Congressman Steil Affirms US Market Structure Bill Progress Amid Shutdown
Wisconsin's Bryan Steil reassures that despite the government shutdown, efforts to pass the CLARITY Act for crypto regulation remain on target for completion by 2026.
Wisconsin Representative Bryan Steil, who co-sponsored the CLARITY Act aimed at structuring the crypto market, asserted that the timeline for passing this legislation remains set for before 2026, regardless of the federal government shutdown.
In a recent CNBC interview, Steil indicated that Republicans still plan to ensure regulatory clarity in the digital assets sector. Senate leaders have committed to finalizing their version of the bill by 2026. However, the ongoing shutdown has raised industry concerns.
“I believe we still have a chance to finalize CLARITY by year’s end,” Steil remarked. He noted:
“As we move beyond the shutdown, there’s potential for the Senate to advance swiftly.”
His comments came as a vote on a temporary funding bill failed, prolonging the shutdown into its eighth day. This impasse hinders operations at federal agencies, resulting in furloughs for many employees and complications for air travel across the country.
The SECC continues to function with reduced staff and is poised to pause reviews of cryptocurrency ETF applications until normal operations resume, although electronic filings are still being accepted.
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Despite the House passing the CLARITY Act during a “crypto week” in July, delays have ensued after it was sent to the Senate. Senator Cynthia Lummis, a Republican advocating for the bill’s progression, initially stated that a committee vote was anticipated by September’s end.
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Congress remains active and lawmakers are still receiving salaries, though Mike Johnson, the Speaker of the House, mentioned the chamber would not convene until a funding bill is approved by the Senate.
