Key Takeaways
- Congressman McHenry and Senator Lummis express optimism for legislation before the election.
- Leadership changes in the House Republicans have facilitated progress on legislation.
- Bipartisan support increases the likelihood of stablecoin legislation passing.
Congressman Patrick McHenry and Senator Cynthia Lummis recently expressed optimism regarding the passage of critical crypto legislation before the upcoming election in November.
Speaking at a Coinbase event, McHenry highlighted the positive shift in legislative prospects, particularly in the wake of leadership changes within the House Republicans.
Leadership changes and legislative prospects
McHenry said that the removal of Kevin McCarthy as Speaker and the appointment of Mike Johnson has notably facilitated progress on contentious legislation.
He cited Johnson’s role in arranging a spending deal to prevent a government shutdown as evidence of his strengths.
McHenry further stated that he sees a opportunities for legislation to become actual policy before elections end.
Key legislation and bipartisan support
McHenry has high hopes for two pieces of legislation: the Keep Innovation in America Act and the Clarity for Payment Stablecoins Act.
The Keep Innovation in America Act’s purpose is supposedly:
To create a friendly regulatory environment for crypto by easing the existing laws pertaining to brokers.
And also:
The bill eliminates the cash reporting requirement for digital assets (i.e., receipt of more than $10,000) but requires Treasury to conduct a study of, and report on, the effect of expanding the definition of cash to include any digital asset.
Meanwhile, Lummis suggested that the Democratic party and its members are willing to consider a stablecoin bill, calling it:
By far the most optimal portion of this to move forward.
