Lawmakers Optimistic About Crypto Oversight Legislation Passing Before Year’s End
Two of the leading U.S. lawmakers seeking crypto oversight legislation, Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.), are maintaining their position that a chance remains for a bill to clear Congress before the year is out.
Both McHenry and Lummis believe that there is a possibility of leveraging the lame-duck session of Congress to address crypto matters by attaching them to must-move legislation.
“I really do think we’re going to get something done in the lame duck,” Lummis said at an event hosted by Georgetown University’s Psaros Center for Financial Markets and Policy. She mentioned that an effort being pushed at the Senate Agricultural Committee could potentially receive bipartisan support and be amended in late-year negotiations to include necessary details.
If the pursuit of comprehensive U.S. regulation is delayed into the next congressional session, Lummis warned that it could prolong until late 2025, emphasizing the urgency of taking action as Europe has made significant progress in this area.
McHenry, who led the successful passage of a comprehensive digital assets bill through the House of Representatives this year, highlighted the substantial momentum for a crypto bill with bipartisan support. While he acknowledged the challenges of linking legislation to a spending package for approval this year, he remains optimistic about the potential for progress.
“There are seeds that you plant that may not grow in your timeframe,” McHenry said, emphasizing the lasting impact of his efforts in shaping future crypto policy. He acknowledged that the debate may extend into another session, with potential for someone else to see the legislation through to enactment.
Lummis reiterated her proposal to establish a Bitcoin strategic reserve through a four-year buying program, projecting significant value accumulation over two decades of holding onto the cryptocurrency.