Republican Tim Scott Announces His Run for President — How Could That Affect Crypto?

Republican Sen. Tim Scott, who could 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 joins 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 is why I am announcing today that I am running for President of the United States of America,” he said in prepared remarks. 

Scott has said he wants to develop a digital assets regulatory framework that protects consumers while promoting innovation. 

Scott is also pro-life, wants lower taxes and is against “big government,”  according to his website, following many of the views of fellow Republicans. 

Scott also was instrumental in creating “opportunity zones,” which is an economic development tool that helps people invest in areas of distress. 

Scott joined the Senate in 2013 as South Carolina’s first Black senator and he now serves as ranking member of the Senate Banking Committee. 

That committee notably has jurisdiction over the Securities and Exchange commission. 

Crypto resume

Scott has seemingly become more vocal about crypto this year. 

Scott outlined his priorities in February for his role as top Republican in the Senate Banking Committee, which included developing a framework for digital assets. 

“Recent years have seen expansive growth in the digital assets industry, including an increasing number of consumers interacting with cryptocurrencies. Several high-profile failures resulted in lost consumer assets, exposed regulatory gaps, and highlighted concerns with illicit finance. Moving forward, the Committee should work to facilitate a bipartisan regulatory framework,” Scott said.

Scott also criticized the SEC in February during a digital asset congressional hearing for not taking action to ensure that “catastrophic failures,” such as the collapse of crypto exchange FTX and algorithmic stablecoin Terra won’t happen again. 

“Moving 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 issues from blockchain, digital assets, artificial intelligence and consumer protection.