Congressman Patrick McHenry and Senator Cynthia Lummis expressed optimism regarding the passage of crucial crypto legislation before the November election, signaling bipartisan cooperation on crypto regulation. McHenry, speaking at a Coinbase event, highlighted positive legislative prospects, citing leadership changes within House Republicans as facilitating progress. He emphasized the potential for legislative advancements despite the upcoming election, foreseeing opportunities for crypto legislation to become law.

McHenry identified two key bills: the Keep Innovation in America Act and the Clarity for Payment Stablecoins Act, which he aims to advance through House votes. Notably, the latter aligns with the Biden administration’s calls for stablecoin regulation, as outlined in a 2022 executive order on digital assets. Senator Lummis echoed McHenry’s optimism, emphasizing increased collaboration among lawmakers and the potential for compromise, particularly regarding stablecoin regulation.

While McHenry and Lummis are Republicans, their efforts in crypto legislation highlight bipartisan recognition of the importance of regulating the crypto market. Despite potential conflicts with the Biden administration, the issue of crypto regulation is viewed as nonpartisan, fostering collaboration across party lines.

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