Sens. Lummis, Scott say Republican sweep in November is the push crypto needs

Sens. Cynthia Lummis, R-Wyom., and Tim Scott, R-S.C., took the stage together at the Bitcoin 2024 conference in Nashville Friday afternoon, praising both cryptocurrency and the Republican party.

“The ability to bring resources and opportunities and access to the marketplace to the people who need it most, that’s bitcoin,” Scott said. “That’s what this is about.”

Lummis and Scott, colleagues on the Senate Banking Committee, said that progress in Congress has been slow, but are confident that a Republican sweep in November will move things along.

“There are serious people in the way of making sure that American innovation is leading global innovation, and we have to get rid of the folks who are in the way, most of whom are on the Senate Banking Committee,” Lummis said. “Republicans are going to be in the majority next year and Senator Tim Scott is going to be the Chairman [of the Senate Banking Committee].”

The crowd, most of whom waited for more than an hour for a seat at the main stage, erupted into “boos” when Scott mentioned the Securities and Exchange Commission and its head Gary Gensler.

Allowing for innovation while maintaining investor protections is the goal, the Senators said, noting that Gensler’s enforcement practices have stifled the industry.

“That’s the sweet spot we are looking for,” Lummis said.

The comments come shortly after a historic moment for crypto in American politics. In May, the House and Senate, with bipartisan support, passed the first-ever crypto-related legislation with Joint Resolution 109, which sought to overturn the SEC’s staff accounting bulletin (SAB) 121.

President Joe Biden later vetoed the legislation, and the House opted to uphold the decision.

Also in May, the House passed the Financial Innovation and Technology for the 21st Century Act, known as the FIT21 Act. The bill received support from 71 House Democrats before being passed to the Senate.

Given the time crunch ahead of this year’s election, it’s unlikely that the Senate will address FIT21 before the end of this session. Even if they do, the House is unlikely to support the amendments Senators will undoubtedly add.

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