Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming Elections

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.

U.S. Senators Cynthia Lummis and Tim Scott attended the Bitcoin 2024 conference and discussed cryptocurrency's role in the U.S. financial system. While there was anticipation for Lummis to announce a bill to designate Bitcoin as a strategic reserve asset, the focus shifted to other topics.

Both senators expressed dissatisfaction with the current leadership of the Senate Banking Committee, chaired by Democrat Sherrod Brown, highlighting its hindrance in advancing Bitcoin-related initiatives. Scott emphasized the need to alter the Senate leadership, stating, "We have to get rid of the folks who are in the way."

Lummis highlighted the potential impact of a Republican majority in the upcoming November elections, which could lead to Scott assuming the chairmanship of the Banking Committee. In this scenario, Scott pledged to advance Bitcoin-friendly legislation.

"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," asserted Scott.

The senators also addressed SEC Chair Gary Gensler's role in actions against major crypto companies, which drew a strong reaction from the audience. If appointed chairman, Scott vowed to confront Gensler directly, telling him to "hit the road, jack, and don't you come back no more."

Lummis criticized the SEC's approach, which involves enforcement actions without establishing clear rules. She emphasized the need for a Republican-controlled Banking Committee to define clear regulatory parameters. "We're going to make the rules," stated Lummis.

Scott advocated for a "light touch" approach to cryptocurrency regulation, emphasizing 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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