Republican US Senators Cynthia Lummis and Tim Scott spoke at the Bitcoin 2024 conference on July 26, stating that the current leadership of the Senate Banking Committee is “in the way” of American innovation, especially as it relates to Bitcoin. “We have to get rid of the folks who are in the way,” Tim Scott stated, implying that voters should throw out the Democratic majority in the November elections.
Senator Lummis claimed that if Republicans win a majority in the November elections, they will appoint Scott as Chairman of the Banking Committee, which will put an end to anti-Bitcoin legislation coming out of that body. “Republicans are going to be in the majority next year,” she stated. “And Senator Tim Scott is going to be the chairman of the Senate Banking Committee.”
Scott vowed that if he is elected Chairman, he will use his power to put pro-Bitcoin legislation up for a vote and pass it through the Senate if possible. “The one thing I will absolutely guarantee will be done is watching your legislation get a vote, pass the Banking Committee, and we're going to fight to make it a law in the United States of America,” he stated, claiming that this would accomplish “setting Bitcoin free at home [...] free at last.”
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Scott criticized US Securities and Exchange Commission (SEC) chairman Gary Gensler, who is known for filing multiple lawsuits against major crypto companies. “One of the challenges that we see is the SEC with chairman Gensler, Lord have mercy,” Scott exclaimed, drawing boos from the audience at the mention of Gensler’s name. In response, Scott stated that once he chairs the Banking Committee, he will tell Gensler to “hit the road jack, and don’t you come back no more.”
Lummis stated that the S.E.C is governed by legislation crafted in the Banking Committee. Thus, Gensler’s actions will be constrained by the committee if Republicans can gain control of it. “You have not been in the majority to govern what comes out of the Banking Committee,” she stated, claiming that this has allowed the S.E.C. to “hoard the definition of what is a commodity versus what is a security.” “They're regulating by enforcement action, not by clear rules,” she stated. She vowed that if Republicans gain control, “we're going to make the rules.”
Scott promised to provide “a light touch” to crypto regulation, arguing that individuals should be allowed to make their own decisions about how much or whether they invest in crypto. “I believe that you can make your best decisions about your financial future, and we need to make sure that the regulatory environment [...] understands liberty and freedom are inseparable, and money is a necessary component to experience that freedom,” Scott stated.
The Senate Banking Committee is currently chaired by Democrat Sherrod Brown. Election forecasting platform 270toWin is currently predicting that Republicans will win 50 seats in November, Democrats 48, and 2 are tossups, implying that the race will be very close.
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