YEREVAN (CoinChapter.com) — Republican Senators Cynthia Lummis and Tim Scott addressed the audience at the Bitcoin 2024 conference on July 26, discussing the future of Bitcoin and American innovation. They emphasized the need for new leadership in the Senate Banking Committee to support Bitcoin growth.
Tim Scott pointed to the current leadership of the Senate Banking Committee as a barrier to American innovation, particularly concerning Bitcoin.
“We have to get rid of the folks who are in the way,”
Scott declared, urging voters to remove the Democratic majority in the upcoming November elections.
Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win Majority
Cynthia Lummis supported Scott’s statements, claiming that if Republicans gain a majority, they will appoint Scott as Chairman of the Senate Banking Committee. This move, according to Lummis, will halt anti-Bitcoin legislation.
“Republicans are going to be in the majority next year,”
she asserted. “And Senator Tim Scott is going to be the chairman of the Senate Banking Committee.”
Scott assured the audience that, as chairman, he would prioritize pro-Bitcoin legislation.
“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,”
he stated.
Senators Vow to Oust SEC Chair and Reform Crypto Regulations at Bitcoin 2024
Scott directed sharp criticism at SEC Chair Gary Gensler, known for his aggressive stance on crypto regulation.
“One of the challenges that we see is the SEC with Chairman Gensler, Lord have mercy,”
Scott exclaimed, drawing boos from the audience. He promised that, under his chairmanship, Gensler would be told to
“hit the road jack, and don’t you come back no more.”
Lummis highlighted that the SEC operates under legislation from the Banking Committee. If Republicans control the committee, they would restrict Gensler’s actions.
“hit the road jack, and don’t you come back no more.”
she said, promising that Republicans would establish clear regulations.
Senators Advocate for Bitcoin Freedom at Bitcoin 2024 Conference
Scott emphasized a more relaxed approach to crypto regulation, advocating for personal financial freedom.
“I believe that you can make your best decisions about your financial future,”
he said. He stressed the need for a regulatory environment that supports liberty and freedom, essential for experiencing true financial independence.
The Senate Banking Committee is currently chaired by Democrat Sherrod Brown. According to election forecasting platform 270toWin, Republicans are predicted to win 50 seats in November, with Democrats at 48 and 2 seats as tossups. This suggests a close race ahead.
The Bitcoin 2024 conference saw strong reactions from the audience, especially during the mentions of SEC Chair Gary Gensler. The attendees expressed their support for the senators’ promises of pro-Bitcoin legislation and criticism of the current regulatory environment. The engagement at the event highlighted the growing interest and support for Bitcoin-friendly policies.
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