Golden Finance reported that Republican Senator Tim Scott said at the Wyoming Blockchain Seminar on Wednesday: "Wouldn't it be cool if we set up a subcommittee in the Banking Committee that focuses on the industry so that we can bring more conversations, more hearings about the industry, and get the work done faster?" It is reported that Scott has always been friendly to the cryptocurrency industry. He is currently the top Republican on the committee led by Democratic-Ohio Senator Sherrod Brown. If Republicans gain a majority in the Senate, which is now controlled by the Democrats, in the upcoming election, Scott may lead the committee next year. In addition, Senator Cynthia Lummis said that the window for encryption legislation in 2024 is shrinking, but it is still possible to pass some bills this year.