Republican Senator Tim Scott, the new chair of the US Senate Banking Committee, has declared cryptocurrency regulation a top priority for the 119th Congress. Scott’s leadership aims to develop a regulatory framework that supports the trading and custody of digital assets, signaling a more crypto-friendly agenda. His commitment includes addressing the lack of clarity from the SEC which, under former Chair Gensler, pushed crypto projects abroad.

The committee’s focus will extend to financial inclusivity and economic security, with an emphasis on fostering opportunities through digital assets. Senator Scott criticized previous leadership for their opaque policies and outlined plans to cultivate an open-minded environment for stablecoins and other digital asset innovations.

This new direction comes as a significant shift from the previous chair, Senator Sherrod Brown, who held a more critical stance on crypto. With Scott at the helm and a Republican majority in the Senate, the crypto industry might see a more favorable regulatory landscape in the coming sessions.

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