A U.S. Crypto Bill’s 2024 Chances

Sens.
Chuck
Schumer,
Cynthia
Lummis
and
Tim
Scott
think
legislation
addressing
crypto
could
move
through
Congress
this
year
–
here’s
how.

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Earlier
this
month,
Senate
Majority
Leader
Chuck
Schumer
(D-N.Y.)

told
the
audience
at
a
“Crypto4Harris”
virtual
event
that
he
hoped
to
shepherd
crypto
legislation
through
Congress
and
have
President
Joe
Biden
sign
the
bill
into
law
by
the
end
of
2024.
It
was
a
bold
promise,
one
that
on
first
blush
seems
like
a
hard
pledge
to
fulfill.

The
crypto
industry
has
been
begging
for
issue-specific
legislation
in
the
U.S.
for
years,
in
the
hopes
that
this
legislation
may
create
clear
permissions
for
companies
to
develop
and
issue
tokens,
manage
blockchain
networks
or
otherwise
operate
free
of
the
concern
that
regulators
may
come
knocking.
The
closest
Congress
has
gotten
so
far
is
the
Financial
Innovation
and
Technology
for
the
21st
Century
Act,
a
House
bill
supported
by
Financial
Services
Committee
Chair
Patrick
McHenry
(R-N.C.).
With
a
limited
number
of
working
days
left
in
the
year,
the
chances
for
crypto
legislation
moving
through
the
Senate
are
slim.
So
here’s
what
could
happen
and
the
potential
roadblocks.

Last
week
at
the
SALT
Wyoming
Symposium,
Sens.
Cynthia
Lummis
(R-Wyo.)
and
Tim
Scott
(R-S.C.)

laid
out
a
hypothetical
that
would
get
crypto
legislation
passed.
According
to
the
lawmakers,
the
best
path
comes
through
the
Senate
Agriculture
Committee,
which
would
focus
on
commodities
law.
Sen.
Debbie
Stabenow
(D-Mich.),
the
chair
of
the
committee,
has
been
working
on
legislation,
though
she
has
yet
to
introduce
her
bill.

If
a
bill
is
voted
out
of
this
committee,
Lummis
said,
it
would
likely
become
a
“Christmas
Tree
bill,”
where
lawmakers
add
on
other
amendments
and
provisions,
which
could
include,
for
example,
the

SAFER
Banking
Bill,
stablecoin
provisions
and
more.

But
any
legislation
will
be
a
long
shot
for
a
variety
of
reasons,
including
the
limited
number
of
working
days
left
in
this
year’s
legislative
calendar.

“It’s
surprising
how
few
of
those
are
left
after
the
election,”
Lummis
said
at
the
SALT
event.
Moreover,
at
least
some
portion
of
that
remaining
time
will
likely
be
spent
working
on
must-pass
bills
like
the
annual
National
Defense
Authorization
Act
and
budget
legislation.

It
is
entirely
possible
that
a
crypto
provision
may
be
folded
into
one
of
these
bills,
as
one
legislative
staffer
told
me
after
Schumer’s
remarks,
a
thought
Scott
also
shared
on
stage
in
Wyoming.

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

The
potentially
bigger
issue
is
whether
any
crypto
provisions
will
receive
enough
support
to
a)
see
a
bill
introduced
in
the
Senate;
b)
get
passed
out
of
committee;
and
c)
pass
through
the
Senate,
either
as
a
standalone
bill
solely
focused
on
crypto
issues,
as
part
of
a
larger
financial
services-focused
bill
or
within
the
must-pass
pieces
of
legislation.

While
crypto
is
enjoying
some
bipartisan
support
in
Congress,
it’s
still
not
totally
clear
if
it’s
a
significant
enough
issue
compared
to
everything
else
Congress
has
on
its
plate
(for
example,
the
fiscal
year
ends
in
a
month
and
that’s
the
first
major
issue
lawmakers
will
likely
have
to
vote
on).

Still,
everyone
I’ve
spoken
to
in
the
last
few
weeks
has
been
cautiously
optimistic
about
legislation
moving
–
if
not
this
year,
then
certainly
next
year.
The
fact
that
FIT21
did
advance
out
of
the
House
with
bipartisan
support
is
a
major
factor
in
this
assessment,
as
is
the
fact
that
crypto
issues
are
getting
more
attention
from
lawmakers
than
in
years
past.

If
you’ve
got
thoughts
or
questions
on
what
I
should
discuss
next
week
or
any
other
feedback
you’d
like
to
share,
feel
free
to
email
me
at

nik@coindesk.com
or
find
me
on
Twitter

@nikhileshde.

You
can
also
join
the
group
conversation
on

Telegram.

See
ya’ll
next
week!