In a notice released on Jan. 15, Republican Senator Tim Scott (R-S.C.), the new chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, unveiled his vision for the 119th Congress, putting cryptocurrency and financial technology (fintech) at the forefront of the committee’s agenda.

According to the notice, a central part of the committee’s work will involve tackling regulatory uncertainty in the cryptocurrency sector, which Scott says has driven innovation overseas. “We must establish a tailored framework that promotes consumer choice, safeguards financial systems, and ensures compliance with appropriate regulations,” he said. The committee aims to craft clear guidelines for digital asset trading, custody, and new technologies like stablecoins, with an emphasis on financial inclusivity.

Advancing Fintech and Digital Assets

Under Senator Scott’s leadership, the committee will prioritize the creation of a regulatory pathway for digital assets, focusing on consumer education and protection while ensuring compliance with the Bank Secrecy Act. The agenda also includes fostering fintech innovation to broaden access to financial services, particularly for underserved communities.

Economic Growth and Opportunity

Scott’s agenda also emphasizes expanding access to capital for small businesses and entrepreneurs, with a focus on reforms to the Securities and Exchange Commission (SEC) to increase transparency and foster market confidence. He also aims to open more investment opportunities to everyday Americans, promoting wealth creation across a broader spectrum of society.

Broader Legislative Efforts

While crypto, fintech, and economic growth take center stage, the committee’s agenda also includes addressing affordable housing, countering economic threats from adversarial nations, and ensuring strong oversight of federal agencies.

"As we begin the 119th Congress, I look forward to working with the Trump administration, and my colleagues on the committee, to find consensus and advance solutions that improve financial inclusion and create opportunity across the country. The American people gave Congress a mandate – let’s get to work.” said Chairman Scott.