U.S. Senate Banking Committee Chairman: Developing a crypto regulatory framework will be a priority for the 119th Congress

Republican Senator Tim Scott, the newly elected chairman of the U.S. Senate Banking Committee, announced that developing a regulatory framework for digital assets will be one of the top priorities of the 119th Congress. In a January 15 notice, Tim Scott said that the Banking Committee intends to focus on financial inclusion policies that "create opportunities for the United States." The committee's priorities include affordable housing, economic national security, regulation, and digital assets. He said: "Under the leadership of current Chairman Gensler, the SEC has refused to provide clear information to the cryptocurrency industry, forcing projects to turn overseas. Going forward, the committee will work to establish a regulatory framework that establishes a tailored path for the trading and custody of digital assets."