Tim Scott Highlights Cryptocurrency As The Next Global Marvel

According to Odaily, Tim Scott, the incoming Republican Chairman of the U.S. Senate Banking Committee, recently addressed the Blockchain Association Policy Summit, expressing his belief that cryptocurrency represents the next global marvel. Scott committed to establishing a dedicated cryptocurrency branch within his committee and will serve as the inaugural chairman of the newly formed Digital Assets Subcommittee. Scott emphasized that both chambers of Congress and the administration of President-elect Donald Trump are aligned in their efforts to advance legislation in this area. Two primary legislative initiatives are at the forefront of these efforts. The first is the 21st Century Financial Innovation and Technology Act (FIT21), which aims to establish comprehensive safeguards for the cryptocurrency market. This bill has already passed the House with significant bipartisan support. The second initiative is a stablecoin bill, which, despite nearing a bipartisan agreement, has encountered delays due to unresolved issues concerning the roles of federal and state governments.