Republican Senator Insists Making US the 'Crypto Capital of the World' Is 'Good News for Americans Living in Poverty'

A Republican senator insisted that efforts to make the U.S. the "crypto capital of the world" have positive implications for all Americans, but "especially those living in poverty" while promoting cryptocurrency legislation.

South Carolina Sen. Tim Scott advocated for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act during an appearance on Fox Business Thursday morning, saying that the bill aligned well with President Donald Trump's campaign promises.

"President Trump simply said on the campaign trail: America will be the crypto capital of the world. This may be a major part of his legacy when we make it easier for the struggling Americans working paycheck to paycheck to have more access at a lower price point," Scott said.

The Republican lawmaker is one of the co-sponsors of the GENIUS Act, which aims to help stabilize cryptocurrency markets and provide clarity on digital asset regulations. The bill has garnered bipartisan support, but was blocked by Senate Democrats in early May, Fox Business previously reported.

Scott, who also serves as the Senate Banking Committee chairman, expressed that banks initially had some hesitancy to supporting the legislation, but he said they're now "neutral" following constructive cooperation.

"This bill must go forward because it's good news for the American people, especially the ones living in poverty," Scott said.

But although Scott appeared excited by the possibilities of the legislation, his claims of it aiding Americans "living in poverty" appeared to strike a nerve among social media users, many of whom claimed it was "out of touch."

"The working poor will not be buying crypto. Groceries, school supplies Christmas presents are going to be more expensive. Nothing left for buying crypto. So out of touch," one user wrote.

"Tim's right. I know if I was poor the first thing I'd try to do is get my hands on some crypto currency," another user sarcastically declared.

"Lemme check with poor people and find out how many got digital going on," another use jabbed.

Trump has been a supporter of cryptocurrency markets, signing an executive order to establish a "Crypto Strategic Reserve" in March. However, the president has also faced scrutiny after he and First Lady Melania Trump released of their own memecoins just days before the start of his second term.