Regardless, Gillibrand and Lummis, who had barely done more than exchange pleasantries before the beginning of the year, say they’re in it for the long haul. Their relationship has blossomed into a friendship, they say, particularly, since announcing their partnership at a Politico event in March.
“There are days when it almost seems like one staff -- it’s almost like we’ve done a mind meld,” said Lummis.
The pair envisions putting out the draft of the legislation followed by a more formal bill a month or so later. From there at least three different Senate committees would have to review different parts of the bill, and if it makes it past that gauntlet, it could be several more months before the full chamber even takes it up.
With congressional elections looming in November that could flip control of the House to Republicans, and maybe the Senate too, lawmakers may be reluctant to take up such a major piece of legislation this year.
Laser Eyes
Gillibrand first got turned on to crypto five years ago, when her then 13-year-old-son urged her to buy. But she grew more interested in the asset class after joining the Senate Intelligence Committee a little over a year ago and sitting in on hearings about virtual currencies and blockchain.
Meanwhile, Lummis has been investing in digital assets for almost a decade. She recalls being invited in 2017 to the Satoshi Roundtable in Cancun, Mexico, one of the premier meetings of Bitcoin industry leaders.
“I sat for two days in a windowless room, listening to Bitcoin miners, validators, and investors argue about policy, and it was so interesting,” Lummis said. “That’s kind of what launched me.” Now, her knowledge about crypto led some Senate colleagues to call her “Bitcoin Lady.”
She’s even earned cool points with her grandson, who one night during bedtime prayers said he was thankful for his grandma’s “laser eyes”-- a reference to a meme used by Bitcoin enthusiasts to signify they’re bullish for crypto.
While the paths to focusing on crypto are different, both are already seeing benefits in terms of attention and fundraising.
Political Contributions
A fifth of contributions to Lummis’s campaign committee in 2021 came from crypto executives or investors. Gillibrand has also started tapping into the money machine, with Smith -- the Blockchain Association leader -- holding a New York fundraiser on her behalf later this month.
Lummis says she confirmed that crypto enthusiasts are a becoming a significant swath of the voting population by randomly asking Capitol Police officers if they owned Bitcoin after taking her senate seat early last year. Many said yes.
She’s pleased that Congress is starting to take notice.
“When I came to Washington, I found out that very few, if any, members of the Senate had an awareness of how big Bitcoin and other digital assets were becoming,” she said. “They’re now a significant constituency for many members of Congress.”
--With assistance from Bill Allison.
This article was provided by Bloomberg News.