This Week in Congressional News
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Congressional Leaders Return to Capitol Hill
Congressional leaders are back on the Hill for the final weeks of the session, facing a packed agenda. The current federal spending plan expires on Dec. 20, but the likelihood of a government shutdown seems low. Both Republicans and Democrats are looking at passing a continuing resolution to fund the government through March.
Implications for the GOP and Dems
For Republicans, a three-month stopgap means postponing major decisions until they have control of both chambers. However, President-elect Donald Trump may not want Congress tied up in appropriation bills as he focuses on nominations and policy goals. Democrats, on the other hand, aim to prioritize confirming President Biden’s judicial nominations before year-end. With funding bills requiring a 60-vote threshold in the Senate, Democrats maintain leverage despite Republican majority.
Crypto Policy Outlook
Industry officials are optimistic about the potential for significant crypto policy advancements under the second Trump administration. Coinbase’s chief policy officer anticipates movement on bills like FIT21 and the Clarity for Payment Stablecoins Act in the coming year. A Republican majority in Congress could facilitate progress, but the key lies in lawmakers’ priorities.
Potential Executive Actions and SEC Leadership Changes
Rumors suggest Trump may appoint a “crypto czar” to oversee policy developments, with industry executives likely to be involved. The Senate will need to confirm replacements for SEC Chair Gary Gensler and Commissioner Jaime Lizárrage, potentially reshaping the agency’s enforcement approach. Speculation surrounds candidates like former SEC Commissioner Paul Atkins and ex-acting comptroller of the currency Brian Brooks for the SEC chair position.
Stay tuned for updates on agency actions and enforcement actions, as the landscape for crypto policy continues to evolve.