According to TechFlow, US Republican Senators Cynthia Lummis and Tim Scott spoke at the Bitcoin 2024 Conference on July 26, claiming that the current leadership of the Senate Banking Committee is "hindering" US innovation, especially in Bitcoin-related fields.
Lummis said that if Republicans win a majority in the November election, they will appoint Scott as chairman of the Banking Committee, thus ending the anti-Bitcoin legislation introduced by the committee.
Scott promised that once elected chairman, he would use his position to push pro-Bitcoin legislation to a vote and pass it in the Senate if possible.
The two senators also criticized Securities and Exchange Commission (SEC) Chairman Gary Gensler, with Scott saying that if he were chairman of the Banking Committee, he would tell Gensler to "go away."
Lummis stressed that the SEC is bound by regulations set by the Banking Committee, which would limit Gensler’s actions if Republicans control the committee.
Scott promised a "light touch" regulation of cryptocurrencies, arguing that individuals should have the right to decide whether and how much to invest in cryptocurrencies. Currently, the Senate Banking Committee is chaired by Democrat Sherrod Brown. Election prediction platform 270toWin predicts that the Republicans will win 50 seats in November, the Democrats 48, and 2 seats are undecided, which means the competition will be very fierce.
