Digital Assets Are Not Going Away, Senator Tim Scott Says

Senate Banking Committee Chairman Tim Scott (R-SC) urged his fellow U.S. lawmakers to advance key crypto market structure legislation during a crucial July 9 hearing.

According to a Wednesday press release from the United States Senate Committee on Banking, Housing, and Urban Affairs, Scott praised the chamber’s passage of the GENIUS Act while doubling down on the significance of the hearing to be able to “build on that success.”

“Today’s hearing is the first full committee hearing on digital assets,” Scott said. “This is a crucial step toward developing a comprehensive framework that gives innovators the clarity they need and gives investors the protections they deserve.”

“Because make no mistake: blockchain technology and digital assets are not going away – they are here to stay,” he added. The question we should ask ourselves is whether the United States will lead in shaping the future of digital finance, or whether we’ll let other countries like Singapore and the UAE set the standards while American jobs and innovation leave our shores.”

Titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” the hearing largely focused on developing broad crypto market legislation in the United States under a crypto-friendly White House.

Heavyweight crypto policy witnesses who testified before the committee included Blockchain Association CEO Summer Mersinger, Ripple CEO Brad Garlinghouse and Chainalysis CEO Jonathan Levin.

Senator Elizabeth Warren also unveiled her own crypto market structure priorities during the hearing, stating that the U.S. needs crypto legislation that “will strengthen our financial system, not make it worse.”

“I’m concerned that what my Republican colleagues are aiming for is another industry handout that gives the crypto lobby exactly its wish list: The blessing of the government’s approval, combined with crypto rules that are weaker than the rules every other financial actor must follow,” Warren said.

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