Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Cynthia Lummis (R-Wyo.) on a panel titled “For Love of Country & Bitcoin” at the Bitcoin 2024 conference in Nashville, Tennessee. During the panel, Scott emphasized Bitcoin and blockchain technology’s potential to democratize the financial world and improve financial inclusion. He also called for a regulatory environment that encourages innovation within the United States.
“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 Scott. “We need a regulatory environment that understands that freedom and liberty are inseparable.”
As the top Republican on the Senate Banking Committee, Scott has advocated for a balanced approach to digital assets. At a committee hearing on digital assets, he highlighted the importance of safe financial innovation and urged his colleagues to adopt a thoughtful approach that protects consumers while promoting innovation.
Scott has also criticized efforts from the Biden administration to use digital assets as a scapegoat for foreign policy failures. Additionally, he supported a Congressional Review Act resolution from Senator Lummis aimed at overturning an SEC Staff Accounting Bulletin which made it difficult for banks to custody Bitcoin.