ICYMI: Scott Pushes for Final Passage of Market Structure Legislation, Highlights Success of GENIUS Act at DC Blockchain Summit

ICYMI: Scott Pushes for Final Passage of Market Structure Legislation, Highlights Success of GENIUS Act at DC Blockchain Summit

Washington, D.C. - Senator Tim Scott (R-S.C.), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, recently participated in a fireside chat with Digital Chamber CEO Cody Carbone at the DC Blockchain Summit, where he discussed the successful passage of the GENIUS Act and ongoing efforts to advance digital asset market structure legislation. During the conversation, Chairman Scott emphasized that while the GENIUS Act established a strong foundation for payment stablecoins, Congress must now build on that progress by delivering clear rules for the broader digital asset ecosystem.

Click here or on the image above to watch Chairman Scott's remarks.

Click here or on the image above to watch a recap video about the event.

On why market structure legislation matters:

"Too often we have politicians and bureaucrats who want to make decisions without clear rules of the road. The market structure gives us the rules of the road for what I believe is going to be the most powerful force for good for kids like me growing up in poverty in a single parent household…

… Every single thing we do to advance legislation that creates the kind of rules of the road that the best thinkers, and founders want to do business in America."

Chairman Scott highlighted that clear, predictable rules will ensure innovation stays in the United States and continues to expand economic opportunity for Americans.

On progress toward passing market structure legislation:

"We've made a lot of progress over the last probably 30 days or so… We're working on a lot of issues, but every single day it feels like the 'Big Mo' momentum is finally on our side and we're heading in the right direction."

Chairman Scott noted that negotiations are ongoing across a range of issues, including decentralized finance, ethics provisions, and jurisdictional questions, but emphasized that conversations remain constructive and bipartisan.

On stablecoin yield negotiations:

"The good news from my perspective is that this is really not about having a partisan vote. This is about having both sides at the table fighting over the differences - and at the same time - having all players, the industry and the financial services, the banks, at the same table."

Chairman Scott underscored that stakeholders across the crypto industry, traditional financial institutions, and policymakers are actively working to find a path forward.

On new leadership at the SEC:

"And then you bring in Paul Atkins, someone who is smart, refreshing, and he's leaning into the conversation about not simply making America the crypto capital of the world, but also about making sure that we are always the most economically dominant player in the market."

Chairman Scott emphasized that a transparent regulatory approach would help ensure America remains the most competitive financial market in the world.

On making the U.S. the crypto capital of the world:

"And so I'm looking ten years down the road and looking ten years back from now. One of the things I expect to see is that we're not talking about the crypto industry, we're not talking about digital assets, we're talking about ways of doing business."

Chairman Scott described a future where digital asset technology strengthens financial markets, improves efficiency, and enhances American economic leadership.

"From my perspective, ten years from now, we'll see our military better off because of blockchain. We'll see every aspect of government, every aspect of the federal and the private sector will be touched and improved by the founders and thinkers and the visionaries who are a part of this industry."

On what he's hearing from South Carolinians:

"When someone walks up to me [in Charleston] and says, 'What's taking so long?' And I say to them, 'You can't imagine how fast this is actually going.' People are hungry for change."

Chairman Scott shared stories of young Americans using digital assets to build wealth and expand opportunity, underscoring the real-world impact of the technology.

"This is literally changing the face of wealth and opportunity and access."

On engagement from the crypto community:

"Those who are in the industry, when you're advocating on behalf of something that you're passionate about, it's infectious. It is so important that you stay engaged."

Chairman Scott praised the energy and engagement of industry participants, noting that their advocacy has helped elevate digital asset policy as a priority in Congress.

"This must not be a red issue or a blue issue. This has to be about America's future."

Chairman Scott reiterated his commitment to advancing bipartisan digital asset legislation that promotes innovation, protects consumers, and ensures the United States remains the global leader in financial technology.

Click here to view photos from the event.

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