The U.S. Government shutdown is now in its third day, causing concern within the crypto industry about delayed ETF approvals. However, amidst the chaos, one office on Capitol Hill is pushing forward with President Trump’s crypto agenda. Senator Cynthia Lummis, Chair of the Subcommittee on Digital Assets, is leading the charge to get a market structure bill on the President’s desk by the end of the year.
Despite the shutdown affecting key regulators like the SEC and CFTC, the legislative branch is able to focus on crafting the details of the bill. This unexpected benefit may actually expedite the process of passing a market structure bill into law by 2025.
Summer Mersinger, CEO of the Blockchain Association, and former CFTC commissioner, explained how a government shutdown allows Congressional staff to concentrate on legislation. She noted that the reduced activity frees up time for staffers to work on clarifying details of the bill.
Adam Minehardt, Head of Public Policy for Chainlink Labs, echoed this sentiment, emphasizing the shutdown’s potential to focus staff attention on market structure. While access to Congressional offices may be limited during the shutdown, essential staff members are still working to move the bill forward.
The key issue in the market structure negotiations revolves around defining digital assets. The Senate and House have differing approaches to this matter, with Mersinger highlighting the need to create a new test to determine whether a token is a security or commodity.
Despite the shutdown, there is bipartisan momentum behind the push for a market structure bill. Ji Kim, CEO of the Crypto Council for Innovation, emphasized the importance of keeping the momentum going for the benefit of consumers and U.S. leadership in the crypto space. With both Democrats and Republicans working together on the framework, there is hope for progress in the Senate.
Mersinger stressed the urgency of passing the bill in 2025, citing the strong economy and the need for a federal framework for the digital asset economy. She warned against waiting for a crisis like FTX to spur action, as it could result in poorly written laws.
In conclusion, while the government shutdown has disrupted normal operations, it has inadvertently provided an opportunity for Congress to focus on advancing the market structure bill. With bipartisan support and a sense of urgency, there is hope that the bill will become law by the end of the year. Now is the perfect opportunity to ensure that the best products are coming out of Congress. With the current political climate and the upcoming legislative session, it is crucial that lawmakers and policymakers are focused on creating effective and impactful policies that will benefit the American people.
One of the key aspects of getting the best products out of Congress is through collaboration and bipartisan cooperation. It is essential that lawmakers from both parties come together to work towards common goals and find solutions to the pressing issues facing our country. By putting aside political differences and working together, Congress can ensure that the products they produce are truly representative of the needs and desires of the American people.
Another important factor in getting the best products out of Congress is transparency and accountability. It is crucial that lawmakers are open and honest about their intentions and actions, and that they are held accountable for their decisions. By being transparent and accountable, Congress can build trust with the American people and ensure that the products they produce are in the best interest of the public.
Additionally, it is essential that Congress takes the time to thoroughly research and analyze the products they are creating. By conducting thorough research and analysis, lawmakers can ensure that the products they produce are based on sound evidence and data, rather than political ideology or special interests. This will help to ensure that the products Congress creates are effective, efficient, and truly beneficial to the American people.
Overall, now is the time for Congress to come together and focus on creating the best products possible for the American people. By working collaboratively, being transparent and accountable, and conducting thorough research and analysis, Congress can ensure that the products they produce are truly representative of the needs and desires of the American people. It is time for Congress to step up and deliver the best products possible for the benefit of all Americans.