Senator Cynthia Lummis (R-WY) suggests that despite Congress's apparent pro-crypto stance, President Biden could still pose a significant hurdle to passing crucial legislation for the industry. In a recent interview, she discussed the evolving views on crypto within Capitol Hill and highlighted the remaining opposition to pro-crypto laws.

Lummis specifically addressed the likelihood of President Biden signing H.J.Res. 109 into law. This resolution, which garnered bipartisan support in both the House and Senate, aims to repeal a previous SEC rule that hindered regulated banks from offering crypto custody services. Despite Biden's earlier threat to veto the resolution, the bipartisan approval in Congress and the administration's softer stance on subsequent legislation may influence his decision.

According to Lummis, members of the SEC had cautioned her that Biden would veto any attempt to revoke Staff Accounting Bulletin 121 long before Congress formally acted. However, she believes that the strong bipartisan support for the resolution may prompt the White House to reconsider its stance.

Additionally, Lummis discussed two other crypto-related bills recently passed by the House: the Financial Innovation and Technology for the 21st Century Act (FIT21) and the CBDC Anto Surveillance State Act. While FIT21 secured a two-thirds majority vote in the House, potentially enough to override a presidential veto if passed by the Senate, Lummis noted that opposition primarily stems from the progressive wing of the Democratic Party.

She highlighted a segment of the party uncomfortable with assets beyond government control, echoing similar sentiments expressed by former Coinbase CTO Balaji Srinivasan. Lummis emphasized the importance of educating congresspeople about digital assets and urged the crypto industry to engage with policymakers to shape future regulations positively. She emphasized seizing the political opportunity in 2024 to establish a lasting framework for the relationship between the digital asset industry and policymakers.