US Lawmakers believe crypto regulation could become law by Election Day US Lawmakers believe crypto regulation could become law by Election Day

US Lawmakers believe crypto regulation could become law by Election Day

Congressman McHenry and Senator Lummis both see crypto regulations passing into law sometime this year.

US Lawmakers believe crypto regulation could become law by Election Day

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Congressman Patrick McHenry and Senator Cynthia Lummis recently expressed optimism regarding the passage of critical crypto legislation before the upcoming election in November, according to media reports on March 20.

Speaking at a Coinbase event, McHenry highlighted the positive shift in legislative prospects, particularly in the wake of leadership changes within the House Republicans.

According to the MarketWatch report, he added that the removal of Kevin McCarthy as Speaker and the appointment of Mike Johnson has notably facilitated progress on contentious legislation.

McHenry said that Johnson had demonstrated that he could bring legislation into law and cited his role in arranging a spending deal to prevent a government shutdown as evidence of his strengths.

High hopes

According to the Congressman, there are increased opportunities to pass crypto legislation, which is unusual for an election year. McHenry further stated that he sees a “couple of opportunities” for legislation to become actual policy before elections end.

However, he did not elaborate on the opportunities or disclose a specific timeline. He said:

“I think weโ€™re at the phase where we can see the airport, we can see how weโ€™re going to land the plane … We just donโ€™t know when weโ€™re going to land the plane.”

McHenry said he has high hopes for two pieces of legislation. The first is the Keep Innovation in America Act, a crypto market structure reform bill for which he is currently working to schedule a House vote.

Meanwhile, the second is his Clarity for Payment Stablecoins Act, which requires another vote. McHenry shat this bill could soon become law because of the Biden administration’s past calls for stablecoin legislation.

Biden’s 2022 executive order on digital assets notably mentioned the treatment of stablecoins.

Lummis sees regulation this year

Meanwhile, according to a separate Coindesk report, Senator Cynthia Lummis spoke alongside McHenry. She said that advances in legislation have become more likely as the chances of reaching a compromise among lawmakers has increased amid heightened collaboration between the House and the Senate.

Lummis suggested that the Democratic party and its members, including Senate majority leader Chuck Schumer, are willing to consider a stablecoin bill. She called the stablecoin legislation “by far the most optimal portion of this to move forward” due to the Biden administration’s willingness.

McHenry and Lummis are both members of the Republican Party, which could potentially put their legislative efforts at odds with the current Biden regime. However, the issue of crypto regulations is widely considered bipartisan.

Mentioned in this article