Republican Sen. Tim Scott, who could possibly be an influential participant within the cryptocurrency business, introduced his run for US president on Monday.
The South Carolina lawmaker formally introduced his run on Twitter as a crowd gathered in Charleston, South Carolina.
Scott joins different candidates, together with former President Donald Trump.
“Joe Biden and the unconventional left are attacking each rung of the ladder that helped me climb. And that’s the reason I’m saying right now that I’m working for President of america of America,” he stated in prepared remarks.
Scott has stated he needs to develop a digital property regulatory framework that protects shoppers whereas selling innovation.
Scott can also be pro-life, needs decrease taxes and is in opposition to “massive authorities,” based on his web site, following lots of the views of fellow Republicans.
Scott additionally was instrumental in creating “opportunity zones,” which is an financial improvement software that helps folks put money into areas of misery.
Scott joined the Senate in 2013 as South Carolina’s first Black senator and he now serves as rating member of the Senate Banking Committee.
That committee notably has jurisdiction over the Securities and Trade fee.
Scott has seemingly grow to be extra vocal about crypto this yr.
Scott outlined his priorities in February for his position as high Republican within the Senate Banking Committee, which included growing a framework for digital property.
“Latest years have seen expansive progress within the digital property business, together with an growing variety of shoppers interacting with cryptocurrencies. A number of high-profile failures resulted in misplaced shopper property, uncovered regulatory gaps, and highlighted issues with illicit finance. Shifting ahead, the Committee ought to work to facilitate a bipartisan regulatory framework,” Scott stated.
Scott additionally criticized the SEC in February throughout a digital asset congressional listening to for not taking motion to make sure that “catastrophic failures,” such because the collapse of crypto change FTX and algorithmic stablecoin Terra received’t occur once more.
“Shifting ahead, we should take a considerate bipartisan and balanced strategy that protects shoppers and promotes innovation and alternative,” Scott stated.
Scott can also be a member of the Monetary Innovation Caucus, which focuses on points from blockchain, digital property, synthetic intelligence and shopper safety.