Sen. Lummis Makes No Mention of Proposed Bitcoin Bill at Bitcoin 2024

Senator Cynthia Lummis took the stage at the Bitcoin 2024 conference together with Senator Tim Scott on Friday, to address the audience about cryptocurrency and their vision for its future in the U.S. financial landscape.

However, despite earlier speculation that Lummis might propose a bill to designate Bitcoin as a strategic reserve asset, no such announcement was made. The conversation instead shifted to other topics, including the idea of using Bitcoin to create “opportunity zones.”

During their speech, Senators Lummis and Scott, frustration with the current leadership under Democrat Sherrod Brown. They argued that the existing committee leadership has been obstructive to advancing Bitcoin and other innovations. Scott suggested that a change in Senate control could resolve these issues, stating, “We have to get rid of the folks who are in the way.”

Lummis supported this viewpoint, highlighting that a Republican majority in the November elections would enable significant changes, including the appointment of Scott as Chairman of the Banking Committee. 

Scott pledged to advance Bitcoin-friendly legislation if he assumes the chairmanship. He assured that pro-Bitcoin bills would receive a vote and be pursued through the Senate. “The one thing I will absolutely guarantee is watching your legislation get a vote, pass the Banking Committee, and we’re going to fight to make it a law in the United States of America,” Scott said.

The senators also criticized SEC Chair Gary Gensler, who has been involved in enforcement actions against major crypto companies. Scott’s mention of Gensler prompted a negative reaction from the audience. Scott vowed to address Gensler directly if he were to become chairman, stating he would tell Gensler to “hit the road jack, and don’t you come back no more.”

Furthermore, Lummis pointed out that the SEC’s current approach, which involves regulating through enforcement actions rather than clear rules, has been problematic. She promised that a Republican-controlled Banking Committee would work toward establishing clearer regulatory guidelines. “We’re going to make the rules,” Lummis said.

Scott also advocated for a “light touch” approach to cryptocurrency regulation, emphasizing the importance of individual choice in financial decisions. “I believe that you can make your best decisions about your financial future,” he said, advocating for a regulatory environment that supports personal freedom.

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