Senator Tim Scott said to map out his priorities for crypto regulatory structure

U.S. Senator Tim Scott (R-SC) is slated to publish his priorities for a bipartisan regulatory framework for cryptocurrencies such as bitcoin ( BTC-USD ) and ethereum ( ETH-USD ) later on Thursday, according to a report by Politico. Like many lawmakers, the top Republican on the Senate Banking Committee is skeptical of the emerging space due to "several high-profile failures" in the industry (e.g., FTX ( FTT-USD ), Celsius Network ( CEL-USD ), Three Arrows Capital, BlockFi, etc.), the report noted. Scott, who has mostly stayed on the sidelines when it comes to crypto regulation, also cited "exposed regulatory gaps" as well as "concerns with illicit finance" as reasons behind his suspicions of crypto. A slew of Scotts' colleagues, though, have been doing a lot to ensure the safety of customers' crypto assets. Earlier this week, a bipartisan group of U.S. senators grilled crypto-focused bank Silvergate Capital ( SI ) for its "evasive and incomplete" responses to a previous inquiry on whether it knew about FTX's alleged misuse of customer funds .