A growing number of American lawmakers from both sides of the aisle have expressed hope in recent days that Congress could pass major crypto-related legislation before the year’s end.
Democrats and Republicans in the House and Senate appear optimistic that both chambers of Congress could take advantage of the so-called lame duck session—between November’s presidential election and the dissolution of the 118th Congress at the year’s end—to finally pass landmark legislation legalizing major swaths of the crypto industry.
“I think a market structure bill would be wonderful, if we could get it done in the lame duck,” Gillibrand said during a pre-taped appearance at DC Fintech Week, referring to bills like FIT21, which would create a federal framework for regulating digital assets.
Gillibrand elaborated that with several pro-crypto legislators retiring from Congress come Christmastime, including House Financial Services Committee Chairman Patrick McHenry (R-NC) and Sen. Debbie Stabenow (D-MI), there could be enough collective willpower in December to finally push some crypto legislation over the finish line.
“I know that Chairman McHenry is leaving and this has been his highest priority,” Gillibrand said. “I would love to have him work with me and Cynthia Lummis in the Senate to work with [House Financial Services Committee] Ranking Member [Maxine] Waters to come up with something either for market structure or stablecoins by the end of this Congress. That would be extremely powerful.”
Speaking live at DC Fintech Week on Tuesday, Rep. French Hill (R-AK), Vice Chairman of the powerful House Financial Services Committee, echoed that sentiment, concurring that multiple pieces of crypto legislation could certainly become law by New Year’s.
“I’m still optimistic that FIT21, which is the regulatory framework bill, and a stablecoin bill, have possible consideration in the lame duck,” Hill said.
The congressman also brought up the possibility—first proposed weeks ago by House Majority Whip Tom Emmer (R-MN)—that lawmakers could attach key elements of proposed crypto laws to major year-end spending deals, in order to pass them as conditions tied to major, non-negotiable items like the national defense budget.
“That’s an interesting opportunity for Chairman McHenry to consider the possibility of a [crypto-related] Financial Services priority attached to the NDAA,” Hill said, in reference to the National Defense Authorization Act, which provides a budget for the U.S. Department of Defense.
“Know that we in the House are looking for opportunities to take action there,” Hill added. “And if we’re not successful, then it will be a top priority going into the 119th Congress: privacy, stablecoins, and the FIT21 regulatory framework.”
The 119th Congress will be sworn in come January, as either Vice President Kamala Harris or former President Donald Trump move into the White House. Both candidates have, during their respective campaigns, made commitments to protecting and empowering America’s crypto industry.
Edited by Andrew Hayward