Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.
Although there was speculation that Lummis might introduce a bill to designate Bitcoin as a strategic reserve asset, no such announcement was made. Instead, the discussion was shifted to other topics, such as the idea of using Bitcoin to create “opportunity zones.”
During their speech, both Senators Lummis and Scott, who are members of the Senate Banking Committee, expressed frustration with the current leadership under Democrat Sherrod Brown.
They claimed that the current committee leadership has been blocking progress on Bitcoin and other innovations. Scott suggested that changing the Senate leadership could address these issues, saying, “We have to get rid of the folks who are in the way.”
Lummis agreed, emphasizing that a Republican majority in the upcoming November elections would bring significant changes, including the possibility of Scott becoming Chairman of the Banking Committee.
Scott promised to push for Bitcoin-friendly legislation if he becomes chairman, assuring that pro-Bitcoin bills would be voted on and pursued through the Senate. “I will guarantee that your legislation will get a vote, pass the Banking Committee, and we’ll fight to make it law in the United States,” Scott said.
The senators also criticized SEC Chair Gary Gensler, who has been involved in actions against major crypto companies. Scott’s mention of Gensler drew a negative reaction from the audience. Scott vowed to confront Gensler directly if he becomes chairman, saying he would tell Gensler to “hit the road, jack, and don’t you come back no more.”
Additionally, Lummis criticized the SEC’s current approach, which relies on enforcement actions rather than clear rules. She promised that a Republican-controlled Banking Committee would work to establish clearer regulatory guidelines. “We’re going to make the rules,” Lummis said.
Scott also advocated for a “light touch” approach to cryptocurrency regulation, highlighting the importance of individual choice in financial decisions. “I believe you can make the best decisions about your financial future,” he said, supporting a regulatory environment that promotes personal freedom.
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