Two prominent U.S. lawmakers advocating for cryptocurrency oversight, Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.), remain hopeful that a comprehensive crypto bill could pass Congress before the end of the year. However, achieving this goal would require strategic maneuvering to attach crypto provisions to essential legislation during the lame-duck session— the period after the elections and before the new Congress convenes.
“I truly believe we can achieve something in the lame duck,” Lummis said at a Georgetown University event hosted by the Psaros Center for Financial Markets and Policy. She suggested that ongoing efforts within the Senate Agricultural Committee could lead to a bipartisan agreement, which could then be expanded in year-end negotiations to include broader crypto regulations.
Lummis warned that if the regulatory push is deferred to the next congressional session, progress may be delayed until late 2025. “We just can’t wait any longer,” she emphasized, noting that Europe is significantly ahead in crypto regulation.
McHenry, the outgoing chairman of the House Financial Services Committee, spearheaded a major crypto legislative effort this year, securing House approval for a comprehensive digital assets bill. Supported by 71 House Democrats, including several party leaders, McHenry viewed this as a sign of substantial momentum for the bill. He suggested that linking the legislation to a critical spending package could be a potential pathway, although he acknowledged that this approach might face challenges.
“There are seeds that you plant that may not grow in your timeframe,” McHenry said, reflecting on the possibility that the crypto debate could extend into the next session. He added that while he may not see the legislation through to its final approval, the groundwork laid by his efforts would influence future policy.
Additionally, Lummis reiterated her proposal for the U.S. to establish a Bitcoin strategic reserve through a four-year buying program. She argues that such a reserve could yield substantial value over the next two decades, potentially reaching trillions in value by holding onto Bitcoin.
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