Senator Tim Scott, the incoming chair of the Senate Banking Committee, declared that cryptocurrencies are “the next wonder of the world,” according to CoinDesk.
In 2025, Scott and French Hill, the chair of the House Financial Services Committee, will focus on advancing legislation related to digital assets. At a Blockchain Association event, they emphasized the importance of collaborating with the administration of newly elected President Donald Trump.
Two key bills are on the agenda: one concerning the regulation of stablecoins and another on financial innovation and technology (FIT21).
The stablecoin bill has nearly achieved bipartisan support but stalled due to disagreements over the role of federal and state regulation. The FIT21 bill has already been approved by the House of Representatives by a wide margin.
Hill noted that Congress needs to reach a compromise and pass FIT21 early next year. This will require 60 votes in the Senate, where Republicans will hold 53 seats and Democrats 47.
Scott, who will replace the crypto-skeptical Senator Sherrod Brown, also pledged to establish a subcommittee on digital assets.
Following the elections, Brown will leave the Senate, removing one obstacle to crypto-related legislative initiatives. However, Senator Elizabeth Warren will continue to represent the critics’ camp.
Sygnum experts believe that the adoption of a favorable regulatory framework in the US will determine the growth trajectory of altcoins. Special focus is being given to FIT21 and the stablecoin bill.
Previously, Coinbase Policy Director Faryar Shirzad predicted the “swift” adoption of cryptocurrency regulations.
