February 12, 2026

Chairman Scott Charts Path Forward on Digital Assets and Capital Formation at Hearing with SEC Chair

Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) today highlighted the Committee’s work to restore regulatory clarity, strengthen U.S. capital markets, and expand capital formation during an oversight hearing with U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins. Chairman Scott emphasized that under Chair Atkins’ leadership, the SEC is returning to growth, opportunity, and common sense while partnering with Congress to ensure innovation and investment remain in the United States.

In his opening remarks, Chairman Scott emphasized that under new leadership, the SEC is returning to its core mission of protecting investors, maintaining fair and orderly markets, and facilitating capital formation. As the Senate Banking Committee works to advance the CLARITY Act and prepares to move forward with Chairman Scott’s capital formation package, the Empowering Main Street in America Act, he underscored the importance of clear rules of the road and expanded investment opportunities for everyday Americans.

Chairman Scott’s opening remarks as delivered:

What a difference a new administration makes.

Not just time – a year – but the difference that leadership makes and we are so thankful that we have new leadership at the SEC. So welcome, Mr. Atkins.

Just over a year ago, under the Biden administration, Americans were dealing with an economy marked by instability and rising costs, fueled by an unaccountable federal government.

Families in South Carolina felt it every single time they filled up their gas tank, went to the grocery store, or tried to plan for the future.

Small businesses felt it when Washington made it harder to grow, invest, and hire.

Today, we are on a different path. Thank God.

Under President Trump, we are refocusing on growth, opportunity, and common sense.

This means clarity instead of chaos, accountability instead of bureaucracy, and a government that serves the American people, not gets in their way.

Chair Atkins, the SEC under your leadership reflects that approach.

This can be seen in how your SEC is addressing digital assets.

For years under the Biden administration, regulation of digital asset markets took the form of regulation by enforcement. Instead of clear rules, businesses, builders, and investors were left with confusion, subpoenas, and lawsuits.

And instead of innovation growing here at home, much of it was pushed overseas.

That approach failed.

It failed investors who deserve transparency and protection.

It failed entrepreneurs trying to build the next generation of American companies.

And it failed our country at a time when global competitors are racing to lead in financial innovation.

Congress is now doing its job as well, working in partnership with the SEC.

The Senate version of the CLARITY Act is about establishing clear rules of the road for digital assets.

It defines responsibilities for regulators, protects investors, and gives businesses the certainty they need to innovate in the United States while keeping consumer protection paramount.

Make no mistake, digital asset innovation will happen here at home – in places like Greenville, South Carolina; Atlanta, Georgia; or Cary, North Carolina – not abroad anymore.

Chair Atkins, your leadership at the SEC is also bringing clarity and common sense back to how it regulates our capital markets, which of course is incredibly important.

You’ve pledged to make IPOs great again – and I really like that aspirational approach, with a little touch of optimism – helping more companies go public so more American families can invest in the next generation of companies from the very beginning.

You’ve also committed to fixing our broken public company disclosure regime, which drives up costs and pushes firms away from our markets instead of inviting them into our markets.

Under your leadership, the SEC has extended compliance dates for several costly rules finalized under Chair Gensler and withdrawn proposed rules that would have damaged our capital markets if finalized, including rules that would have imposed ESG requirements on registered funds and investment advisers.

You’ve done important work – hard work, a lot of work – but that work is still in its infancy.

After four years of dysfunction, the SEC has once again become a partner in growth, returning to its core mission of protecting investors, maintaining fair and orderly markets, and facilitating capital formation for everyday Americans.

By getting the SEC back to the basics, you are helping our capital markets work better for investors, entrepreneurs, and innovators. Now, Congress must do our part as well.

That is why our Committee here will work to advance a capital formation package, known as the Empowering Main Street in America Act, to help small businesses grow and expand investment opportunities for everyday Americans.

In the greatest country on the planet, it should not take wealth to create wealth.

If we get this right, we can improve confidence in our capital markets, keep innovation in America, and make sure the next generation has more opportunity than the last.

Once again, thank you Chair for being here with us, and I look forward to your testimony.