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Meet the New Boss, Same as the Old Boss?
Newly minted Senate Banking Committee Chair Tim Scott, R-SC, announced his new agenda for 2023 and it’s the pretty much the first time he’s publicly mentioned digital assets and the crypto industry. He just released his own priorities agenda for an array of banking issues, which you can view here.
While every new start, new session and fresh face promises untapped potential, it looks like if the industry was hoping for a change from old regime, it’s unlikely. Scott appears to want to work within the ideological framework of former banking committee chair Sen. Sherrod Brown, D-OH, a longtime crypto skeptic.
FIRST IN MM: THE TIM SCOTT AGENDA — Our Eleanor Mueller:The top Republican on the Senate Banking Committee, Sen. Tim Scott (S.C.), will release his priorities for the new Congress later today.
What caught our eye: Developing “a bipartisan regulatory framework" for crypto, according to an announcement provided early to Eleanor. That’s big news for those tracking the industry given that Scott hasn't talked much about digital currency in the past.
The senator's agenda indicates some skepticism of crypto, noting "several high-profile failures resulted in lost consumer assets, exposed regulatory gaps, and highlighted concerns with illicit finance."
It may be an area where he can find common ground with Chair Sherrod Brown, according to aides, on top of housing and financial literacy. Brown is an outspoken crypto critic.