New Chairman of the US Banking Committee Tim Scott said at the Blockchain Association Policy Summit 2024 that cryptocurrencies are the new wonder of the world. Despite resistance from some committee members, including industry hawk Elizabeth Warren, he said the digital asset market will thrive.
He stressed that he would definitely create a subcommittee on digital assets, which would develop new rules for the cryptocurrency and blockchain industry.
The senator believes that more favorable legislation for virtual coins in the US could be passed by the end of next year, although it would require significant support in the Senate.
Tim Scott noted that the bill “On financial innovations and technologies for the 21st century” could serve as a starting point for the formation of a regulatory cluster of instruments in relation to cryptocurrencies, despite the fact that it is being criticized by representatives of crypto companies.
The senator once again reminded the summit participants that under the new administration of President-elect Donald Trump, the cryptocurrency market will be able to receive a powerful boost to development and receive billions of dollars from large investment funds.
