As lawmakers prepare for the last months of activity for this year, the docket includes two major crypto bills that made strides this summer.
As Congress prepares for its final stretch of lawmaking for the year, the docket includes two major crypto bills that made strides this summer. Backers of each claim bipartisan support, but passing them into law this year is a tall order.
Barring some unforeseen breakthrough, neither bill seems on its way to becoming law soon. “It’s fair to say that there’s no expectation that they’re going to become law this year or next year,” said Owen Tedford, a senior research analyst at Beacon Policy Advisors in Washington.Congressman Stephen Lynch described the proposal as a “bad bill” in a hearing that advanced the proposal.
That leaves both pieces of legislation in bad positions. The House and Senate, which run on slightly different calendars, each likely only have around a dozen weeks left this year in session. Some of that time will be taken up by clashes over how to avert a government shutdown as soon as this month. With legislation on the back burner, crypto regulation will likely still be led by SEC Chair Gary Gensler, whose agency has brought multiple lawsuits against major crypto firms including Coinbase Global and Binance for allegedly violating securities laws. Both companies deny those charges.
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