U.S. Incoming Senate Banking Chair Tim Scott: Crypto is ‘The Next Wonder of the World’

Senator Tim Scott, poised to become the next U.S. Senate Banking Committee Chair, has promised action on crypto legislation, according to remarks made during a Washington event.

Speaking at the Blockchain Association’s Policy Summit, Scott highlighted the transformative potential of cryptocurrency, stating that it could “democratize the financial world.” He added, “In my opinion, it is the next wonder of the world.” Scott also revealed plans to establish the first-ever digital assets subcommittee under his leadership.

Scott will succeed Ohio Senator Sherrod Brown, a Democrat and long-time critic of cryptocurrencies who failed to secure a fourth term. Brown has frequently expressed concerns about crypto’s role in illicit financial activities.

On Tuesday, Scott, alongside Republican lawmaker French Hill, outlined plans to advance two key crypto market-structure bills. These include the Financial Innovation and Technology for the 21st Century Act (FIT21), which would introduce crypto-specific guardrails, and a separate stablecoin bill.

“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,” Scott wrote on X. His comments come after President-elect Donald Trump appointed venture capitalist and former PayPal COO David Sacks as his administration’s “AI and crypto czar.”

Hill underscored the need for bipartisan support, emphasizing the importance of collaboration for effective crypto legislation. “To win, ultimately, you need 60 votes in the Senate,” Hill said. “You need to build consensus.” He also expressed optimism about the future of digital assets in the U.S., stating, “The future is bright in the U.S. for digital assets and cryptocurrencies.”

In April, Scott referred to cryptocurrencies as a “scapegoat” for federal concerns around illicit finance. He also announced his presidential campaign last year with a focus on developing a regulatory framework for digital assets that balances consumer protection with innovation. At the Bitcoin 2024 conference in Nashville in July, Scott discussed leveraging Bitcoin to create “opportunity zones,” which would allow tax-free investments for developers.

The Tuesday Policy Summit also featured remarks from the U.S. Securities and Exchange Commission’s Republican commissioners, Mark Uyeda and Hester Peirce. Uyeda criticized the SEC’s current crypto accounting standards, while Peirce emphasized plans for closer collaboration between the SEC and the CFTC moving forward.