South Carolina Senator Tim Scott, the ranking Republican member of the United States Senate Banking Committee, is reportedly planning to develop a “bipartisan regulatory framework” for cryptocurrencies.
According to a February 2 report from Politico, Scott included the crypto framework as one of his priorities for the 118th Congress. He is reportedly skeptical about some aspects of crypto, pointing to the collapse of exchanges like FTX – “a high-profile failure resulted in the loss of consumer assets” – and its potential use for illegal finance.
Scott recently took over the ranking member position from former Senator Pat Toomey, who served his term without seeking re-election. Toomey supported many legislative efforts encouraging innovation in the digital asset space, while committee chairman Sherrod Brown called on Treasury Secretary Janet Yellen to work with financial regulators and lawmakers on comprehensive crypto legislation.
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The Senate Banking Committee held a hearing in December to explore the collapse of FTX, with the possibility of continuing the investigation in a new session of Congress in 2023. The House Financial Services Committee, under the leadership of Representative Patrick McHenry, could also hold it. another hearing on FTX.
With Republicans in control of the House of Representatives, McHenry has the authority to set the legislative agenda for the finance committee. He reportedly plans to create a new subcommittee focused on digital issues, as there are “huge holes” in the previous committee’s structure.