Crypto Legislation Faces Time Crunch as US Midterm Elections Loom
North Carolina Senator Thom Tillis, a Republican member of the US Senate Banking Committee, has warned that Congress has only a few months left to advance crypto legislation before electoral politics slows progress. According to a recent report, Tillis emphasized the importance of acting swiftly, stating that lawmakers should aim to pass legislation by the first half of January and February to get it done in the current session, which ends in January 2027.
Tillis’ comments came amid a U.S. government shutdown that began on October 1, after lawmakers failed to agree on a funding bill due to concerns about healthcare cuts and subsidies. Although the Senate remains in session, House Speaker Mike Johnson had already delayed sessions in the chamber before the shutdown began. The shutdown has stalled the progress of several crypto-related bills, including the CLARITY Act passed by the House of Representatives in July.
Impact on Crypto Legislation
Among the bills affected by the shutdown is the market structure framework passed by the House of Representatives in July, which is currently being considered in the Senate. Senator Cynthia Lummis, a Republican chairwoman of the Senate Banking Committee, had previously stated that the chamber’s version of the bill, called the Responsible Financial Innovation Act, would take effect by 2026. However, Tillis expressed skepticism about the likelihood of significant progress on crypto legislation in the current Congress, citing the upcoming midterm elections as a major obstacle.
According to Tillis, “I’m not optimistic that we’ll make much further progress in this Congress on anything related to digital assets, stablecoins or crypto.” This statement highlights the challenges faced by lawmakers in advancing crypto legislation, despite the growing importance of the industry. The US government shutdown has further complicated the situation, with the Senate remaining in session but the House of Representatives delayed.
Incoming CFTC Chairman
Meanwhile, Securities and Exchange Commission official Michael Selig has been appointed as the chairman of the Commodity Futures Trading Commission (CFTC), one of the key financial regulators that influences how crypto companies operate in the country. His confirmation hearing was not on the Senate calendar as of Monday, and it remains to be seen how his appointment will impact the regulation of the crypto industry.
For more information on the latest developments in crypto legislation, visit Cointelegraph.
