Senator Cynthia Lummis, known for her pro-Bitcoin stance, remains optimistic about passing crucial crypto bill before the year ends, despite facing significant challenges. Along with Rep. Patrick McHenry, Sen. Lummis is focused on advancing regulatory frameworks for the crypto sector during the “lame duck” session of Congress. This session occurs between November’s elections and the beginning of the next congressional session.
Senator Cynthia Lummis Pushes For Major Crypto Bill
At the recent Financial Markets Quality (FMQ) Conference, Lummis expressed her belief that the U.S. can still push forward a crypto bill before the end of the year. “I really do think we’re going to get something done in the lame duck,” Lummis remarked. Moreover, the senator pointed out that the bipartisan effort being developed in the Senate Agricultural Committee could become a foundation for broader negotiations.
These negotiations would particularly aim to fill in necessary details during late-year discussions. However, the pro-Bitcoin also warned that if progress isn’t made soon, U.S. crypto regulation could face delays, potentially stretching into 2025. She highlighted the urgency of acting now, stressing that “we just can’t wait anymore.”
Additionally, she also acknowledged that other regions like Europe are making faster progress in regulating digital assets, which make the Senate crypto bill absolutely necessary.
Lummis believes the U.S. is already falling behind in the global race to regulate and oversee digital currencies effectively. Without action, she argues, the U.S. risks losing ground to countries that are already establishing clearer and more comprehensive frameworks.
Moreover, she noted that such a regulation would draw clear lines between the jurisdiction of Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) with regard to crypto regulation. The senator noted that Bitcoin (BTC), Ethereum (ETH), and other digital currencies are essentially commodities and should be regulated by the CFTC and not the SEC.
Patrick McHenry’s Stance On The Matter
Rep. McHenry, who is nearing the end of his tenure as chair of the House Financial Services Committee, echoed Lummis’ sentiments. Earlier this year, McHenry led a comprehensive crypto bill through the House of Representatives.
The bill which saw support from both Republicans and Democrats. Hence, it marked a significant milestone in crypto legislative efforts in Congress, with backing from 71 House Democrats, including key party leaders. According to McHenry, this effort created “substantial momentum” for a crypto bill.
While McHenry remains hopeful about passing the legislation, he admits it won’t be easy. He noted that the crypto provisions may need to be attached to a critical spending package to secure congressional approval. “There are seeds that you plant that may not grow in your timeframe,” McHenry said, acknowledging the possibility of delays.
However, he emphasized that the work done so far has laid important groundwork for future lawmakers to build on. Even if the crypto bill isn’t passed this year, McHenry said, the “policy footprints” have already been established for the next legislative session.
Meanwhile Lummis also doubled down her long-standing view that the United States should start building a strategic Bitcoin reserve. According to her, a four-year buying program could lead to generating trillions of dollars in value over a period of 20 years.
Also Read: Republicans Ask US SEC for a Clear Stance on Crypto Airdrops