US Senate Panel Working On Crypto Rules
A previous version of this story said in the headline that the Senate Banking Committee was releasing its priorities for a crypto regulatory framework, not Sen. Scott.
U.S. Sen. Tim Scott (R-S.C.), the top Republican on the Senate Banking Committee, wants to start work on a bipartisan regulatory framework for cryptocurrency on 2nd Feb, he said in a statement.
“The committee should work to facilitate a bipartisan regulatory framework,” said Scott, whose participation will be key, because that committee would need to clear any major crypto legislation. Scott hasn’t addressed his views on crypto, so the industry has been eager to hear from him. He’s now moved into the position once occupied by former Sen. Pat Toomey, one of the industry’s most staunch champions in Congress.
So far, Scott’s brief on 2nd Feb’s statement, which included digital assets regulation as one of his seven priorities for this new session of Congress, read as skeptical on the industry.
“Recent years have seen expansive growth in the digital assets industry, including an increasing number of consumers interacting with cryptocurrencies,” Scott’s statement read. “Several high-profile failures resulted in lost consumer assets, exposed regulatory gaps, and highlighted concerns with illicit finance.”
This year, US lawmakers are expected to begin work on the first significant pieces of crypto legislation. Sen. Sherrod Brown (D-Ohio), chairman of the Senate Banking Committee, paved the way for crypto legislation in November by writing to U.S. Treasury Secretary Janet Yellen and expressing his willingness to work toward a broad regulatory framework.
This committee has been widely viewed as a bottleneck for regulatory efforts, which have made more progress in other corners of Capitol Hill, such as the House Financial Services Committee and Senate Agriculture Committee.
(With inputs from Shikha Singh)
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