TechFlow reported that Republican Senators Cynthia Lummis and Tim Scott spoke at the Bitcoin 2024 conference on July 26, claiming the current leadership of the Senate Banking Committee is "stifling" innovation in the U.S., particularly in areas related to Bitcoin.
Lummis said if Republicans win a majority in the November elections, they will appoint Scott as chairman of the Banking Committee, ending the committee's anti-Bitcoin legislation.
Scott pledged that, once elected chairman, he would use his authority to push pro-Bitcoin legislation to a vote and secure its passage through the Senate.
The two senators also criticized Securities and Exchange Commission (SEC) Chair Gary Gensler. Scott stated that if he becomes Banking Committee chairman, he will tell Gensler to "get out."
Lummis emphasized that the SEC is bound by regulations set by the Banking Committee, and if Republicans gain control of the committee, they will limit Gensler’s actions.
Scott committed to a "light-touch" regulatory approach toward cryptocurrency, asserting individuals should have the right to decide whether and how much to invest in crypto. Currently, the Senate Banking Committee is chaired by Democrat Sherrod Brown. Election forecasting platform 270toWin predicts Republicans will win 50 seats in November, Democrats 48, with two seats undecided—indicating an extremely tight race.
