Republican Sen. Tim Scott, who may be an influential player in the cryptocurrency industry, announced his run for US President on Monday.
The South Carolina lawmaker formally announced his run on Twitter as a crowd gathered in Charleston, South Carolina.
Scott was joined by other candidates including former President Donald Trump.
“Joe Biden and the radical left are attacking every rung of the ladder that helped me climb. And that’s why I’m announcing today that I’m running for President of the United States prepared remarks,
Scott has said he wants to develop a digital asset regulatory framework that protects consumers while fostering innovation.
Scott is also pro-life, wants lower taxes and is against “big government” according to his website, following the views of many fellow Republicans.
Scott was also instrumental in makingopportunity areas,” which is an economic development tool that helps people invest in crisis areas.
Scott joined the Senate in 2013 as a South Carolina first black senator And he now serves as the ranking member of the Senate Banking Committee.
That committee has jurisdiction exclusively over the Securities and Exchange Commission.
crypto resume
Scott has become more vocal about crypto this year.
scott outlines his priorities in February for his role as the top Republican on the Senate Banking Committee, which included developing a framework for digital assets.
“Recent years have seen massive growth in the digital asset industry, including a growing number of consumers interacting with cryptocurrencies. Several high-profile failures resulted in lost consumer property, exposed regulatory gaps, and raised concerns with illicit finance. Going forward, the committee should work to facilitate a bipartisan regulatory framework,” Scott said.
Scott criticized the SEC during a Digital Assets Congress hearing in February for not taking action to ensure that “catastrophic failures,” such as the collapse of crypto exchange FTX and algorithmic stablecoin Terra, do not happen again.
“Going forward, we must take a thoughtful bipartisan and balanced approach that protects consumers and promotes innovation and opportunity,” Scott said.
Scott is also a member of the Financial Innovation Caucus, which focuses on blockchain, digital assets, artificial intelligence, and consumer protection issues.