Newly elected Republican Senator Tim Scott, chairperson of the U.S. Senate Banking Committee, has announced that developing a regulatory framework for digital assets will be one of the top priorities of the 119th Congress. In the Jan. 15 notice, Tim Scott said the Banking Commission intends to focus on financial inclusion policies that "create opportunities for the United States." The commission's priorities include affordable housing, economic national security, regulation, and digital assets. "Under current Chairperson Gensler, the SEC's refusal to provide clarity to the cryptocurrency industry has forced projects to move offshore," he said. "Going forward, the commission will work to establish a regulatory framework that establishes a tailored pathway for the trading and custody of digital assets."