The Bitcoin 2024 conference held on Friday featured US Sen. Tim Scott as one of the keynote speakers, where he expressed strong support for the crypto industry. As a member of the Senate Banking Committee and a potential future chairman if Republicans regain control of the Senate, Scott emphasized the need for the government to back the crypto sector. He singled out Securities and Exchange Commission (SEC) Chair Gary Gensler as a hindrance to crypto innovation, stating, “We have to get rid of the guys who are in the way.”
In a conversation with fellow crypto enthusiast US Sen. Cynthia Lummis, Scott’s remarks resonated with a group eager for further legislative support. While Scott had previously been relatively quiet on crypto matters, his enthusiastic endorsement at the event indicated a shift in his stance. The image accompanying the article showed Sen. Lummis and Sen. Scott at the Bitcoin 2024 conference, emphasizing their engagement with the crypto community.
Scott’s potential ascension to the role of Senate Banking Committee chairman was a recurring theme in his presentation. He pledged to prioritize Sen. Lummis’ proposal, which aims to “set bitcoin free here at home” and ensure a swift vote on the matter. Lummis, a staunch advocate for crypto, has been pushing for legislation requiring the Federal Reserve to hold Bitcoin as a strategic reserve asset, aligning with Scott’s vision for advancing crypto laws under Republican leadership.
Despite the positive rhetoric surrounding crypto, Congress continues to grapple with the enactment of crypto legislation. While some bills have passed the House, they have faced challenges in the Senate. With the current parliamentary term drawing to a close and the 2024 election approaching, the likelihood of crypto legislation passing this year appears slim. However, these legislative efforts lay the groundwork for future actions and protracted negotiations on the topic.
The conference also featured notable figures from the crypto world, including Michael Saylor, the executive chairman of MicroStrategy, who advocated for the US to acquire 4 million BTC to bolster its Treasury and financial position. Cathie Wood, the CEO of ARK Invest, echoed Saylor’s sentiments on Bitcoin as a critical national asset and highlighted the concept of a strategic reserve. Additionally, Robert F. Kennedy, an independent presidential candidate, pledged to make BTC a strategic reserve currency if elected, underscoring the growing recognition of cryptocurrencies as a significant form of currency.
As the landscape of Bitcoin and crypto innovation evolves in the US Senate, Sen. Lummis emphasized the increasing clarity on who supports safeguarding innovation and who seeks to control it. The endorsements from prominent figures across party lines signal a growing acceptance of cryptocurrencies as a vital component of the financial ecosystem. With ongoing debates and discussions surrounding crypto legislation, the future trajectory of the industry remains dynamic and subject to further developments.
