U.S. Senate Continues Work on Crypto Market Bill Despite Shutdown
- Republican senators intend to pass a law on the crypto market by the end of the year.
- The government shutdown has not stopped the preparation of the bill.
- Coinbase said the parties have agreed on about 90% of the key provisions.
U.S. lawmakers continue to advance a key bill on cryptocurrency market structure despite the ongoing government shutdown. According to Bloomberg, Republicans in the Senate plan to pass the document by the end of 2025, maintaining the previously announced deadline.
Agriculture Committee Chairman John Boozman said he is in talks with Democrats to create a bipartisan version of the bill, which is expected to be ready “very soon.” He said the Senate’s goal is to pass the document by 2026, providing a regulatory framework for digital assets.
Work on the initiative continues despite thousands of federal employees being on unpaid leave due to the government shutdown. Meanwhile, members of Congress remain in office and continue to participate in meetings and negotiations.
The Senate initiative was based on the “CLARITY Act” passed by the House of Representatives in July, part of the Republican “crypto week.” The Senate version of the document, dubbed the “Responsible Financial Innovation Act,” seeks to create a unified legal framework for the digital asset marketplace and distribute oversight authority between the SEC and CFTC.
Senator from Wyoming Cynthia Lummis, one of the authors of the initiative, previously expressed hope that the document will be considered in the relevant committees by the fall of 2025. However, delays due to political factors could push the timeline back, the politician said.
Meanwhile, Coinbase CEO Brian Armstrong said the Senate is “working diligently” on the bill and that the parties have already agreed on about 90% of the key issues. According to him, the passage of the document will be a turning point for the US crypto market, establishing long-awaited clarity for the industry and investors.
Recall, we wrote that US Congressman Ro Khanna announced the preparation of a bill to ban politicians from owning cryptocurrencies.
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