Lawmakers Push For Crypto Legislation Before Year-End

According to CoinDesk, two prominent U.S. lawmakers, Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.), are optimistic about passing crypto oversight legislation before the end of the year. This effort would require strategic maneuvering to attach crypto-related matters to essential legislation during the lame-duck session of Congress, which occurs after the elections but before the new members take office next year. Sen. Lummis expressed confidence at an event hosted by Georgetown University's Psaros Center for Financial Markets and Policy, stating, 'I really do think we're going to get something done in the lame duck.' She mentioned that an ongoing effort at the Senate Agricultural Committee could achieve bipartisan support and be amended in late-year negotiations to include other necessary details. Lummis warned that if comprehensive U.S. regulation is delayed into the next congressional session, it might be postponed until late 2025. 'We just can't wait anymore,' she emphasized, noting that Europe is ahead in this regard. Rep. McHenry, who chairs the House Financial Services Committee and is set to retire after this session, led a significant crypto legislative effort this year, successfully passing a comprehensive digital assets bill through the House of Representatives. This effort, supported by 71 House Democrats, demonstrated 'substantial momentum' for a crypto bill. McHenry suggested that the legislation might need to be linked to a spending package requiring congressional approval this year, though he acknowledged the possibility of failure. 'There are seeds that you plant that may not grow in your timeframe,' he remarked, adding that the crypto sector now has 'policy footprints that I've left in the sand' for future debates. 'Somebody else's name may be on it when it's signed into law,' he noted. Sen. Lummis also reiterated her proposal for the U.S. to establish a Bitcoin strategic reserve with a four-year buying program, which she believes could yield trillions in value over 20 years of holding onto Bitcoin.