KEY POINTS
- Scott said at the Blockchain Association’s Policy Summit that crypto is ‘the next wonder of the world’
- He pledged to establish a subcommittee focused on digital assets
- At Bitcoin 2024, Scott said Bitcoin should be given a pathway to succeed in the U.S.
Republican Sen. Tim Scott of South Carolina has been ringing a bell in the wide world of cryptocurrency even before the 2024 U.S. elections, as he has signaled support for the industry as far back as 2021.
Scott attended the Policy Summit by the Blockchain Association this week, wherein he stressed the importance of crypto and how it has much potential to alter the financial realm for the better.
Scott Sees Much Potential in Crypto
During his appearance at the summit, Scott only had good things to say about the emerging industry. “In my opinion, it is the next wonder of the world,” he said, adding that he will become the Senate Banking Committee chair who “creates a digital assets subcommittee for the first time.”
If Scott pulls off the pledge, it will be the first time a Senate subcommittee will focus on digital assets, possibly triggering a pivot toward the industry by senators who remain skeptical about crypto.
The official X account of Republican Senate Banking Committee members also posted about Scott’s appearance at the summit. “As the top Republican on @BankingGOP, Sen. Scott will continue to champion policies for digital assets that increase economic opportunity and financial inclusion for all Americans,” the post stated.
After his summit attendance, Scott said “crypto has the potential to democratize the financial world,” promising that he will cooperate with incoming President Donald Trump, crypto czar David Sacks, and Congress to establish a regulatory framework for digital assets that promote innovation within the country, not overseas.
#Crypto has the potential to democratize the financial world.
I look forward to working with President Trump, David Sacks, and my colleagues in Congress to develop a regulatory framework for digital assets that encourages innovation here in the United States, not overseas. pic.twitter.com/DWNufTFR2i
— Tim Scott (@SenatorTimScott) December 17, 2024
Trump has said during his campaign that the crypto industry’s future should be shaped in the United States, and there is work to be done in ensuring that the country leads in the global crypto space.
Scott’s Previous Comments on Crypto
While Scott has yet to reach the same levels of “pro-crypto” stature as some of his Congress colleagues who are beloved in the crypto space, he has been given an A rating (very supportive) on nonprofit Stand With Crypto, which provides information about the crypto views of American politicians.
As per Stand With Crypto data, Scott has already made statements about crypto that are “somewhat” supportive of the industry as far back as 2021.
It appears he made a complete pivot last year when he spoke before the Senate Banking Committee to explain the importance of pursuing a more balanced approach toward digital assets.
He also spoke at the Bitcoin Conference in Nashville earlier this year alongside Trump ally Sen. Cynthia Lummis, wherein he said, “We need a wide pathway for Bitcoin to be successful here at home, and we need to make sure that things like taxation and regulation does not stifle innovation.”
He has called out Securities and Exchange Commission (SEC) Chair Gary Gensler for his “hostility to the industry at every turn.” He said individuals should be able to make decisions about their finances, not regulators.
Scott’s entry as the chair of the Senate Banking Committee has been welcomed by the crypto community. VanEck Head of Digital Assets Research Matthew Sigel lauded Scott’s willingness to take on discussions around crypto.
With Lummis as a ranking member once Scott takes on the leadership role, the crypto community is expecting huge changes around digital assets policy and regulation.
