US Senate Banking Committee Reviews 100 Days of Crypto Policy

Tim Scott, head of the US Senate Banking Committee, announced key achievements in crypto regulation during his first 100 days of leadership, as reported by Fox News.

Among the main accomplishments, the politician highlighted the introduction of two bills: the GENIUS Act and the FIRM Act. Both are set for a Senate vote.

The GENIUS Act aims to regulate the stablecoin market and was passed in March with a vote of 18 to six. Scott is confident the bill will be signed into law by August.

The second bill, the FIRM Act, targets the issue of debanking crypto firms. It prohibits federal regulators from forcing banks to deny services to companies in the digital asset sector.

“We have demonstrated that we can work quickly and effectively, despite the vote margin. These steps are part of our strategy to maintain US leadership in innovation, especially in digital assets,” Scott stated.

According to the senator, the primary goal regarding cryptocurrencies is to ensure their development in the country before strict regulations are implemented.

Scott noted that political instability related to tariff policy and internal disagreements in Congress continues to pressure markets. He emphasized the importance of unity and swift decision-making to strengthen the US economic position.

Back in April, media outlets reported the closure of the NCET based on a memo from Deputy Attorney General Todd Blanche. American senators called the decision a “grave mistake.”