U.S. Senate Committee on Banking, Housing, and Urban Affairs
U.S. Senate Committee on Banking, Housing, and Urban Affairs
26/07/2024 | Press release | Distributed by Public on 26/07/2024 22:35
Scott Highlights Bitcoin’s Potential at ‘Bitcoin 2024’ Conference
July 26, 2024
Previous ArticleScott Highlights Bitcoin's Potential at 'Bitcoin 2024' Conference
The Bitcoin 2024 Conference is the largest Bitcoin conference in the world with more than 20,000 attendees.
Nashville, Tenn. - Ranking Member Tim Scott (R-S.C.) 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, Ranking Member Scott hailed Bitcoin and blockchain technology's potential to democratize the financial world and improve financial inclusion, and called for a fair regulatory environment for the industry that encourages innovation in the United States, not overseas.
Click here or on the image above to watch the Ranking Member's panel.
"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 Ranking Member Scott. "We need a regulatory environment that understands that freedom and liberty are inseparable."
Background:
As the top Republican on the Senate Banking Committee, Ranking Member Scott has pushed for a balanced approach to digital assets. At a committee hearing on digital assets, Ranking Member 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.
Ranking Member 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, Ranking Member 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.
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