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According to Cointelegraph, the United States government could face a shutdown within the next week, which may impact the progress of several crypto bills awaiting a vote. House Speaker Kevin McCarthy is under pressure from his own party to make decisions on spending plans. In July, the House Financial Services Committee voted in favor of multiple crypto-focused bills, including the Financial Innovation and Technology for the 21st Century Act (FIT), the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act. These bills could potentially reach a House floor vote in the current session of Congress. A government shutdown would halt lawmakers from moving forward on any legislation until they resolve the issue of funding the U.S. government into the next fiscal year. Ron Hammond, the Blockchain Association's director of government relations, said that the longer the shutdown lasts, the more various bills, including FIT/market structure and stablecoins, will be delayed. Some of the bills have bipartisan support and are likely to pass in floor votes, but there are political obstacles that could hinder their progress, such as differing approaches to stablecoin legislation by the two major parties. Lawmakers have until September 30 to reach an agreement on spending bills. A shutdown would effectively stop all federal agencies from performing non-essential tasks, including actions by the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission overseeing digital assets. As of September 25, Speaker McCarthy was reportedly planning to introduce spending bills that include controversial measures, such as restrictions on abortion access and funding for a U.S.-Mexico border wall. The House of Representatives will convene on September 26 to address the issue, while the Senate is scheduled to consider its own stopgap funding measure.

2 months ago

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