ChainCatcher news, the incoming Republican chairman of the U.S. Senate Banking Committee, Tim Scott, stated at the Blockchain Association Policy Summit: "In my view, cryptocurrency is the next miracle of the world."Tim Scott promised that his committee will have a cryptocurrency branch and will serve as the first chairman of the newly created Digital Assets Subcommittee.Tim Scott indicated that both chambers of Congress and the incoming administration of President Donald Trump will work in the same direction to push for legislation, with two starting points being the "Financial Innovation and Technology for the 21st Century Act" (FIT21), which aims to establish comprehensive crypto market safeguards and passed the House this year with significant bipartisan support, and a stablecoin bill that is close to a bipartisan agreement but has stalled due to some sticking points regarding the roles of federal and state governments.

ChainCatcher news, FOX Business reporter Eleanor Terrett stated on the X platform that the Senate Banking Committee will hold a meeting next Wednesday to vote on the renomination of Democratic SEC Commissioner Caroline Crenshaw. If the Senate approves her nomination, she will continue to serve on the committee until 2029; if she is not approved, Trump will be able to nominate someone else.During her tenure, Caroline Crenshaw has been a supporter of committee chairman Gary Gensler, advocating for stricter climate reporting requirements and voting against the approval of a Bitcoin spot ETF.

ChainCatcher news, according to Bloomberg, Massachusetts Senator Elizabeth Warren is set to become the top-ranking Democrat on the Senate Banking Committee. As a major critic of Federal Reserve Chairman Powell, large banks, and the cryptocurrency industry, she will succeed Sherrod Brown, who lost in his re-election campaign.Warren stated in a declaration: "It is crucial that after the 2024 elections, Democratic leadership demonstrates that we can make life more affordable for working families and urgently take action to rebuild the middle class." Warren has previously called for stronger regulation of the cryptocurrency industry and has been critical of traditional financial institutions.

ChainCatcher news, according to CoinDesk, with the announcement of the U.S. election results, a cryptocurrency-friendly Securities and Exchange Commission (SEC) and Senate Banking Committee are expected to emerge.Bernstein stated that the progress of stablecoin and market structure legislation is expected to accelerate, which is a positive signal for stablecoin issuers like Circle and Paxos, as well as major U.S. cryptocurrency exchanges and brokers.Analysts expect a clearer definition of digital assets and securities, and the potential launch of more exchange-traded fund (ETF) products based on other cryptocurrencies.

ChainCatcher news, U.S. Senate Banking Committee's top Republican Senator Tim Scott (R-S.C.) will unveil his priorities for a bipartisan regulatory framework for cryptocurrency on Thursday. Tim Scott is skeptical about cryptocurrency after "several high-profile failures" and "concerns over illicit financing." (source link)

ChainCatcher news, according to Bloomberg, U.S. Senate Banking Committee Chairman Sherrod Brown stated that he and his colleagues are working to develop new regulations and collaborating with federal agencies to "combat cryptocurrency," while he noted that the push for regulation does not stem from "a single crypto company."Sherrod Brown mentioned, "This is about everything related to national security, from Russian oligarchs to North Korean cybercriminals, from arms trafficking to drug dealers, who prefer to use unregulated and unrestricted networks." He is working with Democrats to formulate some measures, including a regulatory framework for stablecoins, and a spending agreement may be reached. (Bloomberg)