According to Blockworks, Senators Cynthia Lummis and Tim Scott praised cryptocurrency and the Republican Party at the Bitcoin 2024 conference in Nashville. Scott said Bitcoin can bring resources and opportunities to those who need it most.
Lummis and Scott believe that progress in Congress is slow, but are confident that Republicans can make progress after the November election. Lummis said many of those who are hindering innovation in the United States are on the Senate Banking Committee.
The audience booed when Scott mentioned the Securities and Exchange Commission and its chairman, Gary Gensler. The two senators said the goal is to allow innovation while protecting investors and that Gensler's enforcement approach has stifled industry growth.
In May, the House and Senate passed the first encryption-related legislation, Joint Resolution 109, but it was vetoed by President Biden. The House also passed the FIT21 bill, but the Senate is not expected to take it up before the end of this session.
