On Friday, US Sen. Tim Scott, the top Republican from South Carolina who is a member of the Senate Banking Committee, was among keynote speakers at the Bitcoin 2024 conference. Scott, who might chair the committee if Republicans regain control of the Senate, gave a strong message: the government should support the crypto industry.
“We have to get rid of the guys who are in the way,” Scott said, referring especially to Securities and Exchange Commission (SEC) Chair Gary Gensler as a main impediment to crypto innovation.
Speaking with fellow crypto enthusiast US Sen. Cynthia Lummis (R-Wyo.), Scott’s comments connected with a group ready for additional legislative backing. Scott has been somewhat silent on crypto matters until now, hence his enthusiastic support at this event marks a change.
US Sen. Cynthia Lummis with Sen. Tim Scott at Bitcoin 2024. Photo: Brady Dale/Axios
He said:
“Bitcoin is about bringing resources back into the communities that need it most and giving all Americans a chance.
The Senate Banking Committee Under Republican Leadership
One recurring issue in Scott’s presentation was his prospects of becoming the next Senate Banking Committee chairman. Should he get this job, crypto laws might enter a new chapter. Scott promised to give Sen. Lummis’ measure top priority, which seeks to “set bitcoin free here at home,” therefore guaranteeing a quick vote.
Bitcoin is about bringing resources back into the communities that need it most and giving all Americans a chance.#Bitcoin2024 pic.twitter.com/cbMnnoJdfd
— Tim Scott (@SenatorTimScott) July 26, 2024
A strong advocate of the crypto, Lummis has been pushing for a legislation requiring the Federal Reserve to keep Bitcoin as a strategic reserve asset. She didn’t explore this issue during the conference, but her dedication to include crypto into national financial plans was clear-cut. Lummis expected Scott’s leadership would be crucial in getting such creative ideas passed by the Senate.
BTC market cap currently at $1.34 trillion on the daily chart: TradingView.com
Despite the positive wording, Congress is still struggling with crypto legislation. Some bills passed the House but stalled in the Senate. The parliamentary term is almost over and the 2024 election is nearing, so crypto legislation is unlikely to pass this year. These activities sometimes lay the groundwork for future actions and lengthy negotiations.
As the top Republican on @BankingGOP, I’m fighting to ensure rules and regulations don’t stifle innovation. #Bitcoin2024 pic.twitter.com/9BLBWBjcxj
— Tim Scott (@SenatorTimScott) July 26, 2024
Bitcoin As Strategic Reserve
Notable contributions from well-known crypto world players were also included during the conference. The executive chairman of MicroStrategy, the biggest holder of Bitcoin, Michael Saylor said the US should try to buy 4 million BTC to strengthen its Treasury and financial situation.
Cathie Wood, CEO of ARK Invest, agreed with Saylor that the digital asset is an important national resource and brought attention to the idea of a strategic reserve.
Meanwhile, Robert F. Kennedy, an independent candidate for president, promised to make BTC a strategic reserve currency if he won. This backing from both parties shows that more and more people see cryptocurrencies as an important form of currency.
The innovations of Bitcoin are becoming more evident in the US Senate, and it’s also becoming clearer who wants to safeguard the innovation and who wants to control it, Lummis said.
Featured image from eBizMBA, chart from TradingView