US Lawmakers believe crypto regulation could become law by Election Day

Congressman Patrick McHenry and Senator Cynthia Lummis recently expressed optimism regarding the passage of critical crypto legislation  before the upcoming election in November, according to media reports on March 20.

Speaking at a Coinbase event, McHenry highlighted the positive shift in legislative prospects, particularly in the wake of leadership changes within the House Republicans.

How To Get Free Crypto  

According to the MarketWatch report, he added that the removal of Kevin McCarthy as Speaker and the appointment of Mike Johnson has notably facilitated progress on contentious legislation.

McHenry said that Johnson had demonstrated that he could bring legislation into law and cited his role in arranging a spending deal to prevent a government shutdown as evidence of his strengths.

High hopes

According to the Congressman, there are increased opportunities to pass crypto legislation, which is unusual for an election year. McHenry further stated that he sees a “couple of opportunities” for legislation to become actual policy before elections end.

However, he did not elaborate on the opportunities or disclose a specific timeline. He said:

“I think we’re at the phase where we can see the airport, we can see how we’re going to land the plane … We just don’t know when we’re going to land the plane.”

McHenry said he has high hopes for two pieces of legislation. The first is the Keep Innovation in America Act, a crypto market structure reform bill for which he is currently working to schedule a House vote.

Coinbase Banner  

Meanwhile, the second is his Clarity for Payment Stablecoins Act, which requires another vote. McHenry shat this bill could soon become law because of the Biden administration’s past calls for stablecoin legislation.

Biden’s 2022 executive order on digital assets notably mentioned the treatment of stablecoins.

Lummis sees regulation this year

Meanwhile, according to a separate Coindesk report, Senator Cynthia Lummis spoke alongside McHenry. She said that advances in legislation have become more likely as the chances of reaching a compromise among lawmakers has increased amid heightened collaboration between the House and the Senate.

Lummis suggested that the Democratic party and its members, including Senate majority leader Chuck Schumer, are willing to consider a stablecoin bill. She called the stablecoin legislation “by far the most optimal portion of this to move forward” due to the Biden administration’s willingness.

McHenry and Lummis are both members of the Republican Party, which could potentially put their legislative efforts at odds with the current Biden regime. However, the issue of crypto regulations is widely considered bipartisan.

FreeBitcoin Banner  
Mentioned in this article

Can’t-miss crypto news & insights. Delivered daily.

Join 74,000+ subscribers

SEC delays lower expectations of Ethereum ETF approval by May despite staking additions

ETF 22 hours ago

The SEC has delayed Ethereum ETF applications again, lowering the expectations of a May approval even further.

Genesis and Gemini’s Earn program closure leads to $2 billion settlement offer for affected users

Bankruptcy 24 hours ago

Genesis asked a bankruptcy court to approve a settlement in principle, while Gemini submitted a statement in support of the plan.

Bankrupt Genesis agrees to $21 million SEC fine over defunct Gemini Earn crypto lending violations

Bankruptcy 1 day ago

Gemini crypto exchange already assured its Earn users that they would receive 100% of their digital assets back in kind.

SEC chair Gensler condemns ‘AI washing’ after regulatory action against 2 companies

AI 2 days ago

AI washing is the practice of making false claims about the use of AI technology in the financial industry.

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.