Both parties hope for the passage of cryptocurrency legislation by the end of the year

CoinWorld reports:
In recent days, an increasing number of US lawmakers from both parties have expressed their hopes that Congress will pass significant legislation related to cryptocurrency before the end of the year.
Democrats and Republicans in both the House of Representatives and the Senate seem optimistic that both chambers of Congress can use a so-called lame-duck session – between the November presidential election and the dissolution of the 118th Congress at the end of the year – to ultimately pass landmark legislation that will legalize major areas of the cryptocurrency industry.
“I think it would be great if we could get the market structure bill done on the lame duck,” said Gillibrand in a pre-recorded appearance at DC Fintech Week, referring to bills like FIT21 that would create a federal framework for regulating digital assets.
Gillibrand elaborated that with several cryptocurrency-friendly legislators retiring from Congress over the Christmas period, including House Financial Services Committee Chairman Patrick McHenry (Republican from North Carolina) and Senator Debbie Stabenow (Democrat from Michigan), there may be enough collective willpower in December to finally push some cryptocurrency legislation across the finish line.
“I know Chairman McHenry is leaving, that’s his priority,” Gillibrand said. “I very much want him to work with me and Senator Cynthia Lummis in the Senate, and with Ranking Member Maxine Waters on the House Financial Services Committee, to make some recommendations on market structure or stablecoins before this Congress ends. That would be very powerful.”
The congresswoman spoke on Tuesday at the Washington Fintech Week.
Congressman French Hill, Vice Chairman of the powerful House Financial Services Committee (R-AK), echoed this view, agreeing that several cryptocurrency bills are likely to become law before the new year.
Hill said, “I remain optimistic that the regulatory framework bill FIT21 and the stablecoins bill could get consideration in the lame-duck.”
The lawmaker also raised the possibility that was first brought up several weeks ago when House Majority Whip Tom Emmer (R-MN) suggested that key elements of proposed cryptocurrency legislation could be attached to the major year-end spending package to be passed as a condition tied to major, non-negotiable items like the defense budget.
Hill referred to the National Defense Authorization Act (NDAA), which provides budget for the US Department of Defense, saying, “That’s an interesting opportunity for Chairman McHenry to consider attaching [cryptocurrency-related] financial services priorities to the NDAA.”
Hill added, “Know that we in the House are looking for opportunities to take action there.” “If we’re not successful, the top priority for the 119th Congress will be privacy, stablecoins, and the FIT21 regulatory framework.”
The 119th Congress is set to be sworn in next January, with either Vice President Kamala Harris or former President Donald Trump taking office. Both candidates have promised to protect and empower the US cryptocurrency industry during their respective campaigns.
Edited by Andrew Hayward