Countdown to Shutdown
The clock is ticking as the U.S. government faces the real threat of a shutdown within the next week. House Speaker Kevin McCarthy is juggling pressure from his own party while trying to navigate the murky waters of spending plans. Unfortunately for crypto enthusiasts, the fate of several important crypto bills hangs in the balance, waiting for a few politicians to find common ground and avoid tripping over their own legislative shoelaces.
Crypto Legislation in Limbo
In a slight surprise for a gridlocked Congress, the House Financial Services Committee green-lit multiple crypto-focused bills in July. These include the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act. Not exactly the cast of characters you’d expect to hang out together, but here we are, in a rare act of legislative cooperation or perhaps sheer boredom.
The Effects of a Shutdown
If the shutdown occurs (cue ominous music), it would not be business as usual for lawmakers. All non-essential federal operations would come to a halt—goodbye to those committees getting cozy with crypto regulations. Even the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission would be frozen in their tracks, leaving the digital asset landscape in a bit of a pickle.
Political Landscape: A House Divided
According to Blockchain Association’s director of government relations, Ron Hammond, there’s a good deal of bipartisan support for some of these bills. Still, navigating the political minefield has proven tricky. Each major party has vastly different perspectives on stablecoin legislation, making the road ahead a potential rollercoaster of division and drama.
What’s Next?
As of September 25th, Speaker McCarthy is reportedly poised to present expansive spending bills packed with 440 amendments—including a buffet of demands from the House Freedom Caucus. So while the House gears up to tackle the impending crisis and the Senate takes its own swing at a stopgap measure, crypto advocates are left on the edge of their seats. Will we see more legislative progress, or will crypto enthusiasts be left to metaphorically eat cold pizza in the dark? Only time—and a few political deals—will tell.
