Jul 26, 2024 - Economy

Sens. Lummis and Scott promise light touch on Bitcoin

Brady Dale

Two people speaking at a conference, a man and woman, shown on a massive screen. — Sen. Cynthia Lummis on stage at Bitcoin 2024 with Sen. Tim Scott. Photo: Brady Dale / Axios

Sen. Cynthia Lummis (R-Wyo.) predicted at a gathering of original cryptocurrency fans Friday that Sen. Tim Scott (R-S.C.) would chair the Senate Banking Committee if Republicans took control of the Senate in this upcoming election.

Why it matters: That would mean a shift in the vision for regulation of all sorts of financial matters, particularly the $1.3 trillion Bitcoin economy, which Scott promised to treat with a "light touch."

State of play: The two senators took the stage in Nashville to say the main problem for Bitcoin in the United States is government regulators standing in the way of the industry growing.

That would change, Lummis predicted, if the GOP flipped control over the Senate and Scott was made Senate Banking Chair.
"Let us pray," Scott said in response.

What they're saying: "I believe you can make the best decisions about your financial future," Scott told the massive room packed with Bitcoiners, to wild applause.

He went on to laud Lummis' efforts to educate the Senate about cryptocurrency, promising that if he did take over the committee, the bills she introduced would get on the agenda.
"If government controls the money, they control us," Lummis said.
She promised to find the sweet spot between consumer protection and a light touch on the industry.

Reality check: There's a solid chance that the narrowly controlled U.S. Senate flips control, but nothing is certain in an election year like this one.

What's next: Former President Trump will address the crowd Thursday.

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Sens. Lummis and Scott promise light touch on Bitcoin

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