Sen. Tim Scott (R-S.C.) has led the Senate Banking Committee through its most active period in well over a decade. There have been ups, and there have been downs.
Now, with 2025 coming to a close, we wanted to sit down with Scott and talk about the year that’s been and the year that’s to come. That means crypto, housing and the 2026 election.
Market structure. Bipartisan talks around landmark legislation to overhaul financial markets and incorporate the crypto sector have been slow-going. Scott is annoyed and continues to blame Democrats for the pace.
“We’ve had drafts out since [July], and then we had another one come out a couple months ago in September. And yet we’re still waiting for them to finish figuring out where they want to go on the process,” Scott said. “Five months seems to be long enough for me to read a page a day and be OK with it.”
Democrats counter that the bill presents huge changes to the shape of the U.S. financial system, and they’re seeking a broad array of compromises to reach a bipartisan agreement.
Ultimately, Scott is chair of the committee with Washington under Republican control. That makes him responsible for the dealmaking.
Gripes aside, Scott acknowledged the tenor of the talks has improved in recent weeks. “I think they are getting to a place where they finally have gotten serious about getting something done,” the chair said, referring to Democratic negotiators.
Behind you! Scott also has one detractor on his side of the committee that has complicated the math around market structure talks.
Sen. John Kennedy (R-La.) doesn’t want a markup to move forward yet, pointing to process and policy concerns about the legislation. Kennedy told reporters Monday night his position hadn’t changed. “I’m right where I was. I’ve got a lot of questions. Ready for a hearing on the bill,” Kennedy said.
Scott said he’s been talking to the Louisiana Republican quite a bit.
“I’ve had as many conversations with Senator Kennedy as probably anybody on the topic of market structure, and he certainly is very keen to be fully informed,” Scott said. “Good news is, his staff and my staff have met days on end. So the information that he needs is now what’s in his office.”
Housing. The Senate’s bipartisan effort to enact the ROAD to Housing Act in the annual defense authorization package was tripped up last week in the face of opposition from House Financial Services Committee Chair French Hill (R-Ark.).
Scott said he’d been working on Hill through Thanksgiving. And while odds looked slim that ROAD would make the NDAA’s final cut, a last-minute push from the White House has made its passage a real possibility this year.
“I’ve talked to my good friend French. During the Thanksgiving weekend, we had a couple chats,” Scott said.
Scott conceded the bill is large, nodding to ROAD’s “40 component parts.” But ROAD was Scott’s marquee piece of legislation long before crypto took center stage. Scott invoked the White House more than once in pitching the bill to us, as the Trump administration grapples with the American affordability crisis in housing and beyond.
“President Trump is very serious, laser-focused on getting something done,” Scott said, pointing to the average age of first-time homebuyers being 40 years old. “And I don’t think either body, House or Senate, wants to stand in the way of meeting the needs of the average person.”
Hats, hats. We’ve written before about Scott’s two big jobs in the Senate — Banking chair, of course, and leading the Senate Republican campaign arm. The two jobs have sometimes been in conflict with each other. The Banking chair Scott needs Democratic support for crypto legislation, and the NRSC chair wants Democrats wiped off the map in 2026.
But this was the first time we’ve been able to ask Scott about the dynamics directly. Scott says wearing both hats is simple enough, pointing to strong personal ties with Democratic senators like Sen. Cory Booker (N.J.). “When Cory got engaged, he sent the engagement pictures to me,” Scott said.
Scott’s relationship with Sen. Kirsten Gillibrand (D-N.Y.) is also robust. Like Scott, Gillibrand is both playing a key role in crypto talks and leading the Senate Democrats’ campaign arm this cycle.
“She and I have been working together on market structure for months and months and months,” Scott said. “And yeah, when we put on the red jersey and the blue jersey, we’re going to do battle. That’s the way it’s supposed to be.”
“But when you’re off the football field, you shake hands and you go back to your Bible study. She and I are in Bible study together,” Scott added.
Sources tell us that’s the same Bible study group where Gillibrand got to know Sen. Bill Hagerty (R-Tenn.), which formed a crucial partnership that helped secure the final passage of the GENIUS Act last summer.
Fed watch. By most accounts, Kevin Hassett is the frontrunner to be Trump’s Federal Reserve chair nominee. Scott is a fan.
“I’ve known Kevin for about 10 years now. He’s certainly incredibly intelligent, very motivated,” Scott said. “He’s an optimist of all optimists, and I’m an optimistic person myself.”
