Senator Tim Scott, the new chair of the U.S. Senate Banking Committee, plans to introduce the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin bill to establish clearer crypto regulations in 2025. He aims to create a digital assets subcommittee and aligns with pro-crypto initiatives alongside the incoming Trump administration. Despite expected criticism from Senator Elizabeth Warren, Scott emphasizes the potential of crypto as the "next wonder of the world."
Senator Tim Scott, chair of the U.S. Senate Banking Committee, has hailed cryptocurrency as “the next wonder of the world.” Alongside Representative French Hill, he is advocating for bipartisan legislation on digital assets, including the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin bill, with implementation expected in 2025. Scott plans to establish a digital assets subcommittee to advance these initiatives.
US lawmakers are making a final push to confirm Caroline Crenshaw for another term at the SEC before Democrats lose control in January. The Senate Banking Committee, led by Sherrod Brown, has scheduled a vote for Dec. 18 after delays attributed to Republican opposition linked to corporate interests, particularly from the cryptocurrency sector. Crenshaw, who has served since 2020, faces criticism for her stance on crypto regulations, and her confirmation is crucial as the SEC may shift to a Republican majority with potential changes in leadership.
The Senate Banking Committee is set to vote on SEC Commissioner Caroline Crenshaw's renomination, a decision that has sparked fierce opposition from the crypto industry due to her stringent regulatory stance. Critics argue her confirmation could hinder innovation in digital assets, while supporters claim it would maintain a balanced regulatory environment. The outcome remains uncertain as the Senate navigates a packed legislative calendar, with potential implications for the SEC's future approach to cryptocurrency regulation.
Congressman French Hill has been appointed as the next chair of the House Financial Services Committee, succeeding Patrick McHenry. Hill, a proponent of cryptocurrency legislation, aims to clarify regulatory roles between the SEC and CFTC and investigate initiatives targeting the crypto sector. He will officially assume his role on January 3, 2025.
Arkansas Representative French Hill is set to chair the House Financial Services Committee in 2025 after winning a party steering committee decision against Republican challengers. He is expected to take over from Chair Patrick McHenry on January 3, coinciding with the start of the new Congress. Senator Tim Scott is anticipated to lead the banking committee, supporting pro-crypto legislation. House Republicans still need to ratify Hill's selection in a full conference vote.
Banks are increasingly distancing themselves from the crypto industry, citing regulatory scrutiny and the need to mitigate risks associated with potential illegal activities. This trend, often referred to as "derisking," has led to significant account closures for crypto entrepreneurs, raising concerns about a possible repeat of the controversial Operation Chokepoint initiative from the Obama Administration. Critics argue that this could stifle legitimate businesses while regulators maintain that their actions are necessary to protect the banking system's stability.
A Senate committee vote to re-nominate SEC Commissioner Caroline Crenshaw has been postponed, leaving her future uncertain. The delay, attributed to Republican opposition, raises the possibility of a Republican majority at the SEC following the upcoming Trump administration. Current SEC Chair Gary Gensler will depart on January 20, 2025, and Crenshaw's critics within the crypto industry are vocal about their desire for her removal.
Crypto advocacy groups, including the Blockchain Association and DeFi Education Fund, have opposed the re-nomination of SEC Commissioner Caroline Crenshaw, citing her negative stance on cryptocurrency and actions that undermine Congress's regulatory mandate. Crenshaw, a Biden appointee, dissented on the approval of spot Bitcoin ETFs, aligning with the SEC's critical approach to the industry. The U.S. Senate Banking Committee is set to vote on her re-confirmation, which could extend her term until 2029.
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