Speaking at the SALT Symposium in Wyoming, Lummis and Sen. Tim Scott did not go into detail about a specific bill but cited work in the Senate Agriculture Committee.

Lummis and Scott also appealed to voters, saying Republicans are closer to crypto interests than Democrats. (Republican presidential candidate Donald Trump has loudly supported crypto this election cycle. Democratic candidate Kamala Harris, on the other hand, has a friendlier attitude towards digital assets, although she has not spoken directly on the subject, according to Bloomberg.)

While Scott, the Republican who heads the Senate Banking Committee, hasn’t talked much about crypto during his tenure, he addressed the crypto community alongside Lummis at the BTC Nashville conference last month and said he would support crypto-friendly regulations.

If control of the Senate passes to Republicans, Scott will become president. In his speech on Wednesday, he raised the possibility of creating a subcommittee focused on digital assets while in that role.

“Wouldn’t it be great to create a subcommittee on the Banking Committee that focuses on this sector, to shed more light on the conversations and have more hearings on the sector to get things done more quickly,” Scott said. he said.

Lummis and Scott pointed to current committee chair Sherrod Brown (D-Ohio) and Sen. Elizabeth Warren (D-Mass.) as lawmakers who have created hurdles in their efforts on crypto regulations. “The only way we’re going to get anything done this year is if it comes from the Agriculture Committee in the form of Commodity Futures Trading Commission (CFTC) legislation,” Lummis said.

Senate Majority Leader Sen. Chuck Schumer (D-N.Y.), speaking at a “Crypto4Harris” event last week, vowed to pass crypto legislation in the Senate and sign it into law by the end of the year. Lummis painted a scenario where the Senate Agriculture Committee could move a bill out of committee and it could be like “a Christmas tree.”

Scott agreed, saying a bill was unlikely to pass the Senate Banking Committee this year. Scott predicted Republicans have a good chance of holding 52 or 53 seats in the 100-member U.S. Senate after the 2024 elections.

Lummis criticized Vice President Harris during the panel, saying, “There’s no indication that she’s going to be good for this industry.” Harris’ campaign has yet to offer any specific plans regarding crypto, only beginning to unveil policy initiatives last week.

Lummis said the 2024 election is the friendliest for Republicans in the next six years, citing the number of seats in red states.