The U.S. Senate Committee on Banking, Housing and Urban Affairs published a release on Chairman Tim Scott's Fox Business interview in which he said the Committee is working to advance digital asset market structure and stablecoin legislation. Scott framed the effort as part of the Committee's affordability agenda, saying clear rules for digital assets should protect consumers and support faster and less expensive financial transactions, while stablecoins can expand access to financial tools and support the U.S. dollar. Scott cited bipartisan work by Senators Cynthia Lummis and Mark Warner, with support from Senators Angela Alsobrooks and Ruben Gallego alongside all Republicans on the Committee. He said five issues had driven most of the debate on market structure legislation: rewards, ethics, quorum, decentralized finance and anti-money laundering. On stablecoins, he described them as a digital form of a cashier's check and argued that legislation in this area could increase global demand for U.S. Treasuries and reinforce the dollar's role as the world's reserve currency.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-05-21
U.S. Senate Committee on Banking, Housing and Urban Affairs outlines bipartisan push for digital asset market structure and stablecoin legislation in Tim Scott interview
The U.S. Senate Committee on Banking, Housing and Urban Affairs is advancing digital asset market structure and stablecoin legislation as part of its affordability agenda, with Chairman Tim Scott emphasizing consumer protection and lower-cost, faster transactions. Scott highlighted bipartisan engagement and identified rewards, ethics, quorum, decentralized finance and anti-money laundering as key points of debate, arguing that stablecoin legislation could expand access to financial tools, increase demand for U.S. Treasuries and support the U.S. dollar’s reserve currency role.