South Carolina Senator Tim Scott, the Republican ranking member on the United States Senate Banking Committee, reportedly plans to develop “a bipartisan regulatory framework" for cryptocurrencies.

According to a Feb. 2 report from Politico, Scott included the crypto framework as one of his priorities for the 118th Congress. He reportedly was skeptical of some aspects of crypto, alluding to the collapse of exchanges like FTX — "high-profile failures resulted in lost consumer assets" — and potential uses for illicit finance.