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Sens. Cynthia Lummis, R-Wyom., and Tim Scott, R-S.C., took the stage together at the Bitcoin 2024 conference in Nashville Friday afternoon, praising both cryptocurrency and the Republican party.\u00a0<\/p>\n
\u201cThe ability to bring resources and opportunities and access to the marketplace to the people who need it most, that\u2019s bitcoin,\u201d Scott said. \u201cThat\u2019s what this is about.\u201d\u00a0<\/p>\n
Lummis and Scott, colleagues on the Senate Banking Committee, said that progress in Congress has been slow, but are confident that a Republican sweep in November will move things along.\u00a0<\/p>\n
Read more:<\/strong> On the Margin Newsletter: What a Republican sweep would mean for markets<\/a><\/p>\n \u201cThere are serious people in the way of making sure that American innovation is leading global innovation, and we have to get rid of the folks who are in the way, most of whom are on the Senate Banking Committee,\u201d Lummis said. \u201cRepublicans are going to be in the majority next year and Senator Tim Scott is going to be the Chairman [of the Senate Banking Committee].\u201d\u00a0<\/p>\n The crowd, most of whom waited for more than an hour for a seat at the main stage, erupted into \u201cboos\u201d when Scott mentioned the Securities and Exchange Commission and its head Gary Gensler.\u00a0<\/p>\n Allowing for innovation while maintaining investor protections is the goal, the Senators said, noting that Gensler\u2019s enforcement practices have stifled the industry.\u00a0<\/p>\n Read more:<\/strong> SEC\u2019s Gensler calls for more crypto disclosures for investors<\/a><\/p>\n \u201cThat\u2019s the sweet spot we are looking for,\u201d Lummis<\/a> said.\u00a0<\/p>\n The comments come shortly after a historic moment for crypto in American politics. In May, the House and Senate, with bipartisan support<\/a>, passed the first-ever crypto-related legislation with Joint Resolution 109, which sought to overturn the SEC\u2019s staff accounting bulletin (SAB) 121.\u00a0<\/p>\n President Joe Biden later vetoed the legislation, and the House opted to uphold the decision.\u00a0<\/p>\n Also in May, the House passed the Financial Innovation and Technology for the 21st Century Act<\/a>, known as the FIT21 Act. The bill received support from<\/a> 71 House Democrats before being passed to the Senate.\u00a0<\/p>\n Given the time crunch ahead of this year\u2019s election, it\u2019s unlikely that the Senate will address FIT21 before the end of this session. Even if they do, the House is unlikely to support the amendments Senators will undoubtedly add.<\/p>\n Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter<\/a>.<\/strong><\/p>\n Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter<\/a>.<\/strong><\/p>\n
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