As October draws near, Senate Republicans may miss their self-imposed deadline for crucial cryptocurrency legislation amidst a federal government shutdown.
According to a Bloomberg report released on Thursday, numerous Senate Republicans, including leaders of influential committees, aim to secure the passage of regulations governing digital asset markets by year’s end, adhering to their earlier timeline.
Despite thousands of government workers facing furloughs during the shutdown, Congress members continue to receive salaries and are allowed to conduct business in both the House and Senate.
Chair of the Senate Agriculture Committee, John Boozman, reportedly mentioned he is collaborating with Democrats to finalize a bipartisan market structure bill “very, very soon,” aiming for a legislative confirmation prior to 2026. Discussions among the Senate Banking Committee, which also needs to authorize the legislation, have intensified, with an announcement of potential agreement expected shortly.
The legal initiative took shape with the CLARITY Act’s passage in the House. Following its approval in July during Republicans’ declared “crypto week,” Senate leaders promised to integrate the act into their own framework titled the Responsible Financial Innovation Act.
Cynthia Lummis, the Wyoming Senator and staunch supporter of the bill, expressed hopes in August that the Agriculture Committee could review the legislation’s draft by late September and the Banking Committee by the end of October, with expectations that President Donald Trump would enact it by 2026. However, deadlines have since been missed, and the outlook for expedited actions amid the ongoing shutdown appears bleak.
Coinbase Engages with Lawmakers in D.C.
The legislative efforts gained momentum following a visit from Brian Armstrong, CEO of Coinbase, to legislators in Washington, D.C. He asserted that the Senate was “working hard” on the proposed bill, with about 90% of the pertinent issues reportedly settled in discussions.
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