U.S. lawmakers believe cryptocurrency regulation could become law by Election Day.

According to media reports on March 20, Representative Patrick McHenry and Senator Cynthia Lummis recently expressed optimism about the passage of significant cryptocurrency legislation before the upcoming November election.

At the Coinbase event, McHenry highlighted the positive changes in the legislative outlook, especially following leadership changes within the House Republican Party.

He added that the dismissal of Speaker Kevin McCarthy and the appointment of Mike Johnson have significantly accelerated progress on the controversial bill, according to a MarketWatch report.

McHenry said Johnson has proven he can enact legislation and cited his role in arranging a spending deal to prevent a government shutdown as evidence of his strength.

expectation

According to the House of Representatives, an election year increases the chances of passing unconventional cryptocurrency legislation. McHenry also said he sees “some opportunity” for the bill to become actual policy before the election is over.

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

“I think we’re at the point where we can see the airport. We can see how the planes are going to land. We don’t know when the planes are going to land.”

McHenry said he has high hopes for both bills. The first is the Keep Innovation in America Act, a cryptocurrency market structural reform bill that he is currently working to schedule for a vote in the House of Representatives.

Meanwhile, the second, which requires another vote, is his Clarity for Payment Stablecoins Act. McHenry said the bill could soon become law, as the Biden administration has called for stablecoin legislation in the past.

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

Lummis sees regulation this year

Meanwhile, a separate Coindesk report said Senator Cynthia Lummis spoke alongside McHenry. She said the bill’s chances of advancing have improved as cooperation between the House and Senate increases and the likelihood of compromise among lawmakers increases.

Lummis suggested that Democrats and lawmakers, including Senate Majority Leader Chuck Schumer, would be willing to consider stablecoin legislation. She said that due to the Biden administration’s commitment, stablecoin legislation is “the most optimal piece to move forward.”

McHenry and Loomis are both Republicans, so their legislative efforts could potentially clash with the current Biden administration. However, the issue of cryptocurrency regulation is widely considered to be bipartisan.

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