US Lawmakers believe crypto regulation could become law by Election Day

US lawmakers are optimistic that crypto regulation could be passed as law by Election Day in November, according to recent reports. Congressman Patrick McHenry and Senator Cynthia Lummis expressed their positive outlook at a Coinbase event. McHenry noted the favorable shift in legislative prospects, particularly with the recent leadership changes within the House Republicans. He highlighted the appointment of Mike Johnson, who has shown an ability to pass legislation into law. McHenry stated that there are increased opportunities for crypto legislation to become policy before the election, although he did not provide specific details or a timeline. He expressed high hopes for two pieces of legislation: the Keep Innovation in America Act, a crypto market structure reform bill, and the Clarity for Payment Stablecoins Act, which aligns with the Biden administration’s calls for stablecoin regulation. Senator Lummis also remarked on the likelihood of legislation advances due to increased collaboration between the House and Senate, with the Democratic party showing willingness to consider a stablecoin bill. Both McHenry and Lummis are members of the Republican Party, but cryptocurrency regulation is generally regarded as a bipartisan issue.