U.S. Republican Lawmakers Say Crypto Legislation Not Yet Off the Table for This Year

A remote possibility might involve skillfully navigating complex political situations to link cryptocurrency issues with essential bills during the post-election “lame-duck” period in Congress, where such legislation must be passed before the newly elected representatives take office the following year.

Lummis expressed confidence that we will achieve progress during the “lame duck” period, stating this during an event held by Georgetown University’s Psaros Center for Financial Markets and Policy on Tuesday. She explained that an ongoing initiative in the Senate Agricultural Committee has potential to secure a bipartisan agreement. Later, during end-of-year negotiations, additional details deemed essential could be incorporated into this agreement.

If the broad U.S. regulatory efforts are postponed until the next congressional term, it’s likely they will be pushed back to late 2025, according to Lummis. In her words, “We simply can’t wait any longer. Europe is already far ahead of us.

McHenry, chair of the House Financial Services Committee and soon to be a retiree at the end of this session, spearheaded the most extensive legislative push for cryptocurrencies so far. This year, he successfully moved a comprehensive digital assets bill through the House of Representatives. He expressed that this effort, supported by 71 Democratic members of the House, including several top party leaders, demonstrated significant progress towards passing crypto legislation, indicating a strong momentum in this direction.

He suggested that the legislation might need to be connected with a budget bill requiring Congress’s approval this year. However, he also admitted that it could potentially fail.

McHenry stated that some seeds you plant might not sprout within your expected time, and he mentioned that the crypto industry has established certain policy foundations in case the discussion extends to another round. He suggested that someone else’s signature could appear on the legislation when it is eventually passed into law.

Lummis once again expressed her belief that the United States should initiate a four-year plan to amass a Bitcoin strategic reserve. She suggests this move could potentially increase in value to trillions over a twenty-year period, if held.