Senate Banking Committee Chairman Tim Scott announced the formation of a bicameral working group aimed at establishing a regulatory framework for digital assets. The announcement was made during a press conference in Washington, D.C., where Scott was joined by leaders from both Congress and the Trump administration.
The initiative seeks to ensure that the United States maintains its leadership position in the digital asset sector. "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," said Chairman Scott.
The working group includes members from key committees such as the Senate Banking Committee, House Financial Services Committee, and both Senate and House Agriculture Committees. Its goal is to foster innovation within U.S. borders rather than overseas.
Scott emphasized his collaboration with other committee chairmen, including John Boozman of the Senate Agriculture Committee, French Hill of the House Financial Services Committee, and G.T. Thompson of the House Agriculture Committee. He noted their proven ability to work together for American interests: "I have a preexisting working friendship with G.T. and French and John, and the good news is we come together already having proven the ability to work together to get things done for the American people."
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