Congress Faces Tight Deadline on Crypto Legislation as Year-End Approaches

Congress Tackles Crypto Challenges Amidst Tight Schedule

The U.S. Senate has resumed its session, prioritizing several cryptocurrency-related initiatives. However, the pressing question remains: can Congress achieve its crypto goals given the limited time left in the year?

The Stakes

With the 2024 elections on the horizon, the crypto sector is eager to secure legislative victories. Despite progress with the GENIUS Act and ongoing regulatory developments by the SEC and CFTC, the market structure bill is still incomplete. Congress has under 40 days this year and a few months next year before adjourning for midterm elections.

Progress and Challenges

The Senate Agriculture Committee has advanced Mike Selig's nomination for CFTC Chair to the full Senate for a floor vote. Selig emphasizes the importance of addressing crypto issues, such as onchain markets and intermediaries, to protect investors and establish robust regulatory frameworks.

Meanwhile, the Senate Banking Committee has moved forward with Travis Hill's nomination for the FDIC Chair. However, the critical market structure legislation remains stalled, with ongoing negotiations between parties.

Senator Tim Scott, head of the Banking Committee, has criticized Democrats for delaying the bill's progress. He remains optimistic about advancing the bill to the Senate floor by early 2026, aiming to position the U.S. as a global crypto leader.

As Congress faces a tight schedule with upcoming holidays, the window for legislative action is narrowing.

• Congress returns next week following the Thanksgiving break.

For insights or feedback, contact us at [email protected] or join the discussion on Telegram.