Axios Event: Lawmakers are hopeful for crypto legislation movement in lame duck

WASHINGTON, D.C. – Recent movement on crypto legislation in Congress has given the industry hope that lawmakers may finally be delivering on long-time calls for regulatory guidance, and lawmakers say they are also hopeful to move legislation forward before the year's end.

• Axios Pro fintech reporter Lucinda Shen and Axios crypto reporter Brady Dale moderated conversations with Rep. Tom Emmer (R-Minn.), Sen. Kirsten Gillibrand (D-N.Y.), Better Markets CEO Dennis Kelleher and Coinbase chief policy officer Faryar Shirzad at the event, which was sponsored by Consensys.

Why it matters: The results of the upcoming election could mean different approaches to crypto policy under a new administration and Congress.

What they're saying: "[During] the lame duck, if [Republicans are] in control, Trump has already said he will be the crypto president," Emmer said.

Gillibrand said she is "very hopeful" for votes on crypto legislation in Congress during the lame duck session.

• "The one bill that's really very well-positioned is the one written through the Ag committee on the CFTC regulatory oversight for digital commodities," Gillibrand said.
• Both Emmer and Gillibrand noted the bipartisan support for crypto legislation on Capitol Hill.

The number of legislators who now understand crypto "has gone up dramatically over the course of the last three years," Shirzad said, noting that an increased understanding has had a "dramatic" impact on policy.

The other side: Kelleher argued the CFTC is "the smallest financial regulatory agency, the most chronically underfunded, understaffed regulatory agency … which is why the industry is pushing to get the CFTC to be their regulator."

Sponsored content:

In a View From the Top sponsored segment, Consensys CEO and Ethereum co-founder Joseph Lubin said he believes there are two camps of people in thinking about crypto's potential: people who have seen crypto technology in action and realize its potential benefits, and people who have seen what it can do but have different agendas based on their vested interests.

• "The United States likes to run the world through intermediaries and through financial intermediaries, and our technology is all about removing or reducing intermediaries," Lubin said.
• "There are vested interests who understand the power of the technology and are working hard to kill, slow, or co-opt it," he continued.