Key US lawmakers leading the charge on cryptocurrency regulation, Representative Patrick McHenry and Senator Cynthia Lummis, remain optimistic that a crypto regulation bill could pass Congress before the end of the year.
Senators Optimistic That Crypto-Friendly Legislation Could Be Enacted This Year
The duo argues that, despite the long odds, there is a possibility that crypto legislation could be added to key bills during the next session of Congress, which takes place after the elections but before the next Congress convenes.
“I really think we’re going to get something done in this really slow period,” Lummis said at an event organized by Georgetown University’s Psaros Center for Financial Markets and Policy. Lummis noted that there is work being done in the Senate Agriculture Committee that could lead to a bipartisan deal and allow for important details to be added through year-end negotiations.
Lummis warned that if these efforts are delayed, comprehensive crypto regulation may not be addressed until late 2025. “We can’t wait any longer,” Lummis said, reminding us that Europe is significantly ahead in its regulatory efforts.
Rep. McHenry, the chairman of the House Financial Services Committee and a prominent advocate of crypto legislation, successfully pushed to pass a comprehensive digital assets bill in the House this year. Highlighting the “significant momentum” that bipartisan support has generated, McHenry noted that 71 House Democrats support the effort. However, McHenry acknowledged that crypto legislation may need to be tied to a spending bill this year that requires congressional approval, and even then, success is not guaranteed.
*This is not investment advice.