Amidst an ongoing government shutdown in the US, Senator Thom Tillis from North Carolina, who sits on the Senate Banking Committee, has stated that Congress must act quickly to pass crucial cryptocurrency legislation.

Tillis indicated that failure to move on these issues by January or February could result in significant delays due to the upcoming midterm elections. He expressed his concerns that the political climate surrounding the elections will hinder the progression of crypto bills, including those related to market structure, which were passed by the House earlier this year and are now pending in the Senate.

“I’m not optimistic about us moving much further on anything around digital assets, stablecoins, or crypto in this Congress,”
said Tillis, in remarks reported by Bloomberg.

As the shutdown commenced on October 1 due to disputes over the funding bill, it has stalled several key crypto-related proposals, such as the CLARITY Act, which was passed in July by the House.

Additionally, Senator Cynthia Lummis previously noted that the Senate’s version of the Responsible Financial Innovation Act is expected to become law by 2026, provided the legislative process resumes.

In a related development, Securities and Exchange Commission official Michael Selig has been nominated by President Donald Trump to chair the Commodity Futures Trading Commission (CFTC), but his confirmation schedule has not yet been disclosed.

For more related news, see: Congressman Steil: US market structure bill on track, despite shutdown.

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• #Law
• #Politics
• #Congress
• #United States
• #Regulation