Congressman Patrick McHenry and Senator Cynthia Lummis recently expressed optimism about the passage of critical crypto legislation before the upcoming November elections, according to media reports on March 20.
Speaking at a Coinbase event, McHenry highlighted the positive shift in the legislative outlook, especially in the wake of leadership changes within the House Republicans.
According to the MarketWatch report, he added that the removal of Kevin McCarthy as chairman and the appointment of Mike Johnson have particularly facilitated progress on contentious legislation.
McHenry said Johnson had shown he could translate legislation into law and cited his role in brokering a spending deal to avoid a government shutdown as evidence of his strengths.
High expectations
According to the Congressman, there are more opportunities to pass crypto legislation, which is unusual for an election year. McHenry further stated that he sees a “few opportunities” for legislation to actually become policy before the election ends.
However, he did not elaborate on the possibilities or reveal a specific timeline. He said:
“I think we’re at the stage 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 bill to reform the crypto market structure that he is currently working on scheduling for a vote in the House of Representatives.
Meanwhile, the second is his Clarity for Payment Stablecoins Act, which requires a new vote. McHenry thought this bill could soon become law due to the Biden administration’s previous calls for stablecoin legislation.
Biden’s 2022 executive order on digital assets specifically mentioned the treatment of stablecoins.
Lummis sees regulations this year
Meanwhile, according to a separate Coindesk report, Senator Cynthia Lummis spoke alongside McHenry. She said progress on the legislation has become more likely as the chances of reaching a compromise among lawmakers have increased due to increased cooperation between the House of Representatives 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 part of this to move forward” because of 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 administration. However, the issue of crypto regulation is widely seen as two-fold.
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