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Tim Scott

Tim Scott (R)

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Notable statements

Sen. Tim Scott has 1 statement(s) about crypto.

Senator Scott is a member of the Financial Innovation Caucus: "The caucus will serve as a space in the Senate to discuss domestic and global financial technology issues, and to launch legislation to empower innovators, protect consumers and guide regulators, while driving U.S. financial leadership on the international stage. The caucus will focus on a number of issues critical to the future of banking and U.S. competitiveness on the global stage, including: - Responsible financial innovation - Distributed ledger technology (blockchain) - Digital assets - Artificial intelligence and machine learning - Data management - Consumer protection - Combating Money laundering - Faster payments - Central bank digital currencies - Stablecoins - Promoting financial inclusion and opportunity for all"

Financial Innovation Caucus: United States Senate

Crypto bill sponsorship

Sen. Tim Scott has put out 1 crypto bill.

Equal Opportunity for all Investors Act

S. 3921

117th Congress

Bill pending

This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors.

Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission (SEC), a state securities commission, or certain self-regulatory organizations. The examination

  • must measure whether an individual understands and appreciates the risks and opportunities of investing in securities,

  • must be designed to ensure that an individual with financial sophistication or training would be unlikely to fail, and

  • may be designed and/or administered by an approved person.

Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.

The bill also allows purchasers to self-certify that they meet the income or net worth requirements. Further, the bill allows a person to qualify as an accredited investor by satisfying certain investment or transaction requirements.

Finally, the SEC may review and adjust the definition of accredited investor, except for the net worth standards, at its discretion. Currently, the SEC must perform this review every four years.

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