Senator Cynthia Lummis says there is still a path to passing US encryption legislation before the end of the year

Senator Cynthia Lummis has indicated that while the chance for crypto legislation in 2024 is shrinking, there remains a possibility for progress within the year. Speaking alongside Senator Tim Scott at the SALT Wyoming Symposium, she did not discuss specific bills but hinted at work within the Senate Agriculture Committee.

Focus on Senate Agriculture Committee

Lummis believes that any successful crypto legislation this year would need to come through the Senate Agriculture Committee. The idea is that a bill from this committee could attract additional provisions, potentially leading to a broader financial services bill.

Challenges Ahead

The current chairs of key committees, such as Sherrod Brown and Elizabeth Warren, are seen as obstacles to advancing crypto legislation. Lummis, however, suggests that legislative progress could happen if these challenges are navigated effectively.

Scott's Legislative Vision

Tim Scott, a prominent figure on the Senate Banking Committee, has floated the idea of creating a subcommittee focused on digital assets. He sees this as a way to accelerate legislative progress.

2024 Election Dynamics

Both Lummis and Scott touched on the upcoming 2024 elections, highlighting the potential impact of a Republican-controlled Senate on crypto legislation. Scott is optimistic about Republicans gaining control, which he believes could lead to significant advancements in the industry.