Many US policymakers have called for clear regulations for digital assets as the country enters a pro-crypto regulatory era under President-elect Donald Trump.
Despite increasing global adoption and significant progress in the past 16 years, blockchain technology and cryptocurrencies have faced intense regulatory opposition from US agencies.
The Securities and Exchange Commission has been particularly critical, with the industry accusing the regulator of promoting an “anti-cryptocurrency” stance. Notably, Coinbase sued the SEC seeking clarity, challenging the agency's "entry and register" rhetoric.
In a newly released list of priorities, Senator Tim Scott of South Carolina stressed the need for Congress to create a well-defined framework for monitoring digital assets.
Senator Scott's document, addressed to the 119th US Congress, criticized the SEC and its outgoing chairman, Gary Gensler, for driving blockchain innovation abroad with unclear regulations and a restrictive approach.
Under Gensler's leadership, the SEC has refused to provide clarity to the cryptocurrency industry, which has forced projects offshore. Moving forward, the Commission will work to build a regulatory framework that establishes a dedicated path for the trading and custody of digital assets that promotes consumer choice, education, and protection and ensures compliance with any appropriate requirements of the Bank Secrecy Act.
Senator Tim Scott
Pro-encryption policymakers hold key positions
Now Senator Scott, who chairs the US Senate Banking Committee, is in a key position to shape financial policy, including cryptocurrency regulation. The committee created its first cryptocurrency-focused subcommittee, which will be chaired by pro-bitcoin Senator Cynthia Lummis.
Before his inauguration, Trump appeared to support Republican cryptocurrency lawmakers taking leadership roles on important congressional committees. This move is consistent with Trump's plans to implement more flexible regulations for digital assets.
Actor Brian Steele will chair House Finance Committee Subcommittee on Digital Assets, FinTech, and Artificial Intelligence. Tom Emmer, the House GOP majority figure and a vocal critic of Gensler, will do just that Helps Steele as Vice President.
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