Senate Banking Committee Chairman Tim Scott (R-SC), alongside Senate Agriculture Committee Chairman John Boozman (R-AR), House Financial Services Committee Chairman French Hill (R-AR), and House Agriculture Committee Chairman G.T. Thompson (R-PA), announced the initiative alongside President Donald Trump’s White House A.I. and Crypto Czar David Sacks. Their objective is to develop a unified regulatory approach that fosters domestic innovation rather than pushing it abroad.
An announcement from the Senate Committee on Banking, Housing, and Urban Affairs detailed the effort, stating:
Scott and his colleagues announced the creation of a bicameral working group focused on digital assets.
The congressional working group, “comprised of members of the Senate Banking Committee, House Financial Services Committee, and Senate and House Agriculture Committees,” aims to “build consensus around a regulatory framework for digital assets that will ensure innovation happens here in the United States, not overseas,” the Committee explained.
Members of the working group intend to shape policies that encourage technological advancements while ensuring investor protections remain intact. They emphasized that digital assets could broaden financial access and increase economic participation. By coordinating across key congressional committees, the initiative seeks to develop a unified strategy rather than a patchwork of inconsistent regulations that could hinder industry growth. Lawmakers leading the effort underscored the importance of regulatory clarity in preserving the U.S.’s global standing in digital finance.
Scott emphasized the cooperative effort behind the initiative and the shared commitment to addressing financial accessibility challenges. He stated:
I love the concept that we see today – synergy with the administration, the House, and the Senate – focusing not on ourselves, but focusing on working class Americans who desperately need to reduce their prices and increase their access [to financial services.]
“That’s what the bicameral working group will help tackle,” the congressman emphasized. Stressing his strong working relationships with Boozman, Hill, and Thompson, Scott expressed confidence in the group’s ability to craft effective policies that support innovation while safeguarding consumers.
Source:news.bitcoin.com
