PANews reported on December 18 that according to CoinDesk , U.S. Senator Tim Scott will soon serve as the chairman of the Senate Banking Committee. He called encryption technology "the next miracle of the world" and planned to set up a digital asset subcommittee to promote key legislation including the 21st Century Financial Innovation and Technology Act (FIT21). He and French Hill, chairman of the House Financial Services Committee, said they would strive to pass relevant bills by 2025 and emphasized the need for bipartisan cooperation. At the same time, SEC Commissioner Pierce said that he would cooperate with the CFTC, and future supervision would focus on clarifying the boundaries of responsibilities and combating fraud.