READOUT: Chairman Tim Scott Leads Senate Banking Hearing on Digital Assets and Consumer Protection

basspublicaffairs
Jul 3
2 min read

Updated: Aug 12

FOR IMMEDIATE RELEASE

Contact:Bass Public Affairs

WASHINGTON, D.C. — July 3, 2025 — Yesterday, U.S. Senator Tim Scott (R-SC), Ranking Member and Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, convened a hearing titled “Strengthening Oversight of Digital Assets and Protecting Consumers”, continuing his focus on safeguarding everyday Americans in an evolving financial landscape.

The hearing brought together top regulatory leaders and experts in digital finance, including:

The Hon. Rostin Behnam, Chairman, Commodity Futures Trading Commission
Dr. Neha Narula, Director, MIT Digital Currency Initiative
Mr. Michael Barr, Vice Chair for Supervision, Federal Reserve Board

Chairman Scott opened the hearing by underscoring the promise and peril of emerging digital asset technologies.

“We can’t regulate by press release or crisis. Americans deserve a transparent, rules-based framework that protects consumers, promotes innovation, and prevents another FTX-style collapse,” said Scott.

Throughout the hearing, Chairman Scott pressed witnesses on:

Closing regulatory gaps between the SEC and CFTC
Ensuring stablecoins and crypto exchanges operate under clear, enforceable standards
Educating and protecting retail investors and communities most vulnerable to fraud
Preserving U.S. competitiveness in digital financial infrastructure

Witnesses acknowledged the need for modernized rules and emphasized bipartisan cooperation as essential to shaping durable, long-term policy.

This hearing builds on Chairman Scott’s broader legislative priorities around economic empowerment, responsible innovation, and protecting Main Street from the fallout of market chaos.

To view the full hearing and witness testimony, visit: banking.senate.gov

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