Lawmakers Say Crypto Bill Passage Would Be Long Shot for 2024

Will this year see a cryptocurrency bill make it through Congress?

There’s a chance, according to a Sunday (Sep. 1) report by Coindesk, though it’s a longshot.

The report cited comments from two Republican lawmakers — Sen. Cynthia Lummis, R-Wyo., and Sen. Tim Scott, R-S.C., — at a recent symposium that laid out a possible path to the adoption of crypto legislation.

The lawmakers say the best hope comes via the Senate Agriculture Committee, which would focus on commodities law. Assuming the bill makes it past committee, Lummis said, it would likely become a “Christmas Tree bill,” where legislators add provisions and amendments.

However, the Coindesk report noted, any legislation faces an uphill battle, with limits including the number of days left on the legislative calendar.

“It’s surprising how few of those are left after the election,” Lummis said at the symposium. 

It could be that crypto legislation could be folded into “must-pass” legislation covering things like national defense and the budget, the report added.

“You have an opportunity to get a lot accomplished in a little bit of time because the motivation and the incentives are there,” Scott said.

In spite of the odds, the report said that many people interviewed by Coindesk have been “cautiously optimistic” about the legislation advancing in 2025, if not this year, bolstered by the fact that the House adopted crypto legislation earlier this year.

The report came weeks after Senate Majority Leader Chuck Schumer told crypto insiders who support Vice President Kamala Harris’ bid for president that he thinks crypto legislation could happen this year.

“We all believe in the future of crypto,” said Schumer, a Democrat from New York. “Congress has a responsibility to provide common sense and sound regulation on crypto, and we need your support to make sure that any proposal is bipartisan.”

The “Crypto4Harris” effort is part of a burgeoning movement to rally crypto sector support for the candidate as her Republic rival, former President Donald Trump, collects industry endorsements. Trump, who at one time called crypto a “scam,” has since changed his tune, addressing a major industry conference in July.

“Trump’s rebranding as a crypto-friendly candidate is part of a larger trend among Republicans to embrace digital currencies and blockchain technology,” PYMNTS wrote before that event.

“This strategy aims not only to attract a young and tech-savvy demographic but also to tap into the substantial financial resources of the crypto sector. By aligning with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to leverage the political and economic potential of this burgeoning industry.”