Republican Senator Tim Scott of South Carolina says a bill seeking to create a comprehensive regulatory framework for the digital asset space will become law later this year. In a new interview with Fox News, Scott, the chairman of the Senate Committee on Banking, Housing, and Urban Affairs, says a bill that will help crypto firms thrive and innovate is set to be passed later this year, countering the last regime’s stance on digital assets. “There’s no doubt that under the Biden Administration and [Chairman Gary] Gensler at the SEC – they just didn’t like crypto. What I’ve said very often is simply this: we must innovate before we regulate. That means allowing innovation to happen here at home in the digital assets space is critical to American economic dominance across the globe. The good news is President Trump is leading the way to a crypto revolution starting here at the Banking Committee. And that’s why we’ve moved very quickly the GENIUS Act… It’s passed through my Committee in a bipartisan fashion. Next [is] market structure…I believe [it will be] passed into law by August.” The Genius Act, which establishes regulations for stablecoins, is headed to the Senate floor for a vote after the Senate Banking Committee approved the bill with a bipartisan vote of 18-6. While Scott says a bill to establish a crypto market structure is next, he didn’t mention any specific piece of legislation. However, one bill that fits the mold is the Digital Asset Market Structure and Investor Protection Act , which would give the Commodities Futures Trading Commission (CFTC) regulatory power over digital assets while handing the U.S. Securities and Exchange Commission (SEC) the authority to oversee digital asset securities. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Senator Tim Scott Says Crypto Market Structure Bill To Be Passed by August of This Year appeared first on The Daily Hodl .
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