Chair of Senate Banking Committee highlights accomplishments of crypto bill in first 100 days: ‘Making great progress’

Crypto market movers

Two major crypto bills have cleared the committee in Scott’s first months. The GENIUS Act sets federal rules for stablecoins and won bipartisan support. The FIRM Act targets banking discrimination against crypto businesses.

South Carolina Senator Tim Scott says Republicans are delivering on their crypto promises, pointing to two key digital asset bills that have advanced during his first 100 days as chair of the Senate Banking Committee.

In an interview with Fox News Digital, Scott said he made it a priority to push forward crypto-related legislation early in the new Congress.

“I wanted within the first hundred days to have some crypto or digital asset legislation marked up and run through our committee,” he said. “Good news is the GENIUS Act is stamped. Done. Heading to the Senate floor. Number two, the FIRM Act. Focusing on debanking. Done. Heading onto the Senate Floor.”

The GENIUS Act, which would establish federal rules for payment stablecoins, cleared the committee in March with a bipartisan 18–6 vote.

The bill requires stablecoins to be fully backed by liquid assets and prohibits issuers from engaging in lending.

Five Democrats supported the bill despite opposition from Senator Elizabeth Warren, who argued it failed to protect consumers and could empower Big Tech firms to issue their own currencies.

Scott, a longtime proponent of lighter-touch regulation, criticised the Biden administration and former SEC Chair Gary Gensler for stifling innovation in the digital asset space.

“We must innovate before we regulate,” he told Fox, calling domestic crypto growth essential for maintaining American economic dominance.

Alongside the stablecoin bill, Scott has also advanced the FIRM Act, aimed at preventing federal regulators from pressuring banks to cut off services to crypto firms based on reputational concerns.

The issue of “debanking” has become increasingly politicised, with Republicans accusing Biden-era regulators of weaponising banking access.

The bills come as Republicans, now holding slim majorities in both chambers, seek to reset US crypto policy under President Donald Trump.

While the bills still face a full Senate vote, Scott said their progress proves Republicans are serious about delivering clear rules for digital assets. “Promises made, promises kept,” he said. “We are well on our way.”