Palmetto State News

The Bitcoin 2024 Conference, recognized as the largest Bitcoin conference globally with over 20,000 attendees, took place in Nashville, Tennessee. U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, participated in a panel titled “For Love of Country & Bitcoin” alongside fellow Senate Banking Committee member Senator Cynthia Lummis (R-Wyo.).

During the panel discussion, Senator Scott emphasized the potential of Bitcoin and blockchain technology to democratize finance and enhance financial inclusion. He advocated for a regulatory environment that fosters innovation within the United States rather than pushing it 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.”

As a leading Republican on the Senate Banking Committee, Senator Scott has consistently advocated for a balanced approach to digital assets. At a committee hearing on digital assets, he highlighted the importance of fostering safe and sound financial innovation while urging his colleagues to adopt a thoughtful approach that protects consumers and promotes innovation.

Senator Scott has also criticized efforts by the Biden administration to use digital assets as scapegoats for its foreign policy shortcomings, which he argues have facilitated financing for adversaries.

Additionally, Senator Scott supported a Congressional Review Act resolution from Senator Cynthia Lummis aimed at overturning the Securities and Exchange Commission’s Staff Accounting Bulletin 121. This bulletin had made it challenging for banks to custody Bitcoin.