U.S. Senator Tim Scott to Release Priorities for Developing Crypto Regulatory Framework: Report

CORRECTION (Feb. 2, 14:24 UTC): A previous version of this story said in the headline that the Senate Banking Committee was releasing its priorities for a crypto regulatory framework instead of just Senator Scott.

U.S. Sen. Tim Scott (R-S.C.), the top Republican on the Senate Banking Committee, will release his priorities for a bipartisan regulatory framework for cryptocurrency on Thursday, according to Politico.

Scott is skeptical on cryptocurrencies following "several high profile failures" and "concerns with illicit finance," the report said.

Senate Banking Committee chairman Sen. Sherrod Brown (D-Ohio) paved the way for crypto legislation in November, sending a letter to U.S. Treasury Secretary Janet Yellen revealing his willingness to work towards a regulatory framework.

Scott, meanwhile, has remained fairly quiet on the topic of crypto legislation until now, which could well loosen the bottleneck on the topic in Congress.