Chairman of the U.S. Senate Banking Committee: Establishing a regulatory framework for encryption will be a priority for the 119th Congress

The newly elected chairman of the U.S. Senate Banking Committee, Republican Senator Tim Scott, announced that establishing a regulatory framework for digital assets will be one of the top priorities for the 119th Congress. In a notice on January 15, Tim Scott stated that the Banking Committee intends to focus on financial inclusion policies that "create opportunities for America." The committee's priorities include affordable housing, economic national security, regulation and digital assets. He said: "Under current Chairman Gensler's leadership, the SEC has refused to provide clear information to the cryptocurrency industry, forcing projects to move overseas. Looking forward, this committee will work towards establishing a regulatory framework tailored specifically for trading and custody of digital assets."