Gold Finance Report, the incoming Republican Chairman of the U.S. Senate Banking Committee, Tim Scott, spoke at the Blockchain Association Policy Summit, stating: "In my opinion, cryptocurrency is the next miracle in the world." Tim Scott promised that his group would have a cryptocurrency branch and would serve as the chairman of the newly created Digital Assets Subcommittee for the first time. Tim Scott stated that both chambers of Congress and the incoming administration of President Donald Trump would work towards the same goal of pushing legislation, with two starting points being the 21st Century Financial Innovation and Technology Act (FIT21) — a bill aimed at establishing comprehensive crypto market safeguards that passed the House this year with significant bipartisan support — and a stablecoin bill that is close to reaching bipartisan agreement but has stalled due to some sticking points regarding the roles of federal and state governments.