to provide clarity to the cryptocurrency industry, which has forced projects overseas,” said Scott. “Moving forward, the committee will work to build a regulatory framework that establishes a tailored pathway for the trading and custody of digital assets.”
The South Carolina senator added the committee would have an “open-minded environment” for stablecoins and related digital asset products. He could face opposition from committee ranking member Elizabeth Warren, who was critical of many crypto policies in the 118th Congress.
Change of tone on crypto in the new Congress?
Until Jan. 3, former Ohio Senator Sherrod Brown had chaired the Banking Committee, a position he took on in 2021. However, he lost his bid for reelection against Republican Bernie Moreno, paving the way for the party to take majority control of the chamber and elect Scott to chair the committee.
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The cryptocurrency-backed political action committee (PAC) Fairshake spent more than $40 million to support Moreno through media buys in what was one of the most expensive congressional races in the 2024 US election cycle. Cointelegraph reached out to Fairshake for comment on Scott’s announcement but did not receive a response at the time of publication.
Under Senator Brown, the Banking Committee considered stablecoin legislation and held several hearings to discuss issues related to digital assets, including the US Securities and Exchange Commission’s enforcement cases against crypto firms.
As of Jan. 15, only one event appeared on the Banking Committee’s calendar for 2025: to consider a nomination for the secretary of the US Department of Housing and Urban Development.
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This article first appeared at Cointelegraph.com News
