Senate Banking Committee Priorities for New Congress Include Crypto: Report


South Carolina Senator Tim Scott, the ranking Republican member of the United States Senate Banking Committee, reportedly plans to develop “a bipartisan regulatory framework” for cryptocurrencies.

According to a February 2 report by Politico, Scott listed the cryptographic framework as one of his priorities for the 118th Congress. He was reportedly skeptical of some aspects of cryptocurrencies, alluding to the collapse of exchanges like FTX (“high-profile failures resulted in the loss of consumer assets”) and potential uses for illicit finance.

Scott recently took over the ranking staff position from former Sen. Pat Toomey, who served out his term without seeking re-election. Toomey supported many legislative efforts that encourage innovation in the digital asset space, while committee chair Sherrod Brown called on Treasury Secretary Janet Yellen to work with financial regulators and legislators on crypto legislation. comprehensive.

Related: US Senate Banking Chairman Raises Cryptocurrency Ban

The Senate Banking Committee held a hearing in December aimed at exploring the collapse of FTX, with the possibility of continuing its investigation in a new session of Congress in 2023. The House Financial Services Committee, under the leadership of Rep. Patrick McHenry , you can also hold another hearing at FTX.

With the Republican Party taking 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, given the “big hole” in previous committee structures.