Regulation
“We Need to Get Rid of the People Who Are Standing in Our Way” — Senators Speak Out at Bitcoin 2024 — TradingView News
Republican U.S. Senators Cynthia Lummis and Tim Scott spoke at the Bitcoin 2024 conference on July 26, saying the current leadership of the Senate Banking Committee is “getting in the way” of American innovation, especially when it comes to Bitcoin. “We need to get rid of the people who are getting in the way,” Tim Scott said, implying that voters should throw out the Democratic majority in the November election.
Senator Lummis said that if Republicans win a majority in the November elections, they will nominate Scott as chairman of the Banking Committee, which would put an end to the anti-Bitcoin protests. BTCUSD legislation coming out of that body. “Republicans will be the majority next year,” he said. “And Sen. Tim Scott will be the chairman of the Senate Banking Committee.”
Scott vowed that if elected president, he would use his power to get pro-Bitcoin legislation to a vote and passed in the Senate, if possible. “The one thing I will absolutely guarantee will be done is watch your legislation get a vote, pass the Banking Committee, and we will fight to get it into law in the United States of America,” he said, arguing that this would lead to “freeing Bitcoin at home, […] finally free.”
Related: No BTC Strategic Reserve Announcement From Senator Lummis — Bitcoin 2024
Scott criticized U.S. Securities and Exchange Commission Chairman Gary Gensler, who is known for filing numerous lawsuits against major cryptocurrency companies. “One of the challenges 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 said that once he chairs the Banking Committee, he will tell Gensler to “go hit the road, Jack, and never come back.”
Lummis said the SEC is governed by legislation crafted by the Banking Committee. Therefore, Gensler’s actions will be limited by the committee if Republicans gain control. “You haven’t been in the majority to govern what comes out of the Banking Committee,” he said, arguing that this has allowed the SEC to “hog the definition of what is a commodity versus what is a security.” “They are regulating through enforcement, not through clear rules,” he said. He vowed that if Republicans gain control, “we will make the rules.”
Scott has promised to take a “light touch” on cryptocurrency regulation, arguing that individuals should be allowed to make their own decisions about how much or whether to invest in cryptocurrency. “I believe you can make your own best decisions about your financial future, and we need to make sure that the regulatory environment […] understands that freedom and liberty are inseparable and that money is a necessary component to experiencing that freedom,” Scott said.
The Senate Banking Committee is currently chaired by Democrat Sherrod Brown. Election forecasting platform 270toWin currently predicts that Republicans will win 50 seats in November, Democrats 48, and 2 are in the balance, implying that the race will be very close.
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