Both parties hope for the passing of cryptocurrency legislation by the end of the year

Coin World News Report:
In recent days, an increasing number of US lawmakers from both parties have expressed their hope that Congress will pass significant legislation related to cryptocurrency before the end of the year.
Democrats and Republicans in the House and Senate seem optimistic that both chambers of Congress can utilize a so-called “lame-duck session” – the period between the November presidential election and the dissolution of the 118th Congress at the end of the year – to ultimately pass landmark legislation that will legalize major areas of the cryptocurrency industry.
“I think it would be great if we could get the market structure bill done on the lame-duck,” said Gillibrand in a pre-recorded appearance at the DC Fintech Week, referring to bills like the FIT21 that would create a federal framework for regulating digital assets.
Gillibrand elaborated that with several cryptocurrency-friendly lawmakers retiring from Congress during the Christmas period, including House Financial Services Committee Chairman Patrick McHenry (R-NC) and Senator Debbie Stabenow (D-MI), there may be enough collective will in December to finally push some cryptocurrency legislation across the finish line.
“I know Chairman McHenry is leaving, and this is his top priority,” Gillibrand said. “I would love to have him work with me and Senator Cynthia Lummis in the Senate, and with Ranking Member Maxine Waters of the House Financial Services Committee, to make some recommendations on market structure or stablecoins before the end of this Congress. That would be very powerful.”
The congresswoman made her remarks during a speech at the Washington Fintech Week on Tuesday.
Rep. French Hill (R-AR), the powerful vice chairman of the House Financial Services Committee, echoed this sentiment and agreed that several cryptocurrency bills are likely to become law before the new year.
“I remain optimistic that the regulatory framework bill FIT21 and the stablecoin bill may get considered in the lame-duck,” Hill said.
The congressman also raised the possibility – first suggested weeks ago by House Majority Whip Tom Emmer (R-MN) – that lawmakers could attach key elements of proposed cryptocurrency legislation to a major year-end spending package, in order to pass it as a condition tied to non-negotiable items like the defense budget.
Hill referred to the National Defense Authorization Act (NDAA), which provides funding for the US Department of Defense, saying, “It’s an interesting opportunity for Chairman McHenry to consider attaching [cryptocurrency-related] financial services priorities to the NDAA.”
Hill added, “We in the House are looking for opportunities to take action there.” “If we are not successful, then the top priority for the 119th Congress will be privacy, stablecoins, and the FIT21 regulatory framework.”
The 119th Congress will be sworn in next January, at which point either Vice President Kamala Harris or former President Donald Trump will occupy the White House. Both candidates have pledged to protect and empower the US cryptocurrency industry during their respective campaigns.
Editor: Andrew Hayward