On Friday, U.S. Senator Tim Scott, a top Republican from South Carolina and a member of the Senate Banking Committee, was one of the keynote speakers at Bitcoin Conference 2024. Scott, who could chair the committee if Republicans regain control of the Senate, sent a clear message: the government should support the cryptocurrency industry.
“We need to get rid of those who stand in our way,” Scott said, referring specifically to Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has been a major obstacle to cryptocurrency innovation.
Speaking with fellow crypto enthusiast U.S. Sen. Cynthia Lummis (R-Wyo.), Scott’s comments alluded to the group being ready for additional legislative support. Scott has been relatively serene on cryptocurrency issues to date, so 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 giving back to communities that need it most and giving opportunity to all Americans.
Republican-led Senate Banking Committee
One of the recurring themes in Scott’s presentation was his prospects for becoming the next chairman of the Senate Banking Committee. If he were to get the job, cryptocurrency laws could enter a recent chapter. Scott promised to prioritize Senator Lummis’s measure, which aims to “unlock bitcoin here at home,” ensuring a swift vote.
The goal of Bitcoin is to give resources back to communities that need them most and to give opportunity to all Americans.#Bitcoin2024 photo:twitter.com/cbMnnoJdfd
— Tim Scott (@SenatorTimScott) July 26, 2024
A vocal cryptocurrency advocate, Lummis has pushed for legislation requiring the Federal Reserve to keep Bitcoin as a strategic reserve asset. She didn’t elaborate on that during the conference, but her commitment to including cryptocurrencies in the nation’s financial plans was clear. Lummis expected Scott’s leadership would be key to getting such innovative ideas through the Senate.
BTC market cap currently at $1.34 trillion on the daily chart: TradingView.com
Despite the positive language, Congress continues to struggle with cryptocurrency legislation. Some bills have passed the House but stalled in the Senate. With the Legislature nearly over and the 2024 election looming, it’s unlikely that cryptocurrency legislation will pass this year. These actions sometimes set the stage for future action and lengthy negotiations.
As the highest-ranking Republican @BankingGOPI fight to ensure that laws and regulations do not limit innovation. #Bitcoin2024 photo:twitter.com/9BLBWBjcxj
— Tim Scott (@SenatorTimScott) July 26, 2024
Bitcoin as a strategic reserve
The conference also featured significant statements from prominent crypto players. The CEO of MicroStrategy, the largest Bitcoin holder, Michael Saylor said that 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 digital assets are critical national assets and noted the concept of strategic reserves.
Meanwhile, Robert F. Kennedy, an independent presidential candidate, has promised that if he wins, BTC will become a strategic reserve currency. This bipartisan support shows that more and more people see cryptocurrencies as a valid form of currency.
“Bitcoin innovation is becoming more visible in the U.S. Senate, and it’s becoming increasingly clear who wants to protect that innovation and who wants to control it,” Lummis said.
Featured image from eBizMBA, Chart from TradingView
