Cynthia Lummis and Tim Scott, senators, criticized the current Senate leadership at Bitcoin 2024, contending that they impede U.S. crypto innovation.
Today, U.S. Republican Senators Cynthia Lummis and Tim Scott addressed the Bitcoin 2024 conference and directly attributed the current Senate Banking Committee’s leadership for impeding American innovation, particularly in the realm of Bitcoin.
Clearly, he was imploring voters to remove the Democratic majority in the November elections, pointing fingers at them.
Tim Scott is the most senior Republican member of the Senate Banking Committee and is expected to become the next chairman if the Republicans secure a majority in the Senate.
Scott stated during the conference that the government should facilitate the innovation of the crypto industry in the United States.
He criticized Sherrod Brown, the current chair of the committee, who is a well-known skeptic of cryptography. Scott asserts that he could serve as the chairman of the committee responsible for supervising financial regulation in the United States if the Republicans secure the Senate.
Scott refused from participating in the cryptocurrency debate until this point, despite the fact that Democrats such as Elizabeth Warren had become vocal critics.
Scott frequently discussed his prospective chairmanship and promised to expedite the passage of pro-Bitcoin legislation during his tenure at Lummis. His goal was to “liberate bitcoin in the United States.”
Lummis has been promoting a measure that would mandate the Federal Reserve to maintain a portion of Bitcoin as a strategic reserve asset.
Despite the fact that she did not address this matter during her appearance, numerous attendees are anticipating that former President Donald Trump, who is scheduled to speak the following day, will do so. Lummis stated that:
“The U.S. Senate is now more aware of the innovations of Bitcoin, and it is also becoming more apparent who is interested in regulating and protecting it.”
Michael Saylor, the co-founder of MicroStrategy, also made a prediction during the conference. He anticipated that Bitcoin would reach $13 million per coin by 2045, an increase from his previous estimate of $10 million in June.
Saylor’s forecast was audacious, indicating a potential range of $3 million for a bear case and $49 million for a bull case. He encouraged the audience to adopt the “triple maxi” Bitcoin bullish stance.
“You finance the house with Bitcoin, purchase Bitcoin, convert all of your assets to Bitcoin, and subsequently relocate to a low-tax jurisdiction where you can evade certain taxation and invest an additional $50,000 in Bitcoin,” said Saylor.
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