CryptoLink - September 2024 Updates

The Senate has yet to take action on the 21st Century Act (FIT21) (H.R.4763) which passed the House by a comfortable margin of 279-136 on May 22, 2024. FIT21 is a proposed landmark piece of legislation that would enact a comprehensive regulatory framework for the digital assets industry. Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand’s (D-NY) Lummis-Gillibrand Responsible Financial Innovation Act (S.2281) also awaits consideration in the Senate. Despite Congress being out for the month of October, Sen. Bill Hagerty (R-TN) recently released a discussion draft of legislation to establish a framework for the regulation and supervision of stablecoin issuers. His office is seeking feedback on the proposed bill and has asked for comments by November 1. In two separate campaign speeches in late September, Vice President Harris expressed increasing support for crypto and digital assets while also promising to protect consumers and investors. Meanwhile, former President Trump has continued his push for crypto by introducing World Liberty Financial, his own crypto banking platform. October will be the last full month of campaigning before the November 5 elections. Currently, the Senate is rated Lean R, but the majority will likely hinge on Sen. Jon Tester’s (D-MT) race. The House and the Presidency are currently rated toss ups. Experts expect the presidential race to be decided by seven key battleground states, with Pennsylvania being the most important.