In summary
- A growing number of US lawmakers from both parties have expressed hope that Congress can pass major Cryptocurrency-related legislation before the end of the year.
- Democrats and Republicans in the House and Senate appear optimistic that both chambers of Congress could use the duck session to pass landmark legislation legalizing large swaths of the cryptocurrency industry.
- Senator Gillibrand and Representative French Hill mentioned the possibility of passing bills such as FIT21 and stablecoin legislation during the post-election session.
A growing number of US lawmakers from both parties have expressed hope in recent days that Congress can pass major cryptocurrency-related legislation before the end of the year.
Democrats and Republicans in the House and Senate appear optimistic that both chambers of Congress could take advantage of the so-called “duck session”—between November’s presidential election and the dissolution of the 118th Congress at the end of the year—to finally pass landmark legislation. that legalizes large sectors of the cryptocurrency industry.
“I think a market structure bill would be wonderful, if we could get it done during the post-election session,” Gillibrand said during a pre-recorded appearance on DC Fintech Week, referring to bills like FIT21, which would create a federal framework to regulate digital assets.
Gillibrand explained that with several Republican lawmakers retiring from Congress by Christmas, including House Financial Services Committee Chairman Patrick McHenry (R-NC) and Sen. Debbie Stabenow (D-MI), there might be enough collective will in December to finally push some crypto legislation over the finish line.
“I know President McHenry is leaving and this has been his top priority,” Gillibrand said. “I would love for you to work with me and Cynthia Lummis in the Senate to collaborate with (House Financial Services Committee) Ranking Member (Maxine) Waters to propose something, whether it be for market structure or stablecoins for 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, agreeing that multiple pieces of crypto legislation could become into law for the New Year.
“I remain optimistic that FIT21, which is the regulatory framework bill, and a stablecoin bill, could be considered in the post-election session,” Hill said.
The congressman also raised the possibility of a proposal made weeks ago by House Majority Whip Tom Emmer (R-MN) by which lawmakers could attach key elements of proposed cryptocurrency laws to major trade agreements. year-end expenses, to approve them as conditions linked to important and non-negotiable elements such as the national defense budget.
“It’s an interesting opportunity for Chairman McHenry to consider the possibility of a (cryptocurrency-related) Financial Services priority attached to the NDAA,” Hill said, referring to the National Defense Authorization Act, which provides a budget for the Department US Defense
“Know that in the House we are looking for opportunities to act there,” Hill added. “And if we are not successful, then it will be a top priority in the 119th Congress: privacy, stablecoins, and the FIT21 regulatory framework.”
The 119th Congress will be sworn in in January, regardless of whether Vice President Kamala Harris or former President Donald wins the next election. Both candidates have made commitments during their respective campaigns to protect and boost the crypto industry in the US.
Edited by Andrew Hayward
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