As President-elect Donald Trump prepares to take office, the focus on crypto regulation is intensifying among lawmakers, signaling a clear departure from the previous administration’s approach. Digital assets.
Crypto regulation in new congressional agenda
Recently announcementChairman Tim Scott (RS.C.) revealed legislative and oversight priorities for the U.S. Senate Committee on Banking, Housing and Urban Affairs, with a clear emphasis on developing a robust regulatory framework for digital assets.
“My goal for this Congress is simple: make America work for Americans,” Scott said. He emphasized the need for comprehensive solutions to major issues facing the nation, from addressing federal housing policies to enhancing economic security.
As the 119th Congress begins, Scott expressed his eagerness to work with the Trump administration and its allies to promote financial inclusion and create opportunity across the country. “The American people have given Congress a mandate — let’s act,” he concluded.
Central to Scott’s priorities is the establishment of a regulatory framework for crypto assets. Under the leadership of the former Securities and Exchange Commission (SEC) Chair Gary Gensler, the senator, said the agency had been criticized for a lack of clarity about cryptocurrency regulations, which many believe has driven innovation and projects overseas.
Going forward, the Banking Committee aims to create a consistent path for trading and custody of digital assets that promotes consumer choice, education and protection while ensuring compliance with relevant Bank Secrecy Act requirements.
Digital Assets Subcommittee under Tim Scott
In an important step, the Senate Banking Committee also announced Last week created its first subcommittee dedicated to digital assets.
The initiative reflects Senate Republicans’ commitment to prioritizing cryptocurrency legislation and fulfilling Trump’s campaign promise to establish the US as the center of the global crypto market.
The establishment of this subcommittee is one of Scott’s early actions as chairman, reflecting a proactive stance toward financial innovation. Scott is seeking to replicate the success of the Digital Assets Subcommittee created in the House of Representatives by former Congressman Patrick McHenry in 2023.
That committee made history by passing the “FIT21” bill, which aims to a Regulatory framework For digital assets. With the bill still up for debate and a vote in the full House, its progress in the Senate could pave the way for broader regulatory measures.
To lead the new subcommittee, Scott has temporarily selected Senator Cynthia Loomis of Wyoming, a vocal advocate for bitcoin, pending a ratification vote in the coming days.
The selection of Loomis reflects a commitment to fostering an open-minded environment for innovative financial technologies and digital asset products, including stablecoinswhich aims to increase financial inclusion.
At the time of writing, the market’s leading cryptocurrency, Bitcoin, is trading at $99,200, up 3.3% in the 24-hour period.
Featured image from DALL-E, chart from TradingView.com
