New Chair of the U.S. Senate Banking Committee: Cryptocurrency is the World's 'Next Miracle'

Incoming Republican Chair of the U.S. Senate Banking Committee Tim Scott stated at the Blockchain Association Policy Summit: "In my view, cryptocurrency is the world's next miracle." Tim Scott promised that his group will have a cryptocurrency branch and will serve as the inaugural chair of the newly formed Digital Assets Subcommittee. Tim Scott indicated that both chambers of Congress and the administration of elected President Donald Trump will work in the same direction to push for legislation, with two starting points being the 21st Century Financial Innovation and Technology Act (FIT21) — which aims to establish a comprehensive crypto market framework and passed the House this year with significant bipartisan support — and a stablecoin bill that is close to reaching a bipartisan agreement but has stalled due to some sticking points regarding the roles of federal and state governments.