Time is Ticking for Crypto Laws in Congress

There's a sense of urgency in Washington, D. C. , as lawmakers face a tight deadline to pass crypto legislation. Senator Thom Tillis, a Republican from North Carolina, recently shared his concerns about the limited window for advancing crypto bills before election season kicks in. With the 2026 midterm elections looming, Tillis believes that progress on crypto legislation could grind to a halt. The current Congress session is set to end in January 2027, and Tillis urges lawmakers to act swiftly. He suggests that any crypto-related bills should be passed by early 2024 to avoid delays. This includes the market structure framework that the House of Representatives approved in July and is now under Senate review. Tillis's pessimism is shared by others. The recent government shutdown, which began on October 1 due to disagreements over funding, has further stalled crypto-related bills like the CLARITY Act. This act, passed by the House in July, was expected to be built upon by the Senate to create market structure legislation. Senator Cynthia Lummis, another Republican leader on the Senate Banking Committee, had previously expressed optimism about passing the Responsible Financial Innovation Act by 2026. However, the current political climate and the upcoming elections cast a shadow of uncertainty over these plans. Adding to the mix is the nomination of Michael Selig, a Securities and Exchange Commission official, to chair the Commodity Futures Trading Commission (CFTC). Selig's confirmation hearing has not yet been scheduled, leaving the future of crypto regulation in limbo. The political landscape is complex, and the path forward for crypto legislation is far from clear. With elections around the corner and a government shutdown in full swing, the future of crypto regulation in the U. S. hangs in the balance.