As the 2024 deadline for cryptocurrency legislation approaches, key Republican figures like Sen. Cynthia Lummis (R-Wyo.) and Sen. Tim Scott (R-S.C.) are optimistic that major cryptocurrency laws will be passed this year.
Speaking at the Wyoming Blockchain Symposium 2024, they expressed hope for progress despite challenges from Democratic senators like Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.).
Senate Agriculture Committee
At the SALT Wyoming symposium, Lummis and Scott noted that the Senate Agriculture Committee could be a potential avenue for advancing cryptocurrency legislation. Despite some Democratic hurdles, they believe bipartisan efforts could help move things forward.
Lummis and Scott also discussed how the upcoming election could affect cryptocurrency policy. They suggested that if Republicans take control of the Senate, it could have a significant impact on cryptocurrency regulation, given that Republicans are generally more aligned with cryptocurrency interests than Democrats. They see the 2024 election as a crucial time to pass crypto-friendly legislation if Republicans win both the Senate and the presidency.
Harris’ Positive Signals on Crypto
Bloomberg recently reported that Vice President Kamala Harris, while less vocal on cryptocurrency than former President Donald Trump, has given positive signals toward digital assets. Meanwhile, Senate Majority Leader Chuck Schumer (D-N.Y.) is also pushing for cryptocurrency legislation to pass by the end of the year.
The “Christmas tree” strategy
Lummis proposed that a Senate Agriculture Committee bill be used to pass broader financial services legislation, including measures on stablecoins and other cryptocurrency-related issues. She described this as a “Christmas tree” strategy, where additional provisions are added to increase the bill’s chances of passage.
Republican Influence: What to Expect After 2024
Scott predicted that Republicans could gain a slight majority in the Senate after the 2024 elections, giving them more power to influence cryptocurrency legislation. He also noted that a Republican victory could lead to increased innovation in the cryptocurrency sector. Lummis warned that missing out on this opportunity could delay significant cryptocurrency regulation by years.
Lummis criticized Vice President Harris for her vague stance on cryptocurrency, contrasting it with former President Trump’s clear support for the industry. She noted that the upcoming election is a rare opportunity for Republicans to advance policies in favor of cryptocurrency and warned that the next election may not offer the same opportunities.
With most Republicans supporting cryptocurrency regulation, it won’t be monitored even if the new administration steps in. What do you think?
