Blockchain

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

According to a Feb. 2 report from Politico, Scott included the crypto framework as one of his priorities for the 118th Congress. He reportedly was skeptical of some aspects of crypto, alluding to the collapse of exchanges like FTX — “high-profile failures resulted in lost consumer assets” — and potential uses for illicit finance.

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

Related: US Senate banking chair floats possibility of banning crypto

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 Representative Patrick McHenry, may likewise hold another hearing on FTX.

With the Republican Party taking control of the House of Representatives, McHenry has the authority to set the legislative agenda for the financial committee. He reportedly plans to create a new subcommittee focused on digital issues, given the “big hole” in previous committee structures.

Articles You May Like

Nike shares slide on lackluster outlook, slowing China sales
Yen Rebounds Amid Short-Covering, Dollar Rally Eases
KC Fed March manufacturing index -9 vs +3 prior
USDCHF continues upside momentum today but five sellers near keep retracement target
Gold Price Today: Yellow metal extends fall to Rs 1,040/10 grams from lifetime high. Is it time to book profits?