US Lawmakers Push for Cryptocurrency Legislation by Year-End

According to Odaily, an increasing number of bipartisan U.S. lawmakers are expressing hope that Congress will pass significant cryptocurrency-related legislation by the end of the year. Both Democrats and Republicans in the House and Senate are optimistic that the so-called 'lame-duck' session—from the November presidential election until the dissolution of the 118th Congress at the end of the year—can be utilized to finally legalize many areas of the cryptocurrency industry. New York Senator Kirsten Gillibrand, speaking at Washington Fintech Week, stated, 'I think it would be great if we could complete a market structure bill during the lame-duck session.' She referred to bills like FIT21, which would create a federal framework for regulating digital assets. Gillibrand elaborated that with several pro-cryptocurrency lawmakers retiring from Congress over the Christmas period, including House Financial Services Committee Chairman Patrick McHenry and Senator Debbie Stabenow, there might be enough collective willpower in December to finally push through some cryptocurrency legislation. 'I know Chairman McHenry is leaving, and this is his top priority,' Gillibrand said. 'I hope he can work with me and Senator Cynthia Lummis, along with senior members of the House Financial Services Committee like Maxine Waters, to propose some market structure or stablecoin recommendations before this Congress ends. That would be very powerful.' On Tuesday, House Financial Services Committee Vice Chairman, Representative French Hill, echoed similar sentiments during his speech at Washington Fintech Week. He agreed that multiple cryptocurrency legislations are likely to become law before the new year, stating, 'I remain optimistic that the regulatory framework bill FIT21 and the stablecoin bill might be considered during the lame-duck session.'