ICYMI: Chairman Scott Highlights Historic Progress on Digital Asset Legislation, U.S. Crypto Leadership on Fox Business

Washington, D.C. - Senate Banking Committee Chairman Tim Scott (R-S.C.) recently joined Fox Business' Charles Payne for Fox Business in Depth: The Crypto Campaign to discuss the Committee's work to advance digital asset market structure legislation and ensure America remains the global leader in the future of finance. Chairman Scott emphasized the importance of establishing clear rules of the road for digital assets, strengthening bipartisan consensus, protecting everyday consumers, and making financial transactions faster, better, and less expensive for the American people.

Chairman Scott also highlighted the impact of stablecoin legislation, noting that digital assets can reinforce the strength of the U.S. dollar, expand access to financial tools, and keep innovation in America.

Click here or on the image above to watch the full interview.

On the Banking Committee's affordability agenda:

"We've had the busiest time on the Banking Committee in my 10 years, and some say within three decades…What we're going to do is make sure that the American people understand that affordability is job one on the Banking Committee."

On advancing rules of the road for digital assets:

"That's the future of finance in so many ways. The American people want to have access to what the rest of the world has access to. The only way to do that is to have rules of the road, so getting this legislation done is historic. It puts America back in the driving seat for the foreseeable future."

On bipartisan momentum behind digital asset legislation:

"Having Cynthia Lummis and Mark Warner work together on anything is a blessing...More importantly, having Senator Alsobrooks and Senator Gallego come along with every single Republican on the Committee to do what is in America's best interest long term [is good news]."

On resolving key issues in digital asset market structure:

"There are four or five major pieces of the puzzle that were the heart of the fight from my perspective: rewards…ethics…quorum…DeFi…and anti-money laundering. Those are the five major pieces of the puzzle that caused a lot of consternation along the way."

On how digital assets can benefit everyday Americans:

"The simplest answer is democratization means lower prices, faster transactions, and the good news is you, the person who has the resources, you make your decisions. You don't have to wait on someone to give you permission."

On traditional finance and digital assets:

"We have the greatest banking system in all of the world, so we are incredibly thankful for the way that we've built our banking system. Competition coming into any space creates butterflies, at the very least, and so what we've been able to do is try to make sure that we're threading the needle between cryptocurrency - the future of finance, and traditional finance."

On what stablecoins will do for everyday Americans:

"For folks like me, or my mom, or folks who are older Americans, what in the world is a stablecoin? Simple. For my mom, I told her a stablecoin is nothing more than a digital form of the old-fashioned cashier's check. It allows you to do business anywhere in the world, and it makes it easier."

On how the GENIUS Act strengthens the U.S. dollar:

"What our stablecoin legislation did is make U.S. Treasuries more popular around the world. I believe that reinforces the importance of having the U.S. dollar as the reserve currency of the world. It's really good news for our country."