Senator Cynthia Lummis calls for an end to the Biden administration’s restrictive policies on Bitcoin.
Senator Tim Scott supports Lummis, highlighting Bitcoin’s potential to empower marginalized communities.
Both senators want BTC mining and its ecosystem centered in the U.S.
U.S. Senator Cynthia Lummis emphasized the need to end the Joe Biden administration’s opposition to Bitcoin to foster financial innovation rather than hinder it. She shared these views at the ongoing Bitcoin 2024 Conference during a session with U.S. Senator Tim Scott.
“It’s time to stop the Biden admin’s war on bitcoin. Let’s pave the way for financial innovation, not stifle it,” she said.
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During her session, Lummis recounted her journey into the world of Bitcoin, describing how she initially learned about the cryptocurrency from her daughter and son-in-law. Her participation in the Satoshi Roundtable in 2017 deepened her understanding, and she returned to the Senate with unique insights into a subject that few of her colleagues understood.
Senator Scott echoed Lummis’s sentiments, emphasizing Bitcoin’s democratizing power. “Bitcoin is about giving the average American a chance to make their own decisions, democratizing our financial footprint, and achieving the American dream,” Scott said.
He also shared his own background. Growing up in a single-parent household, he views Bitcoin as a tool for bringing opportunities to marginalized communities.
The discussion also addressed the current challenges in Congress, particularly with the Senate Banking Committee, which both senators consider a significant obstacle to financial innovation.
Lummis expressed optimism about the potential for change, noting that with Republicans expected to be in the majority next year, Scott is likely to become the chairman of the Banking Committee.
“We will ensure your legislation gets a vote, passes the Banking Committee, and becomes law, setting Bitcoin free in the United States,” Scott assured.
Furthermore, the senators criticized the approach of SEC Chairman Gary Gensler, who they accused of regulating by enforcement rather than clear rules. They emphasized the need for a regulatory framework for individual autonomy and decision-making rather than a paternalistic approach.
Notably, the senators highlighted the Republican Party’s stance against a CBDC and its commitment to protecting individual wallets as sovereign assets.
“Bitcoin mining and the Bitcoin ecosystem need to be centered in the United States,” Scott declared, warning that the Biden administration’s proposed 30% excise tax on mining would be devastating.
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