Tim Scott, the incoming Republican chairperson of the US Senate banking committee, who promised his group would have a cryptocurrency branch and would chair the subcommittee on creating digital assets for the first time, said in a speech at the Blockchain Association policy summit: "In my view, cryptocurrencies are the next wonder of the world." Tim Scott said that both houses of Congress and President-elect Donald Trump's administration will work in the same direction to push legislation, with the two starting points being the Financial Innovation and Technology for the 21st Century Act (FIT21) - a bill to create a comprehensive crypto market fence that passed the House this year by a large bipartisan margin - and a stablecoin bill that is close to a bipartisan agreement but has stalled due to some sticking points in the role of federal and state governments.