As of October 9, the partial shutdown of the US federal government has entered its ninth day, and the future of virtual currency policy remains uncertain.
However, sources in Washington say that despite the budget not being approved, momentum for regulating cryptocurrencies has not completely died down. The House of Representatives is in recess due to the shutdown, but the Senate is considering regulating the cryptocurrency market in parallel with budget deliberations.
The Senate Banking Committee is determined to move forward with regulating the cryptocurrency market even during the government shutdown, two people familiar with the matter said. According to reports, committee leadership aims to vote on the Responsible Finance Innovation Act by the end of this month, even if a budget cannot be passed.
The draft bill was reported to be “nearing completion” before the shutdown, but staffing cuts at federal agencies could slow the process. Many agency staff working on congressional committees in areas such as crypto market structure have been furloughed, reducing the likelihood that the draft will be published in the near term.
Meanwhile, the approval process for new spot crypto ETFs has also been halted due to the SEC’s reduced operations. Under the SEC’s suspended operating plan, the SEC will not review new registration applications or issue notices of approval. However, with the establishment of new universal listing standards and intensive preparations by issuers prior to the shutdown, industry representatives believe that approval will be granted quickly once federal agencies are fully operational.
*This is not investment advice.
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