Senators discuss removing obstacles at Bitcoin 2024 event

Republican United States Senators Cynthia Lummis and Tim Scott spoke at the Bitcoin 2024 conference on July 26, expressing their concerns about the current leadership of the Senate Banking Committee hindering American innovation, particularly in regard to Bitcoin. Tim Scott stated, “We have to get rid of the folks who are in the way,” suggesting that voters should consider removing the Democratic majority in the upcoming November elections.

Senator Lummis asserted that if Republicans secure a majority in the November elections, they will appoint Scott as Chairman of the Banking Committee, which would put a stop to anti-Bitcoin legislation. She confidently stated, “Republicans are going to be in the majority next year,” with Senator Tim Scott becoming the chairman of the Senate Banking Committee.

Scott promised to push pro-Bitcoin legislation for a vote and advocate for its passage through the Senate if he becomes chairman. He emphasized, “The one thing I will absolutely guarantee will be done is watching your legislation get a vote, pass the Banking Committee, and we’re going to fight to make it a law in the United States of America,” aiming to “set Bitcoin free at home, free at last.”

Scott called out US Securities and Exchange Commission Chair Gary Gensler for his lawsuits against crypto companies, pledging to confront Gensler if he chairs the Banking Committee. Lummis highlighted that the Banking Committee governs the SEC’s actions, signaling that Gensler’s powers could be limited if Republicans gain control. She promised that under Republican leadership, they would establish clear rules instead of relying on enforcement actions.

Scott promised to approach crypto regulation with a “light touch,” advocating for individuals to have the freedom to make their own financial decisions. He argued, “I believe that you can make your best decisions about your financial future, and we need to make sure that the regulatory environment understands liberty and freedom are inseparable, and money is a necessary component to experience that freedom.”

The Senate Banking Committee is currently overseen by Democrat Sherrod Brown. Election predictions suggest that Republicans may win 50 seats in November, with Democrats at 48, and 2 undecided seats, indicating a closely contested race.

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