Senators Tim Scott and French Hill Push Crypto Legislation

Senator Tim Scott of South Carolina is set to become the chairman of the U.S. Senate Banking Committee and has announced plans to establish a digital assets subcommittee, marking a significant shift towards pro-crypto legislation. At the Blockchain Association Policy Summit, Scott emphasized cryptocurrency's potential to democratize finance and pledged to collaborate with President-elect Donald Trump and others to support regulatory frameworks for digital assets. He identified the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin bill as priorities for comprehensive regulation, aiming for bipartisan support in Congress. Representative French Hill, the new chairman of the House Financial Services Committee, echoed these sentiments, indicating a unified Republican effort to reshape crypto policy. This momentum represents a stark departure from previous skepticism in Congress, particularly under the former Democratic leadership. The proposed legislation seeks to clarify regulatory roles and establish market guardrails, potentially positioning the U.S. as a leader in the global crypto landscape.