TETON VILLAGE, WY. — The window for crypto legislation in 2024 is closing, but there’s still a chance to get something passed this year, according to Senator Cynthia Lummis (R-Wyo.).
During a recent talk at the SALT Wyoming Symposium, she and Senator Tim Scott (R-S.C.) didn’t dive into specific bills. However, Lummis mentioned ongoing efforts in the Senate Agriculture Committee.
They both emphasized that Republicans align more closely with crypto interests than Democrats do. Scott, who leads the Senate Banking Committee, has kept a low profile on crypto during his time. But he’s recently engaged with crypto audiences, including at the BTC Nashville conference. There, he echoed popular calls for friendlier regulation and pledged support for crypto-friendly legislation.
If Republicans gain control of the Senate, Scott will become the chair. On Wednesday, he suggested creating a subcommittee focused on digital assets, saying, “Wouldn’t it be cool if we had a subcommittee on the Banking Committee that focuses on the industry? It would bring more light to the conversation and allow us to get things done faster.”
Both Lummis and Scott pointed out that current committee Chair Sherrod Brown (D-Ohio) and Senator Elizabeth Warren (D-Mass.) are creating obstacles for crypto legislation. Lummis stated, “The only way we’re going to get anything done this year is if it comes through the Senate Agriculture Committee in the form of Commodity Futures Trading Commission legislation.”
Senate Majority Leader Chuck Schumer (D-N.Y.) has promised to push crypto legislation through the Senate and aims to have it signed into law by the end of the year.
Lummis described a scenario where the Senate Agriculture Committee could approve a bill that gets expanded with additional provisions. She referred to it as a “Christmas tree” bill. “Chuck Schumer gets to have his SAFER Banking bill, and suddenly you have a broad financial services bill that has enough support to pass,” she explained. However, she acknowledged the challenge of limited legislative days available.
Scott agreed, stating it’s unlikely any bill could progress through the Senate Banking Committee this year. He highlighted the importance of motivation and incentives, noting that key committee members are retiring. “Schumer wants to give Stabenow a swan song, which could be this legislation,” he said. This creates a bipartisan push to get something done.
Scott expressed optimism about the Republican Party’s chances in the upcoming elections. He predicted they could hold 52 or 53 seats in the 100-member U.S. Senate, especially with Joe Manchin (I-W.V.) not running for reelection and competitive races in Ohio and Montana. “It’s not about being better politically. It’s really about self-interest,” he remarked, referring to popular issues that resonate with voters.
Lummis took a moment to criticize Vice President Harris, stating there’s “no indication” she would be supportive of the crypto industry. Harris’ campaign has yet to present specific plans for cryptocurrency, only recently beginning to outline policy initiatives. Earlier that day, a campaign adviser mentioned that Harris wants to support the crypto industry without going into detail.
Lummis contrasted this with the Republican platform, noting that Trump included digital assets in his platform pitch. She described the 2024 election as the most favorable for Republicans in the next six years, especially with many seats up for grabs in red-leaning states. She pointed out that Republicans will be on the defensive in the next two elections in 2026 and 2028.
“So the best math for Republicans is this: If we had a Republican president, a Republican House, and a Republican Senate for two years, we could move mountains,” she said. “We could take the lead in this industry and others and make significant progress that fosters innovation.” She concluded, “If we miss this opportunity, we won’t have the same chance for a long time.”