Crypto bills could be delayed as many prepare for US gov't shutdown
The United States government could be shut down in the next 7 days with House Speaker Kevin McCarthy facing political pressure from members of his own party on how to handle spending plans — a decision that could adversely affect how lawmakers move forward with crypto bills awaiting a vote.
In July, U.S. lawmakers with the House Financial Services Committee voted in favor of the Financial Innovation and Technology for the 21st Century Act (FIT), the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act and the Keep Your Coins Act. The passages were a first for the committee to move forward with so many crypto-focused bills, which could lea to a House floor vote in the current session of Congress.
A shutdown, unsurprisingly, would halt lawmakers from moving forward on any pieces of legislation until they resolve the issue of funding the U.S. government into the next fiscal year. Though shutdowns are not unheard of in the history of the U.S. government, the reasons behind them seem to have shifted over the years from public concerns over funding to political maneuvers.
“It is seeming more and more likely there will be a shutdown with the fractured House [Republican] divisions and Senate going in their own direction,” said the Blockchain Association’s director of government relations Ron Hammond on X. “For crypto the longer the shutdown goes on, the more various bills including FIT/market structure and stables get pushed.”
14) However for crypto this is big as the Senate was always the obstacle for legislation getting signed into law. Whenever the shutdown fiasco subsides, this will be an important dynamic to watch. Whether you're watching the shutdown fight or Gensler this week, get yourready!
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