The U.S. Senate Banking Committee has been slow to advance cryptocurrency legislation, despite progress made in the U.S. House this year. However, Senator Tim Scott, a ranking Republican, has now joined the ranks of those pushing for crypto-friendly regulations.
At the Bitcoin 2024 event in Tennessee, Senator Scott, along with other U.S. lawmakers, voiced their support for the cryptocurrency industry. Some speakers at the event, such as MicroStrategy’s Michael Saylor and ARK Invest’s Cathie Wood, even advocated for using bitcoin as a reserve asset for the U.S.
Senator Scott, who is the top Republican on the Senate Banking Committee and a potential candidate for chairman, emphasized the importance of making it easy for the crypto industry to innovate in the U.S. He had previously been relatively quiet on crypto issues, but he made a strong statement at the Bitcoin 2024 event, expressing his support for digital assets.
During his appearance, Senator Scott criticized Securities and Exchange Commission Chair Gary Gensler for obstructing crypto policy and called for his removal. He also pledged to support Senator Cynthia Lummis’ legislation aimed at setting bitcoin free in the U.S.
Senator Lummis has been advocating for a bill that would require the Federal Reserve to hold bitcoin as a strategic reserve asset. While she did not delve into this topic at the event, there is hope that former President Donald Trump, who is set to speak at the conference, will address this idea.
Despite the passage of crypto regulation in the House of Representatives, the Senate has yet to take action on the issue. With the 2024 election approaching and the legislative session coming to a close, the prospects of new crypto legislation becoming law this year are slim. However, these efforts could lay the groundwork for future bills.
The event also featured prominent figures like Michael Saylor and Cathie Wood advocating for the U.S. to acquire bitcoin to strengthen its financial position. Saylor suggested that the U.S. should aim to acquire 4 million BTC, emphasizing the token’s potential for future growth.
Overall, the Bitcoin 2024 event highlighted the increasing support for cryptocurrency innovation in the U.S. Senate. While challenges remain in passing legislation, there is growing recognition of the benefits of digital assets among lawmakers and industry leaders.