The US House of Representatives has successfully passed a bill that aims to reopen most federal government operations following a four-day partial shutdown. This bill, which cleared with a narrow 217–214 vote, includes a $1.2 trillion funding package that has already received approval from the Senate and ensures funding until September 30.
While some Democrats supported the measure, it faced opposition due to its immigration enforcement policies.
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Source: US House of Representatives
President Donald Trump is expected to sign the bill, assuming there are no modifications made to the Senate version. Although the bill supports most federal agencies until September, it allocates funding for the Department of Homeland Security for just two weeks, necessitating further negotiations on Immigration and Customs Enforcement (ICE) and Border Patrol funding.
The brief shutdown of four days significantly contrasts with the extensive 43-day shutdown previously experienced, which likely hindered legislative progress on digital asset market structures and additional regulatory provisions. Following the news about the funding measure, Bitcoin’s price saw a boost of approximately 2%, settling at $74,620.
Additionally, the resolution of the shutdown may lead to the release of the January jobs report by the US Bureau of Labor Statistics, originally meant for publication last Friday. This report is anticipated to have implications for US macroeconomic policy and market conditions due to its employment data.
Senate Still Engaged in Market Structure Legislation Discussions
Last week, the Senate Agriculture Committee voted predominantly along party lines to advance a bill concerning the digital asset market structure, which is anticipated to greatly influence the crypto and banking sectors. Notably, no amendments proposed by the Democratic party were incorporated into the draft.
Moreover, the Senate Banking Committee, which is set to handle the legislation associated with the US Securities and Exchange Commission, has delayed its markup. This postponement occurred after Coinbase CEO Brian Armstrong indicated he would not endorse the bill in its current form. Discussions among lawmakers are ongoing, but as of Tuesday, no new markup date has been established.
