Several U.S. lawmakers from both parties believe that Congress is expected to pass cryptocurrency-related legislation before the end of the year

Odaily News In recent days, more and more U.S. lawmakers from both parties have expressed hope that Congress can pass major cryptocurrency-related legislation before the end of the year. Democrats and Republicans in the House and Senate seem optimistic that both chambers of Congress can use the so-called "lame duck" session - from the presidential election in November to the dissolution of the 118th Congress at the end of the year - to finally pass legislation that legalizes large parts of the cryptocurrency industry. "I think it would be great if we could get a market structure bill done in the 'lame duck' session," New York Senator Kirsten Gillibrand said during Washington Fintech Week, referring to bills like FIT21, which would create a federal framework for regulating digital assets. Gillibrand elaborated that with several pro-cryptocurrency lawmakers retiring from Congress over the Christmas period, including House Financial Services Committee Chairman Patrick McHenry and Senator Debbie Stabenow, there may be enough collective willpower in December to finally push some cryptocurrency legislation through. "I know Chairman McHenry is leaving office and this is his first priority," Gillibrand said. "I hope he can work with me and Cynthia Lummis in the Senate, and work with Maxine Waters, the senior member of the House Financial Services Committee, to come up with some recommendations on market structure or stablecoins before the end of this Congress. That would be very powerful." On Tuesday, Representative French Hill, Vice Chairman of the House Financial Services Committee, expressed the same view when he spoke at the Washington FinTech Week site. He agreed that multiple cryptocurrency legislations will definitely become law before the new year. "I am still optimistic that the regulatory framework bill FIT21 and the stablecoin bill may be considered in the lame duck session." (Decrypt)