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Senator Scott urges "innovate before you regulate," backs SEC clarity and bipartisan market-structure push
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Summary
Senator Scott told a moderated audience that competition, consumer protection and national security should guide U.S. digital-asset policy, and said incoming SEC leadership will prioritize innovation, clarity and competence as Congress moves to pass market-structure legislation.
Senator Scott said the U.S. should prioritize competition and let innovation mature before heavy-handed regulation, arguing that approach will expand financial access and attract capital to the United States. "Innovate before you regulate," he said, adding that competition helps new firms grow and that incumbents should not be allowed to "lock it behind them."
Scott framed digital assets as a tool for financial inclusion, saying the industry offers "more access to our resources at a lower cost point" and can help people such as single parents gain better financial opportunities. He credited recent elections and the arrival of reform-minded lawmakers with increasing momentum in the Senate on digital-asset hearings and markups.
The senator said the Senate's banking committee has held numerous hearings and markups this year and that the current mix of congressional and executive-branch appointees gives lawmakers an opportunity to advance legislation rather than rely solely on executive action. He described three priorities for digital-asset policy: consumer protection, national security, and clear pathways for asset definitions and market structure across regulators.
On the Securities and Exchange Commission, Scott expressed optimism about the agency's new leadership. He said he expects Chairman Paul Atkins to emphasize "innovation, clarity, and competence" and contrasted that view with the previous tenure of Gary Gensler, a characterization offered by the interviewer during the discussion. "I expect him to do a couple things. Number 1, he's going to emphasize and prioritize innovation at the SEC ... Number 2, he wants the industry to succeed," Scott said.
Scott also outlined a pragmatic approach to building bipartisan support for complex market-structure legislation: cultivate trust, meet members individually and recruit allies both on and off committee to secure votes. He told the audience he had worked to build such relationships and estimated some Democrats could be open to market-structure measures if trust and common ground are established.
Asked how industry should engage with legislators, Scott urged stakeholders to back candidates and lawmakers who are constructive on digital-asset policy and to work to remove legislators they see as obstructive. "That kind of agnostic approach to getting the job done is incredibly helpful," he said. The session ended with applause.
