Tim Scott Slams 'Cynical' Democrats For Voting Against 'Bipartisan' Cryptocurrency Bill

Forbes Breaking News

During remarks on the Senate floor Thursday, Sen. Tim Scott (R-SC) spoke about Democrats voting against invoking cloture on a cryptocurrency bill.

Transcript

00:00Senator from South Carolina.

00:02Thank you, Mr. President.

00:03Mr. President, today should have been,

00:06it should have been a historic day for Americans,

00:12a historic day for working class Americans,

00:15blue collar Americans to see their financial system democratized.

00:20Well, what does that mean, Mr. President?

00:22What it means, Mr. President,

00:23is a day where a single mother is like the one that raised me.

00:27The day becomes a little cheaper.

00:29Things become a little more affordable.

00:32Why, Mr. President?

00:33Because we were on the verge of doing something

00:36that would have made our markets safer and cheaper

00:42for everyday working Americans across this remarkable land.

00:50But instead, we witnessed a disappointing display

00:57of political gamesmanship that puts partisan politics above policy

01:05and obstruction above innovation.

01:10We could have come together as Republicans and Democrats,

01:14not in a bipartisan way, but in an American way,

01:18to deliver real change for the American people,

01:24real change embedded in the passing of the Genius Act.

01:32But not this day.

01:34I know that this day was supposed to be special.

01:40It was supposed to be the day that America as a nation would rise

01:47to the occasion of innovation over regulation.

01:50It was supposed to be the day where we would come together

01:54in a nonpartisan way, Republicans working with Democrats

01:58to make this nation work better for that blue collar comeback.

02:02It was supposed to be that day, but not this day.

02:10I know what those on the other side would say.

02:14Let's be brutally honest about it, though.

02:18The Genius Act was a bipartisan achievement

02:22at the banking committee.

02:24It was a bipartisan achievement

02:27because we took the time, hours upon hours.

02:32You were there, Mr. President.

02:34We debated day in and day out for weeks and months

02:38before we ever had the hearing.

02:43We offered almost 80 amendments during this session

02:49at the banking committee.

02:51We voted on 40 amendments in the banking committee.

02:58We made the decision to make America's economy safer

03:03and cheaper for the American people.

03:08But when the lights came on

03:09and the cameras were watching,

03:13what did we see?

03:16We saw those same Democrat colleagues

03:19who recognized the urgent need

03:22to bring stable coins

03:24into the clear, responsible, regulatory framework.

03:27We watched them take a step back

03:30and vote against the very bill they voted for.

03:38The bill they shaped.

03:42What changed?

03:45What changed?

03:46What changed, Mr. President?

03:54Not the substance.

03:57They got more of what they wanted

03:58in the last five iterations of the legislation.

04:04What changed, Mr. President,

04:07was politics.

04:09Not policy.

04:11Not the legislation.

04:13Not the substance.

04:14Not the substance.

04:15Politics.

04:20Let's be honest.

04:22What we saw today

04:24wasn't a vote against the legislation.

04:29Several iterations.

04:31Your staff, my staff, and Democrat staff

04:34spent thousands of hours

04:37working on improving the bill.

04:40Up until 2 a.m. last night,

04:46staff getting phone calls from Democrats

04:49about what they needed for the bill to pass.

04:56It was a vote.

04:57It was a vote against President Trump

05:10and President Trump's legislative agenda.

05:15It was a vote to stop President Trump

05:20from having a victory in the digital asset space.

05:25It was a vote against common sense.

05:30That simple.

05:31Trump derangement syndrome

05:34has once again hijacked

05:37responsible governance in this chamber.

05:42But unfortunately,

05:46unfortunately,

05:48it's the American people.

05:52They are the ones who lose.

05:55It's blue-collar,

05:57red-blooded Americans

05:59who pay the ultimate price

06:02of inaction in this chamber

06:05brought about because of politics,

06:08not policy.

06:09And it frustrates me.

06:13It frustrates me to sit through

06:15hours of meetings.

06:17It frustrates me to watch

06:19people look me in my eyes

06:21and tell me we're almost there.

06:22I just need one more thing.

06:26It frustrates me

06:28when my colleagues seem so sincere

06:32that they want the revolution

06:34of innovation to happen in America.

06:37It frustrates me

06:39to watch them turn their back

06:41on the very people

06:43they say

06:44they represent.

06:47And it frustrates me,

06:49Mr. Chairman,

06:50Mr. President,

06:51it frustrates me

06:52that the modern financial tools

06:57that makes our economy

06:59not just faster,

07:02but safer,

07:03safer because the blockchain technology

07:08makes it safer

07:10and more inclusive.

07:12Entrepreneurs and developers

07:14want clarity

07:15so they can build here

07:16in the United States of America,

07:18not be pushed offshore

07:20into a regulatory environment

07:24that is confusing.

07:25Let me close with this,

07:28Mr. President.

07:31The bill delivered

07:32on exactly

07:33what we all want.

07:36Safety,

07:38consumer protections,

07:41AML, BSA,

07:43all the things

07:44that you would want,

07:44that I would want,

07:45that they would want.

07:46We did it.

07:47We did it together.

07:48But there's something

07:51putrid.

07:58It's hard

07:59to understand

08:02how my good friends

08:04could walk away

08:07from our priorities.

08:10But my colleagues

08:14on the other side

08:15of the aisle

08:15decided to chicken out

08:18on safety,

08:20on inclusion,

08:22and on democratization.

08:25When the cameras were rolling,

08:26the stakes were high.

08:29We were left

08:30high and dry.

08:33Not because of the policy,

08:36but because

08:36the political landscape

08:38dictated,

08:40demanded

08:41that they deny

08:42the average American

08:45access

08:46on this day.

08:49This is exactly

08:50the kind

08:51of cynical

08:52Washington maneuvering

08:54that makes people

08:56sick to their stomach.

09:00But Mr. President,

09:01I am proud

09:03of the work

09:05that we have done.

09:06I am frankly proud

09:07of the work

09:08that my democrat

09:09colleagues

09:09on the committee

09:10offered to make

09:11the bill better.

09:13I'm proud

09:14of the fact

09:15that for a couple

09:16of hours

09:17in America's capital,

09:19we put partisanship

09:21to the side.

09:23We decided

09:24we would just

09:24do the right thing.

09:27I'm proud

09:27that the Republican Party

09:37stood up

09:39and stood firm

09:41on innovation,

09:42stood strong

09:44on consumer protection,

09:45and we were there

09:47for national security.

09:50I'm not finished

09:51fighting,

09:51Mr. President.

09:52I am frustrated,

09:54but we are not defeated.

09:58We are simply

09:59delayed.

10:01We are not

10:03finished

10:04fighting.

10:05We will continue

10:06to work

10:07on the digital

10:09asset revolution

10:10that the American people

10:12voted for.

10:13They deserve.

10:14The need

10:18hasn't disappeared.

10:20Neither

10:21has our commitment

10:22to American leadership

10:24in the digital

10:26asset space.

10:27To those

10:28who chose

10:30politics

10:31over progress

10:32today,

10:34the American

10:36people

10:37are watching.

10:38Are watching.

10:39the American

10:39peace

10:41is

10:41just

10:42to

10:43do

10:44in the

10:44to

10:46to

10:47the

10:48peace

11:04,

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