According to CryptoPotato, Senator Cynthia Lummis (R-WY) has expressed concerns that President Joe Biden may pose a significant hurdle to the passage of key legislation for the cryptocurrency industry, despite the apparent pro-crypto stance of Congress. In a recent interview, Lummis discussed the evolving views on crypto within Capitol Hill and identified the parties still opposed to pro-crypto legislation.
Lummis highlighted the uncertainty surrounding H.J.Res. 109, a resolution that has received bipartisan support in the House and Senate. This resolution aims to repeal a previous Securities and Exchange Commission (SEC) rule that made it difficult for regulated banks to offer crypto custody services. While President Biden had previously threatened to veto the resolution, the bipartisan support it received in Congress and the administration's softer stance on subsequent legislation led many to believe that he might not follow through on this threat.
However, Lummis revealed that SEC members had warned her that Biden would veto any attempt to overturn Staff Accounting Bulletin 121, even before Congress took formal action. 'I don’t think they anticipated how strong the bipartisan vote would be on this,' Lummis said. 'Now the White House will have to reconsider, and I hope that they will not veto it.'
Two other crypto-focused bills, the Financial Innovation and Technology for the 21st Century Act (FIT21) and the CBDC Anto Surveillance State Act, also passed through the House recently. The former received a two-thirds majority vote, enough to override a presidential veto if it receives equal support in the Senate. Lummis believes that there is a majority bipartisan support for such legislation, with the main opposition coming from the 'progressive wing' of the Democratic party.
Lummis also suggested that the crypto industry should reach out to their representatives in Congress and educate them about digital assets. She emphasized the political opportunity in 2024 to establish a lasting framework and relationship between the digital asset industry and policymakers.