
The US government shutdown has entered its sixth day, affecting various agencies, including the SEC and CFTC, which are functioning with limited resources.
As of Monday morning, no agreements had been reached between Democratic and Republican Congress members to resolve the shutdown and restore normal operations. A vote on a funding resolution was set for 5:30 PM ET, but its prospects were uncertain.
The central issue for Democrats in these budget negotiations revolves around health care, demanding a reversal of previous budget cuts.
In a critical statement, Przemysław Kral, CEO of Zondacrypto, highlighted the potential negative impacts of the shutdown on the crypto industry, stating,
“The US government shutdown […] can damage the crypto industry by disrupting the SEC and CFTC, which are vital to global digital asset markets.” Translation: The ongoing shutdown poses risks to essential regulatory functions, impacting the stability of the crypto market.
Until normal government operations resume, it seems unlikely the Senate will forward any digital asset market structure proposals or that Donald Trump will move to nominate new CFTC commissioners.
The White House had to withdraw the nomination of Brian Quintenz for CFTC chair recently, following resistance from the Winklevoss twins.
Crypto Traders Speculate on Duration of Shutdown
Betting platforms like Kalshi and Polymarket reveal users expect this shutdown to be prolonged. Kalshi users predict a 69% chance it will last over 15 days, while Polymarket gives a 72% chance it will end after October 15.
The government shut down on September 30 after the funding expired.