Chairman Tim Scott has expressed support for President Donald Trump's executive order to form the President’s Working Group on Digital Asset Markets. The initiative aims to bolster U.S. leadership in digital finance.
“Voters across the country were clear in November: they want access to digital assets and a clear regulatory framework for the industry. Just days into his administration, President Trump is delivering on his promises, creating the first President’s Working Group on Digital Asset Markets to ensure the federal government is working together to keep the United States a leader in digital assets innovation and to protect Americans from unlawful government surveillance. As Chairman of the Senate Banking Committee, I look forward to partnering with President Trump and his team to bring clarity, choice, and opportunity to this important sector of our 21st century economy,” said Chairman Scott.
In December, Scott met with David Sacks, who serves as Trump's White House A.I. and Crypto Czar and will lead this new working group. Scott has committed that under his leadership, the Senate Banking Committee will focus on developing a regulatory framework that supports trading and custody of digital assets while ensuring consumer protection and compliance with Bank Secrecy Act requirements.
The Senate Banking Committee also approved a new Subcommittee on Digital Assets today. This subcommittee was established by Chairman Scott and will be led by Senator Cynthia Lummis.