Republican Tim Scott Announces His Presidential Run – How Could It Affect Cryptocurrency?
Republican Senator Tim Scott, who may be an influential player in the cryptocurrency industry, announced his candidacy for the US presidency on Monday.
The South Carolina lawmaker officially announced his candidacy on Twitter as a crowd gathered in Charleston, South Carolina.
Scott joins other candidates, including former President Donald Trump.
“Joe Biden and the radical left are attacking every step of the ladder that helped me climb. And that is why I am announcing today that I am running for the post of President of the United States of America,” he said in prepared speech .
Scott said he wants to develop a regulatory framework for digital assets that protects consumers while promoting innovation.
Scott is also pro-life, wants tax cuts and opposes “big government,” according to his website, in line with many of his fellow Republicans.
Scott also played an important role in creating ” zones of opportunity ,” which is an economic development tool that helps people invest in struggling regions.
Scott joined the Senate in 2013 as the first black senator from South Carolina, and he is now the ranking member of the Senate Banking Committee.
This committee, in particular, has jurisdiction over the Securities and Exchange Commission.
Scott seems to have become more vocal about cryptocurrency this year.
In February, Scott outlined his priorities as the top Republican on the Senate Banking Committee, including developing a framework for digital assets.
“Recent years have seen an expansive growth in the digital asset industry, including an increase in the number of consumers interacting with cryptocurrencies. Several high-profile failures have led to the loss of consumer assets, exposed regulatory gaps and highlighted problems with illicit financing. Moving forward, the Committee must work to create a bipartisan regulatory framework,” Scott said.
Scott also criticized the SEC in February during a congressional hearing on digital assets for not taking steps to ensure that “catastrophic failures” such as the collapse of cryptocurrency exchange FTX and algorithmic stablecoin Terra do not happen again.
“Moving forward, we must take a thoughtful, bipartisan and balanced approach that protects consumers and promotes innovation and opportunity,” Scott said.
Scott is also a member of the Financial Innovation Group, which focuses on blockchain, digital assets, artificial intelligence and consumer protection.