As the window for passing cryptocurrency legislation in 2024 begins to close, there remains a sliver of hope for progress, according to Sen. Cynthia Lummis (R-Wyo.). On Wednesday, during the SALT Wyoming Symposium—an event preceding the Federal Reserve’s annual Jackson Hole meeting—Lummis, alongside Sen. Tim Scott (R-S.C.), shared her thoughts on the legislative landscape for crypto.

Though neither senator delved deeply into the specifics of any pending bills, Lummis pointed to the ongoing efforts within the Senate Agriculture Committee as a beacon of possibility. Both senators used the occasion to rally voters, emphasizing that the Republican Party is more attuned to the interests of the crypto community than their Democratic counterparts. Notably, Republican presidential candidate Donald Trump has vocally supported cryptocurrencies during this election cycle. Meanwhile, Vice President Kamala Harris has yet to directly address the issue, though reports suggest she may be adopting a more favorable stance towards digital assets.

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Sen. Scott, who serves as the lead Republican on the Senate Banking Committee, has remained relatively quiet on crypto matters during his tenure. However, his recent appearances, including at the BTC Nashville conference with Lummis, have introduced him to the crypto audience. Scott echoed familiar themes, advocating for less stringent regulatory measures and expressing support for crypto-friendly legislation.

Should the Republicans regain control of the Senate, Scott is poised to become the chair of the Banking Committee. On Wednesday, he proposed the idea of creating a subcommittee focused exclusively on digital assets if he ascends to that role. “Imagine a Banking Committee subcommittee dedicated to the crypto industry, amplifying discussions and accelerating legislative progress,” he remarked, highlighting the potential for swift action.

Lummis and Scott both acknowledged the obstacles posed by current committee leadership, particularly from Sen. Sherrod Brown (D-Ohio) and Sen. Elizabeth Warren (D-Mass.), whom they described as significant “headwinds” in the pursuit of crypto legislation.

“The only viable path to passing something this year is through the Senate Agriculture Committee, particularly in the form of Commodity Futures Trading Commission [legislation],” Lummis explained. She also described a potential scenario in which a bill could emerge from the Agriculture Committee, evolving into what is colloquially known as a “Christmas tree” bill—laden with additional provisions, including those related to stablecoins, using the Howey Test as a framework.

Lummis suggested that this could align with Senate Majority Leader Chuck Schumer’s (D-N.Y.) agenda, especially if it incorporates his SAFER Banking bill, creating a comprehensive financial services package with enough momentum to pass. “This could unfold after the election, though the challenge lies in having sufficient legislative days to achieve it,” she added.

Scott agreed, noting that it is unlikely for any bill to navigate through the Senate Banking Committee this year. However, he emphasized that the motivation and incentives are present, particularly with key figures like House Financial Services Committee Chair Patrick McHenry and Senate Agriculture Committee Chair Debbie Stabenow both nearing retirement. “Schumer may want to give Stabenow a legislative swan song, which could very well be this crypto legislation,” Scott observed, underlining the bipartisan drive to leave a lasting legislative legacy that could benefit both the industry and American consumers.

Election Considerations

Looking ahead to the 2024 elections, Scott projected that Republicans could secure 52 or 53 seats in the Senate, citing the retirement of Sen. Joe Manchin (I-W.V.) and tight races in Ohio and Montana as key factors. “This isn’t about political posturing; it’s about aligning with the interests of American voters, who tend to focus on popular and community issues,” Scott explained, referencing Trump’s remarks at BTC Nashville as a reflection of these priorities.

During the panel, Lummis criticized Vice President Harris, suggesting there is “no indication” she would be favorable to the crypto industry. The Harris campaign has yet to unveil any detailed crypto policies, although recent statements from campaign adviser Brian Nelson indicate a desire to support the industry’s growth without offering specifics.

In contrast, Lummis highlighted the Republican platform, which she said includes explicit support for digital assets, as outlined by Trump. She noted that the 2024 election presents the most favorable conditions for Republicans over the next six years, with more seats up for grabs in traditionally red states. “This is our best shot. With a Republican president, House, and Senate, we could achieve significant advancements, not just in crypto, but across various sectors. If we miss this opportunity, we may not see a similar chance for a long time,” Lummis concluded.