US Senate Banking Committee Chairman-elect: Cryptocurrency is the world's "next miracle"

“Cryptocurrency is, in my opinion, the next wonder of the world,” said Tim Scott, the incoming Republican chairman of the U.S. Senate Banking Committee, speaking at the Blockchain Association Policy Summit. Tim Scott promised that his panel would have a cryptocurrency branch and would chair the creation of a digital assets subcommittee for the first time. Tim Scott said both houses of Congress and the administration of President-elect Donald Trump will be working in the same direction to push legislation, and two starting points would be the Financial Innovation and Technology Act of the 21st Century (FIT21) — a bill that seeks to establish comprehensive crypto market guardrails and passed the House of Representatives with a large bipartisan margin this year — and a stablecoin bill that has been close to a bipartisan agreement but has been stalled by some sticking points over the role of federal and state governments.