Golden Finance reported that Tim Scott, the incoming Republican chairman of the U.S. Senate Banking Committee, spoke at the Blockchain Association Policy Summit, stating: "In my view, cryptocurrency is the next miracle of the world." Tim Scott committed that his group will have a cryptocurrency branch and will serve as the first chairman of the newly created Digital Assets Subcommittee. Tim Scott indicated that both houses of Congress and the elected President Donald Trump’s administration will work towards the same goal of advancing legislation, with two starting points being the Financial Innovation and Technology for the 21st Century Act (FIT21) — which aims to establish a comprehensive regulatory framework for the crypto market and was passed in the House this year with significant bipartisan support — and a stablecoin bill that is close to bipartisan agreement but has stalled due to some sticking points regarding the roles of federal and state governments.