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Tim Scott Slams 'Cynical' Democrats For Voting Against 'Bipartisan' Cryptocurrency Bill
Forbes Breaking News
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5/9/2025
During remarks on the Senate floor Thursday, Sen. Tim Scott (R-SC) spoke about Democrats voting against invoking cloture on a cryptocurrency bill.
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00:00
Senator from South Carolina.
00:02
Thank you, Mr. President.
00:03
Mr. President, today should have been,
00:06
it should have been a historic day for Americans,
00:12
a historic day for working class Americans,
00:15
blue collar Americans to see their financial system democratized.
00:20
Well, what does that mean, Mr. President?
00:22
What it means, Mr. President,
00:23
is a day where a single mother is like the one that raised me.
00:27
The day becomes a little cheaper.
00:29
Things become a little more affordable.
00:32
Why, Mr. President?
00:33
Because we were on the verge of doing something
00:36
that would have made our markets safer and cheaper
00:42
for everyday working Americans across this remarkable land.
00:50
But instead, we witnessed a disappointing display
00:57
of political gamesmanship that puts partisan politics above policy
01:05
and obstruction above innovation.
01:10
We could have come together as Republicans and Democrats,
01:14
not in a bipartisan way, but in an American way,
01:18
to deliver real change for the American people,
01:24
real change embedded in the passing of the Genius Act.
01:32
But not this day.
01:34
I know that this day was supposed to be special.
01:40
It was supposed to be the day that America as a nation would rise
01:47
to the occasion of innovation over regulation.
01:50
It was supposed to be the day where we would come together
01:54
in a nonpartisan way, Republicans working with Democrats
01:58
to make this nation work better for that blue collar comeback.
02:02
It was supposed to be that day, but not this day.
02:10
I know what those on the other side would say.
02:14
Let's be brutally honest about it, though.
02:18
The Genius Act was a bipartisan achievement
02:22
at the banking committee.
02:24
It was a bipartisan achievement
02:27
because we took the time, hours upon hours.
02:32
You were there, Mr. President.
02:34
We debated day in and day out for weeks and months
02:38
before we ever had the hearing.
02:43
We offered almost 80 amendments during this session
02:49
at the banking committee.
02:51
We voted on 40 amendments in the banking committee.
02:58
We made the decision to make America's economy safer
03:03
and cheaper for the American people.
03:08
But when the lights came on
03:09
and the cameras were watching,
03:13
what did we see?
03:16
We saw those same Democrat colleagues
03:19
who recognized the urgent need
03:22
to bring stable coins
03:24
into the clear, responsible, regulatory framework.
03:27
We watched them take a step back
03:30
and vote against the very bill they voted for.
03:38
The bill they shaped.
03:42
What changed?
03:45
What changed?
03:46
What changed, Mr. President?
03:54
Not the substance.
03:57
They got more of what they wanted
03:58
in the last five iterations of the legislation.
04:04
What changed, Mr. President,
04:07
was politics.
04:09
Not policy.
04:11
Not the legislation.
04:13
Not the substance.
04:14
Not the substance.
04:15
Politics.
04:20
Let's be honest.
04:22
What we saw today
04:24
wasn't a vote against the legislation.
04:29
Several iterations.
04:31
Your staff, my staff, and Democrat staff
04:34
spent thousands of hours
04:37
working on improving the bill.
04:40
Up until 2 a.m. last night,
04:46
staff getting phone calls from Democrats
04:49
about what they needed for the bill to pass.
04:56
It was a vote.
04:57
It was a vote against President Trump
05:10
and President Trump's legislative agenda.
05:15
It was a vote to stop President Trump
05:20
from having a victory in the digital asset space.
05:25
It was a vote against common sense.
05:30
That simple.
05:31
Trump derangement syndrome
05:34
has once again hijacked
05:37
responsible governance in this chamber.
05:42
But unfortunately,
05:46
unfortunately,
05:48
it's the American people.
05:52
They are the ones who lose.
