US Senator Declares Cryptocurrencies the New ‘Wonder of the World’

The chairs of the US Senate Banking Committee and the House Financial Services Committee, Tim Scott and French Hill, will focus on cryptocurrency-related legislation in 2025, according to CoinDesk.

“In my opinion, [digital assets] are the next wonder of the world,” Scott shared.

At a Blockchain Association event, the lawmakers announced their collaboration with the administration of President-elect Donald Trump.

Two starting points will be the stablecoin payments bill and the Financial Innovation and Technology Act (FIT21).

The first has nearly garnered bipartisan support but stalled over several contentious issues related to the roles of federal and state governments. The second received overwhelming approval from the House of Representatives.

According to Hill, Congress must reach a compromise and pass FIT21 in the first few months after the Christmas break.

This will require finding 60 supporters in the upper chamber of Congress. The Senate will comprise 53 Republicans and 47 Democrats, so any major initiative must involve both parties.

Scott, who will replace Senate Banking Committee Chair and crypto-skeptic Sherrod Brown, promised to establish a subcommittee on digital assets.

The latter did not make it into the new upper chamber after losing to Bernie Moreno and will no longer be an obstacle to cryptocurrency-related initiatives. The critics’ camp will continue to be represented by Senator Elizabeth Warren.

As reported by Sygnum, the establishment of a favorable regulatory framework by the US Congress will determine the dynamics of altcoins. Experts highlighted FIT21 and the stablecoin payments bill as key objectives.

Earlier, Coinbase’s Director of Policy, Faryar Shirzad, predicted the “rapid” adoption of a cryptocurrency-related regulatory framework.