First on Fox – In an exclusive interview with Fox News Digital, Republican South Carolina Sen. Tim Scott, a Republican South Carolina Senator and former presidential candidate, shared his views on his first 100 days as chairman of the Senate Banking Committee, breaking down the trade war with China, the future of cryptocurrency and controversial policies of Bamk.
With Republicans holding power in both Congressional meeting rooms and White House President Donald Trump, leaders and supporters across the country had high hopes for the GOP policy agenda and had the ability to quickly and effectively pass critical laws.
But that wasn’t the perfect start to the 119th Congress. House Republicans have a seven-seat majority, and the GOP Civil War forced internal debate that delayed key parts of the law, like Trump’s “big and beautiful” tax bill that passed 216-214 last Thursday.
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Sen. Tim Scott (Rs.C.) took a photo in his office at the Senate Heart Building in Washington, DC (Washington Post by Marvin Joseph/Getty Images).
On the Senate side, Republicans account for an eight-seat majority than Democrats. With 100 members in the upper chamber, the same principle of internal harmony must exist for the law to advance.
Despite the narrow margin, Scott says some of the policy goals the committee has set as “achieved.”
“I was hoping within the first 100 days that some crypto or digital asset laws would mark up and run through the committee,” Scott told Fox News Digital. “The good news is that the act of genius is engraved. Head to the Senate floor. Second, the act of the company. Focusing on removing it. Head to the Senate floor.
Trump’s role in working with Congressional leaders was first demonstrated as all cabinet members who have ever arrived in the Senate were approved at the fastest pace in over 20 years.
“We’ve been running these people through the committee,” Scott said. “It’s a lightning approach, but the good news is that President Trump and the people of America deserve his team.
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Senate Banking Committee Chairman Tim Scott explains the first 100 days of Congress about the trade war with China and the timeline for implementing key crypto policies. (Reuters)
Outside of the candidates, some notable issues have passed the Banking Committee in the first 100 days. And one of the hottest items in banking today is the implementation of cryptocurrency into the US market and everyday life. In particular, the Genius Act, a bill “to provide for regulations on payments,” is a major advancement in the crypto market, indicating that the federal government is taking the digital asset market more seriously.
However, Scott denounced the Biden administration for lack of enthusiasm to sign pro-cryptic laws that have been signed to the law.
“Under the Biden administration and the SEC’s Gensler, they just didn’t like Crypto. What I often said is simply this. We have to innovate before we can regulate. That means that innovations happen here in the field of digital assets are important to the economic domination of America around the world,” he explained.
The genius act passed the committee in March and is now heading to the Senate floor. Scott predicted a timeline as to when the bill will be signed into law, and told Fox that he believes the law will be “to the law by August.”
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The bill passed the committee 18-6, 18-6, with Senators Mark Warner, D-Indiana, Andy Kim, D-New Jersey, Reuben Gallego, D-Arizona, Lisa Blunt Rochester, D-Pennsylvania, Angela Brocks and D-Mariland.
The cryptocurrency market has been extremely unstable in the past few weeks, largely due to ongoing tariff policies and trade conflicts. (Kurt “Cyberguy” Knutsson)
However, the crypto market, along with US stocks, has been extremely volatile in the past few weeks, mainly due to Trump’s controversial tariff policies and trade standoffs.
When asked about pressure between the US and China, Scott supported Trump’s strategy, telling Fox News Digital: It exists, but the future of America. ”
When this is an American consumer, businesses will feel a 145% Chinese tariff stab
Scott argued that establishing economic advantages would be necessary to “a hard conversation and a tariff regime, if they intend to lie, cheate and steal against us, to push China into the smallest corner of the world economy.”
He added, “We are not going to give them complete and free access to our market. That’s called common sense.”
President Donald Trump is sitting for an interview with Fox News. (Fox News/Hannity)
On Friday, China raised tariffs on US imports to 125%. This claims that a 145% tariff will be imposed on Chinese imports.
For the rest of the 119th Congress, Scott is optimistic about ongoing policies and still upcoming legislation, as he is headed for what will be an important midterm election year.
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“I am grateful that President Trump is in the White House,” the former presidential candidate added.
Preston Mizell is an author of Fox News Digital, which covers Breaking News. Story tips can be sent to preston.mizell@fox.com and x @mizellpreston
Preston Mizell is an author of Fox News Digital, which covers Breaking News.
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