On Friday, Sen. Tim Scott of South Carolina, the ranking Republican on the Senate Banking Committee, Bitcoin 2024 Conference. Scott, who could become the committee chairman if Republicans regain control of the Senate, sent a strong message that the government should support the cryptocurrency industry.
“You have to get rid of people who are standing in your way,” Scott said, specifically naming Securities and Exchange Commission (SEC) Chairman Gary Gensler as a major obstacle to crypto innovation.
Scott’s comments, made in conversation with cryptocurrency enthusiast Sen. Cynthia Lummis (R-Wyo.), have led to groups preparing further legislative support. Scott has been fairly quiet on crypto issues in the past, but his enthusiastic support at the event marks a change.
US Sen. Cynthia Lummis with Sen. Tim Scott at Bitcoin 2024. Photo: Brady Dale/Axios
He said:
“Bitcoin is about putting resources back into the communities that need it most and creating opportunity for all Americans.
Republican-led Senate Banking Committee
A recurring theme in Scott’s presentation was his prospects as the next Chairman of the Senate Banking Committee, a role that could usher in a new chapter in cryptocurrency law. Scott promised to make Senator Lummis’ bill a top priority, as it seeks to “free Bitcoin in the country,” ensuring a swift vote.
Bitcoin is designed to give resources back to communities that need it most and create opportunity for all Americans.#Bitcoin2024 pic.twitter.com/cbMnnoJdfd
— Tim Scott (@SenatorTimScott) July 26, 2024
Lummis, a strong supporter of cryptocurrencies, is pushing a bill that would require the Federal Reserve to keep cryptocurrencies in circulation. Bitcoin as strategic reserve Though Scott did not address the issue during the meeting, her commitment to incorporating cryptocurrencies into the national fiscal plan was clear, and Lummis predicted that Scott’s leadership will be crucial to getting such an out-of-the-box idea through the Senate.
BTC market cap currently at $1.34 trillion on the daily chart: TradingView.com
Despite the positive language, Congress is still struggling to enact cryptocurrency legislation. Some bills have passed the House but are stalled in the Senate. With Congress’ term nearly over and the 2024 elections looming, cryptocurrency legislation is unlikely to pass this year. Such activity could set the stage for future action and protracted negotiations.
As the head of the Republican Party @BankingGOPI fight to ensure that rules and regulations don’t stifle innovation. #Bitcoin2024 pic.twitter.com/9BLBWBjcxj
— Tim Scott (@SenatorTimScott) July 26, 2024
Bitcoin as a strategic reserve
The conference also included notable statements from prominent figures in the cryptocurrency world, with MicroStrategy Chairman Michael Saylor, the largest Bitcoin holder, saying the U.S. should attempt to purchase 4 million BTC to bolster its treasury and fiscal position.
ARK Invest CEO Cathie Wood agreed with Saylor that digital assets are a critical national resource, drawing attention to the idea of a strategic reserve.
Meanwhile, independent presidential candidate Robert F. Kennedy has pledged to make BTC a strategic reserve currency if elected. This support from both parties shows that more and more people see cryptocurrencies as a significant currency.
As bitcoin’s innovation becomes more visible in the U.S. Senate, it’s also becoming clearer who wants to protect it and who wants to control it, Lummis said.
Featured image from eBizMBA, chart from TradingView
