Tim Scott, the newly elected chair of the US Senate Banking Committee, has announced that developing a regulatory framework for digital assets will be a key focus during the 119th Congress. Under the Republican majority, the Banking Committee aims to create policies that enhance financial inclusion and economic opportunity in the US. Scott criticized the previous SEC leadership for providing insufficient clarity, resulting in a migration of crypto projects overseas. He expressed the committee's intention to establish a regulatory framework for trading and custody of digital assets, including stablecoins, while fostering an open-minded environment for related products. This marks a shift from the previous chair, Sherrod Brown, who highlighted the necessity for regulatory discussion and enforcement actions against crypto firms. The committee has a busy agenda ahead, with a focus on various issues, though only one event is currently scheduled for early 2025: consideration of a nomination for the secretary of the Department of Housing and Urban Development.

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