Lummis and Scott said at the Bitcoin 2024 conference that Republican victory will promote crypto innovation

Sensors Cynthia Lummis and Tim Scott praised cryptocurrencies and the Republican Party at the Bitcoin 2024 conference in Nashville, Blockworks reported. Scott said Bitcoin can bring resources and opportunities to those who need it most.

Lummis and Scott believe that Congress is moving slowly, but are confident that the Republicans will promote progress after winning the election in November. Lummis said that many people who hinder American innovation are on the Senate Banking Committee.

The audience booed when Scott mentioned the Securities and Exchange Commission and its chairman Gary Gensler. The two senators said that the goal is to allow innovation while protecting investors, and Gensler's enforcement methods have inhibited the development of the industry.

In May of this year, the House and Senate passed the first crypto-related legislation, Joint Resolution 109, but it was vetoed by President Biden. The House also passed the FIT21 bill, but the Senate is not expected to deal with it before the end of this session. $BTC $1000SATS $LUNC