According to Blockworks, Senators Cynthia Lummis (R-Wyo.) and Tim Scott (R-S.C.) addressed the Bitcoin 2024 conference in Nashville, emphasizing the potential of cryptocurrency and the Republican party. Scott highlighted Bitcoin's ability to provide resources and market access to those in need, stating, “That’s what this is about.” Both senators, who serve on the Senate Banking Committee, acknowledged the slow progress in Congress but expressed optimism that a Republican majority in November could accelerate developments.

Lummis criticized current obstacles to American innovation, particularly within the Senate Banking Committee, and predicted that Republicans would gain the majority next year, with Scott becoming the committee's chairman. The audience reacted negatively when Scott mentioned the Securities and Exchange Commission (SEC) and its head, Gary Gensler. The senators stressed the importance of balancing innovation with investor protections, criticizing Gensler’s enforcement practices for hindering the industry.

The discussion follows significant legislative activity in the crypto space. In May, the House and Senate passed Joint Resolution 109, the first-ever crypto-related legislation, which aimed to overturn the SEC’s staff accounting bulletin (SAB) 121. Although President Joe Biden vetoed the resolution and the House upheld the decision, the House also passed the Financial Innovation and Technology for the 21st Century Act (FIT21 Act) with bipartisan support. However, given the upcoming election, it is unlikely that the Senate will address the FIT21 Act before the session ends, and even if it does, the House is expected to resist any amendments from the Senate.