Crypto Legislation 2024: How GOP Senate Hopes to Reshape US Crypto Regulations

Author: Elena R

• 

 Aug 22, 2024 11:13

As the window for crypto legislation in 2024 narrows, key Republican figures, including Sen. Cynthia Lummis (R-Wyo.) and Sen. Tim Scott (R-S.C.), at Wyoming Blockchain Symposium 2024 remain optimistic about passing meaningful crypto laws this year. 

Politics to Drive Crypto Regulation

Speaking at the SALT Wyoming Symposium, they highlighted the ongoing work in the Senate Agriculture Committee as a potential path forward, despite challenges posed by Democrats like Sen. Sherrod Brown (D-Ohio) and Sen. Elizabeth Warren (D-Mass.).

Both Lummis and Scott further stressed the political implications of the upcoming elections, suggesting that Republican control of the Senate could significantly impact the crypto industry. They argued that Republicans are more aligned with crypto interests, contrasting with the Democrats’ stance, which they claim is less supportive. With the 2024 election being crucial for the GOP, they see a unique opportunity to push through crypto-friendly legislation if they secure control of the Senate and the presidency.

Bloomberg reported on Wednesday that even though Vice President Kamala Harris unlike Donald Trump is not clear on crypto she gave a positive sign toward digital assets.

Schumer’s Role and the Christmas Tree Scenario

Senate Majority Leader Chuck Schumer (D-N.Y.) also wants crypto legislation passed by the end of the year. Lummis said that a Senate Agriculture Committee bill may be used to pass financial services legislation, including stablecoin and other crypto measures. She called this a “Christmas tree” strategy, adding provisions to pass the law.

Future of Crypto Legislation

However, Scott predicted that Republicans would gain a minor Senate majority after 2024, allowing them to influence crypto legislation. He also noted that Republicans might drive crypto business innovation if they win the Senate and president. Looking at the current scenario, Lummis warned that ignoring this opportunity could postpone crypto regulation for years.

Contrasting Views

Lummis also criticized Vice President Kamala Harris for her lack of a clear stance on crypto, contrasting it with former President Donald Trump’s open support for the industry. She suggested that the upcoming election presents a rare chance for Republicans to advance crypto-friendly policies, warning that future elections may not offer the same opportunities.