05:55
It's blue-collar,
05:57
red-blooded Americans
05:59
who pay the ultimate price
06:02
of inaction in this chamber
06:05
brought about because of politics,
06:08
not policy.
06:09
And it frustrates me.
06:13
It frustrates me to sit through
06:15
hours of meetings.
06:17
It frustrates me to watch
06:19
people look me in my eyes
06:21
and tell me we're almost there.
06:22
I just need one more thing.
06:26
It frustrates me
06:28
when my colleagues seem so sincere
06:32
that they want the revolution
06:34
of innovation to happen in America.
06:37
It frustrates me
06:39
to watch them turn their back
06:41
on the very people
06:43
they say
06:44
they represent.
06:47
And it frustrates me,
06:49
Mr. Chairman,
06:50
Mr. President,
06:51
it frustrates me
06:52
that the modern financial tools
06:57
that makes our economy
06:59
not just faster,
07:02
but safer,
07:03
safer because the blockchain technology
07:08
makes it safer
07:10
and more inclusive.
07:12
Entrepreneurs and developers
07:14
want clarity
07:15
so they can build here
07:16
in the United States of America,
07:18
not be pushed offshore
07:20
into a regulatory environment
07:24
that is confusing.
07:25
Let me close with this,
07:28
Mr. President.
07:31
The bill delivered
07:32
on exactly
07:33
what we all want.
07:36
Safety,
07:38
consumer protections,
07:41
AML, BSA,
07:43
all the things
07:44
that you would want,
07:44
that I would want,
07:45
that they would want.
07:46
We did it.
07:47
We did it together.
07:48
But there's something
07:51
putrid.
07:58
It's hard
07:59
to understand
08:02
how my good friends
08:04
could walk away
08:07
from our priorities.
08:10
But my colleagues
08:14
on the other side
08:15
of the aisle
08:15
decided to chicken out
08:18
on safety,
08:20
on inclusion,
08:22
and on democratization.
08:25
When the cameras were rolling,
08:26
the stakes were high.
08:29
We were left
08:30
high and dry.
08:33
Not because of the policy,
08:36
but because
08:36
the political landscape
08:38
dictated,
08:40
demanded
08:41
that they deny
08:42
the average American
08:45
access
08:46
on this day.
08:49
This is exactly
08:50
the kind
08:51
of cynical
08:52
Washington maneuvering
08:54
that makes people
08:56
sick to their stomach.
09:00
But Mr. President,
09:01
I am proud
09:03
of the work
09:05
that we have done.
09:06
I am frankly proud
09:07
of the work
09:08
that my democrat
09:09
colleagues
09:09
on the committee
09:10
offered to make
09:11
the bill better.
09:13
I'm proud
09:14
of the fact
09:15
that for a couple
09:16
of hours
09:17
in America's capital,
09:19
we put partisanship
09:21
to the side.
09:23
We decided
09:24
we would just
09:24
do the right thing.
09:27
I'm proud
09:27
that the Republican Party
09:37
stood up
09:39
and stood firm
09:41
on innovation,
09:42
stood strong
09:44
on consumer protection,
09:45
and we were there
09:47
for national security.
09:50
I'm not finished
09:51
fighting,
09:51
Mr. President.
09:52
I am frustrated,
09:54
but we are not defeated.
09:58
We are simply
09:59
delayed.
10:01
We are not
10:03
finished
10:04
fighting.
10:05
We will continue
10:06
to work
10:07
on the digital
10:09
asset revolution
10:10
that the American people
10:12
voted for.
10:13
They deserve.
10:14
The need
10:18
hasn't disappeared.
10:20
Neither
10:21
has our commitment
10:22
to American leadership
10:24
in the digital
10:26
asset space.
10:27
To those
10:28
who chose
10:30
politics
10:31
over progress
10:32
today,
10:34
the American
10:36
people
10:37
are watching.
10:38
Are watching.
10:39
the American
10:39
peace
10:41
is
10:41
just
10:42
to
10:42
to
10:43
do
10:44
in the
10:44
to
10:46
to
10:47
the
10:48
peace
11:04
,
Recommended
7:15
|
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