US Republican Senators Fight to Make Bitcoin a Strategic Reserve Asset
- Senator Tim Scott emphasized that a Republican government would heavily support crypto and deal with the strict crypto regulations.
- Senator Cynthia Lummis' legislation to make Bitcoin a reserve asset is underway, though it's unlikely to pass in 2024.
- Bitcoin has increased by 3.10% in the last day, with a 3.23% increase in its market cap and a current price of $69,582. If it passes the $70K resistance level, we could see a retesting of its $74K ATH.
The Bitcoin 2024 conference, held July 25-27, was a significant win for Bitcoin ($BTC) and the crypto industry, with Donald Trump reinforcing his pro-Bitcoin stance.
Republican US Senator Tim Scott offered hope to those who want to see additional legislation. According to him, a Republican-led government will support the people's financial democratization through Bitcoin.
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.Sen. Tim ScottDiscussing with fellow US Senator Cynthia Lummis, Scott said he would support Lummis' measure to create a Bitcoin reserve asset if he becomes chairman of the Senate Banking Committee.
Let's delve into these points and see why this year's Bitcoin conference might set the stage for a crypto revolution.
Bring the Hurdles Down' for Crypto Rules and RegulationsSen. Tim Scott's position is to facilitate crypto participation of all Americans, regardless of their financial situation.
He also emphasized that taxation and regulation should not stifle innovation,' a common point supported by Donald Trump and Sen. Cynthia Lummis.
As the top Republican on @BankingGOP, I'm fighting to ensure rules and regulations don't stifle innovation. #Bitcoin2024 pic.twitter.com/9BLBWBjcxj
- Tim Scott (@SenatorTimScott) July 26, 2024
While many were enthusiastic about Scott's no-holds-barred approach to crypto, others raised a sensible question, Aren't regulations in place for a reason?'
Crypto scams are at an all-time high, especially through AI and social media. With laxer regulations, won't it be easier for malicious actors to speculate on honest users?
One user emphasizes this on the Senator's X post, showcasing the potential downside of decreasing crypto regulations thoughtlessly.
On the other hand, the US remains one of the harshest crypto enforcers, being the only country to take active action against large crypto companies like Binance.
Bitcoin as a Strategic Reserve Asset - Likely Not Coming in 2025Sen. Cynthia Lummis is well-known for her pro-Bitcoin stance and is behind the legislation to make Bitcoin a reserve asset.
While she didn't address this during the conference, Sen. Tim Scott vowed that if he became the Senate Banking Committee chairman, he would fully support the legislation.
Congress hasn't hashed out the crypto legislation yet - while the House has passed some bills, the Senate stalled them. This makes a 2024 Bitcoin asset unlikely.However, the situation looks hopeful, as the foundation is already there. While lengthy negotiations are still necessary, Bitcoin's future in the US looks bright.
Michael Saylor, MicroStrategy CEO (the biggest holder of $BTC), claimed theUS should buy $4M $BTC to prepare the Treasury for a potential $BTC reserve asset. Cathie Wood, ARK Invest CEO, agreed and supported a potential $BTC reserve asset.
Robert F. Kennedy (independent presidential candidate) also promised a $BTC reserve asset if he won the elections.
This shows crypto's apolitical presence in the US elections, as everyone acknowledges its importance for their electors, regardless of their political spectrum.
This includes Democrats candidates, who urged party leaders to be more crypto supportive, showing the underlying acknowledgment that crypto has become a focal point for many people.
Crypto's Post-2024 Future Looks Promising$BTC increased by 3.10% in the last day, nearing the $70K resistance level. The market is currently showing healthy bullish signals, possibly pointing to a swift climb soon.
The Bitcoin 2024 conference cemented crypto's importance in US politics, promising abright future for digital assets, especially if Bitcoin becomes a reserve asset.
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