Ahead of Crypto Week, US Senator Tim Scott raised concerns about regulatory ambiguity around digital assets, saying that “a lack of regulatory clarity has serious consequences – it leads to innovation and jobs leaving the United States.”
A lack of regulatory clarity has serious consequences – it leads to innovation and jobs leaving the United States.@SenatorTimScott knows Congress has a duty to ensure the digital asset industry has the certainty it needs to grow here in America. pic.twitter.com/Mb7VuLwhcP
— U.S. Senate Banking Committee GOP (@BankingGOP) July 9, 2025
Sen. Tim Scott Tackles Regulatory Barriers for Crypto Industry
“That confusion has consequences. Innovation is leaving. Jobs are leaving, and the global competitors are filling that vacuum,” he said.
Under the US President Donald Trump’s pro-crypto administration, the cryptocurrency is expecting a clear regulatory framework for innovations. In the past, major crypto platforms like Coinbase and Binance faced regulatory scrutiny in the name of “unregistered securities.”
At that time, there was no clear guideline available for these crypto firms to determine whether cryptocurrency falls into the ‘security’ category or not. These abrupt lawsuits against major cryptocurrency exchanges sparked panic in the crypto community, forcing many crypto innovations to migrate to other countries.
However, recent rigorous legislative efforts by the US administration have attracted the attention of the crypto community. As a part of this development, there are three crucial cryptocurrency bills, which are going to be discussed in the upcoming Crypto Week, starting from July 14.
“As part of our work to deliver on President Trump’s promise to make the United States the world leader in digital assets, House Republicans will bring the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act to the floor for ‘Crypto Week.’ These pieces of legislation further the President’s pro-growth and pro-business agenda, and provide a clear regulatory framework for digital assets,” Majority Leader Steve Scalise (LA-01) said.
“We are taking historic steps to ensure the United States remains the world’s leader in innovation and I look forward to ‘Crypto Week’ in the House. After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy,” Chairman Hill stated in the announcement.
Also Read: There’s Not a Lot of Bitcoin Left: Fox Business Host
