In a significant development for the crypto industry, key Republican lawmakers have pledged to take action on digital asset legislation. Senator Tim Scott, the incoming Chair of the US Senate Banking Committee, and Representative French Hill, the Chair of the House Financial Services Committee, made these promises at a Blockchain Association event in Washington, D.C. This marks a notable shift from the uncertain tone of the previous year.
Both lawmakers emphasized that Congress and the administration will work together to create legislation. The starting points for this effort will be the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin bill. According to Hill, his aim is to achieve the passage of crypto market-structure legislation, similar to FIT21, within the first few months of the session. Senator Scott expressed his enthusiasm for crypto, stating it is 'the next wonder of the world,' and announced plans to establish a digital assets subcommittee.
The lawmakers acknowledged the need for bipartisan support to advance crypto legislation, with Hill noting that 60 votes in the Senate are required to achieve this goal. The SEC's role in crypto regulation was also discussed, with Republican commissioners criticizing the agency's crypto accounting standard and expressing their willingness to work with the CFTC. Overall, the tone of the event was optimistic, with lawmakers and regulators expressing their commitment to creating a favorable regulatory environment for the crypto industry.