U.S. Lawmakers Cynthia Lummis, Patrick McHenry Express Optimism for Potential Cryptocurrency Policy

At an event hosted by the Psaros Center for Financial Markets and Policy, Lummis said she hopes to see progress on cryptocurrency legislation in the coming “outgoing” season on Capitol Hill.

“I do think we can get something done in the outgoing season,” Lummis said.

However, she expressed concern that the development and passage of a long-awaited cryptocurrency bill could be delayed until 2025.

“We can’t wait any longer,” the senator continued. “Europe is way ahead of us.”

Similarly, Rep. Patrick McHenry noted that due to his upcoming retirement, a strong cryptocurrency policy could be signed into law after he leaves office.

“There are seeds you plant that may not grow in your lifetime,” McHenry said.

Both Lummis and McHenry have long advocated for a national digital asset framework and have been actively working to pass strong cryptocurrency policies through their chambers.

In May, McHenry led the effort to pass the 21st Century Financial Innovation and Technology Act in the House, attracting strong bipartisan support.

“FIT21 provides the regulatory clarity and robust consumer protections needed to allow the digital asset ecosystem to thrive in the United States,” the congressman said in a statement. “This legislation also ensures that America leads the financial system of the future and remains a hub for technological innovation.”

Meanwhile, in April, Senators Cynthia Lummis (R-Wyoming) and Kirsten Gillibrand (D-NY) introduced the Lummis-Gillibrand Stablecoin Act, which aims to establish regulatory oversight for the emerging cryptocurrency sector.

“To meet the growing demand in our ever-evolving financial industry, we need to develop legislation that provides a clear and enforceable framework for stablecoins while protecting consumers,” Lummis said.

“We have worked with Senator Gillibrand to preserve our dual banking system and establish safeguards that protect consumers and prevent illicit financial transactions without hindering innovation,” she continued. “Passing this bipartisan solution is critical to maintaining the dominance of the U.S. dollar and ensuring that the U.S. remains a global leader in financial innovation.”

The November elections could be a turning point for cryptocurrency policy in the U.S.

With potential changes in leadership and legislative priorities, newly elected officials will play a major role in determining whether the U.S. moves forward with comprehensive cryptocurrency regulation or falls behind the global race.