Senator Tim Scott, chair of the U.S. Senate Banking Committee, expects crypto market-structure legislation to pass by August. The bill, introduced in September 2023, aims to create a regulatory framework for digital assets.
In its first 100 days, the committee passed the GENIUS Act (regulating stablecoin payments) and the FIRM Act (addressing crypto debanking).
While both received bipartisan support, critics like Senator Elizabeth Warren and the American Economic Liberties Project raised concerns over national security and Wall Street favoritism.
Scott stressed the need to prioritize innovation over regulation, criticizing former SEC Chair Gary Gensler’s anti-crypto stance. He emphasized that fostering crypto innovation is vital for U.S. global leadership.
In January, the Senate also formed its first digital assets subcommittee, led by pro-crypto Senator Cynthia Lummis.
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