Republican Senator Tim Scott, newly appointed chair of the US Senate Banking Committee, declared that creating a regulatory framework for digital assets would be a primary focus during the 119th Congress. He emphasized that the committee would foster an open-minded environment around digital assets, including stablecoins. Scott criticized the previous SEC under Chair Gensler for failing to provide necessary clarity to the cryptocurrency sector, which he claims has pushed projects offshore. In addition to digital assets, the committee will also prioritize policies related to financial inclusion, affordable housing, and economic national security. Under the former chair, Sherrod Brown, the committee held multiple hearings regarding digital asset regulations and the SEC's enforcement actions against crypto firms. The shift in leadership marks a potential change in tone towards cryptocurrencies as the Republicans gain control of the Senate.

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