Senator Tim Scott (R-SC) serves as Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, commonly known as the Senate Banking Committee. In that role, he oversees legislation related to financial markets, banking regulation, capital formation, and digital assets.
As crypto policy continues to evolve in Congress, the Senate Banking Committee plays a central role in shaping federal oversight of the industry. In particular, the Senate Banking Committee played a major role in drafting the GENIUS Act and the current Senate draft of a market structure bill.
The Senate Banking Committee also has oversight over the Securities and Exchange Commission (SEC).
Career snapshot
Scott has represented South Carolina in the U.S. Senate since 2013. Before joining the Senate, he served in the U.S. House of Representatives and in local government.
In the Senate, he has focused on financial services policy, capital markets, and economic opportunity. He became Chairman of the Senate Banking Committee in the current Congress, giving him oversight of agencies including the SEC, Federal Reserve, Treasury Department, and banking regulators.
What does the Senate Banking Committee do?
The Senate Banking Committee oversees federal financial regulators and drafts legislation related to banking, securities markets, housing, and economic policy.
When it comes to digital assets, the Committee plays a key role in:
Any major federal crypto framework must move through the Committee before advancing in the Senate.
Position on crypto
Scott has publicly stated that the U.S. should work to maintain leadership in digital asset innovation while providing regulatory clarity.
Under his leadership, the Committee has held hearings focused on digital assets and capital formation, including discussions with SEC leadership on how securities laws apply to crypto markets.
“...The [Banking] committee will work to build a regulatory framework that establishes a tailored pathway for the trading and custody of digital assets that will promote consumer choice, education, and protection and ensure compliance with any appropriate Bank Secrecy Act requirements. The committee will also foster an open-minded environment for new, innovative financial technologies and digital asset products, like stablecoins, that promote financial inclusivity.”
Legislative efforts
Since becoming Chairman, Scott has made digital asset policy a stated priority of the Senate Banking Committee’s agenda.
To formalize the Committee’s focus on crypto policy, Scott oversaw the creation of the first-ever Subcommittee on Digital Assets, chaired by Senator Cynthia Lummis (R-Wyo.). The move marked an institutional step toward more structured digital asset policymaking within the Senate.
Scott also co-sponsored and championed the GENIUS Act, which advanced through Congress and was signed into law in July 2025.
Following the GENIUS Act’s passage, the Committee shifted its attention toward broader digital asset market structure legislation aimed at clarifying how crypto assets are regulated and which federal agencies have jurisdiction.
Market structure legislation today
Negotiations over a federal digital asset market structure framework remain ongoing.
The Senate Banking Committee continues to play a central role in discussions. As Chairman, Scott has signaled that advancing this legislation remains a priority.