Senators Scott and Lummis Discuss the Future of Bitcoin and Blockchain Technology at the Bitcoin 2024 Conference

The Bitcoin 2024 Conference is the largest Bitcoin conference in the world with more than 20,000 attendees.

U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, today joined fellow Senate Banking Committee member Senator Cynthis Lummis (R-Wyo.) on a panel entitled “For Love of Country & Bitcoin,” at the Bitcoin 2024 Conference in Nashville, Tennessee.

During the panel, Senator Scott discussed Bitcoin and blockchain technology's potential to democratize the financial world and improve financial inclusion. He also called for a fair regulatory environment for the industry that encourages innovation in the United States, not overseas.

“The ability to bring resources and opportunities and access to the marketplace, to the people who need it most, that’s what Bitcoin is about. That’s what this is about – giving the average American a chance to make their own decisions at home. No matter where you live, if you’re at the mountain top or with me in the valleys low, having a chance to democratize our financial footprint is an absolutely essential part of achieving the American Dream,” said Senator Scott. “We need a regulatory environment that understands that freedom and liberty are inseparable.”

BACKGROUND:

As the top Republican on the Senate Banking Committee, Senator Scott has pushed for a balanced approach to digital assets. At a committee hearing on digital assets, Senator Scott emphasized the importance of safe and sound financial innovation, and urged his colleagues to pursue a thoughtful approach to digital assets that protects consumers and promotes innovation and opportunity.

Senator Scott has also pushed back on efforts from the Biden administration to use digital assets as a scapegoat for its failed foreign policy which has made it easier for our enemies to finance terror.

In addition, Senator Scott supported a Congressional Review Act (CRA) resolution from Senator Cynthia Lummis (R-Wyo.) to overturn the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121 which made it untenable for banks to custody Bitcoin.