After a month’s break, the US Senate and House of Representatives will return to implementing government projects, including key policies affecting the cryptocurrency and the blockchain industry.
Both rooms for the 119th session of the US Congress were closed a few weeks ago as part of the schedule established in January. The move has effectively paused towards the passage of a bill to establish a digital asset market structure. The appointment of Brian Quintents will become chairman of the Commodity Futures Trading Commission (CFTC) and will consider laws that include provisions to restrict central bank digital currency (CBDC).
US Senate committee seeking to pass market structure in September
One of the first legislative items on the agenda for Republicans on their return is to pass the bill from the committee establishing a crypto market structure and pass it for floor votes.
In July, House Republicans, with the support of 78 Democrats, passed the Digital Asset Market Clarity (Clear) Act, moving the bill to the Senate for additional amendments and discussion. Wyoming Sen. Cynthia Ramis is one of the most outspoken voices in Congress that recommends more restrictive and clearer crypto regulations, and is one of the leading Republicans seeking market structure.
At the August blockchain meeting, Lummis speculated that the Senate Banking Committee would pass a version of the market structure based on the Clarity Act by the end of September, and then considered it in the Senate Agriculture Committee in October. The Wyoming Senator predicted the bill would end up as President Donald Trump’s desk “by the end of the year.”
At the time of publication, neither the Senate Agriculture Committee nor the Senate Banking Committee issued a hearing to consider the bill.
Looking for a new CFTC chair
Starting Wednesday, Republican Caroline Fam will be the only remaining member of the CFTC after Democrat member Christine Johnson retires. Johnson announced in May that he plans to step down before 2026, and Fam said he would move “to the private sector” if the Senate confirms Quints.
Even if Johnson’s imminent departure and CFTC were operating without falling into leadership positions, Quintenz’s confirmation did not appear to be a guarantee at the time of publication. Before the Senate rested, the Agriculture Committee delayed the vote on the nomination of a future chairman at the White House request.
Related: Crypto advocacy group doubles Quintenz’s confirmation at CFTC in pushback
Gemini co-founders Cameron and Tyler Winclevos, both Trump supporters and donors, reportedly pressured the president to reconsider the Quintens nomination. Both brothers initially supported the nomination after Trump announced it in February, but they later insisted that they would not fully enact the president’s crypto agenda.
https://www.youtube.com/watch?v=ly-sjgrakrs
As of Monday, the Senate Banking Committee is scheduled to consider five Trump nominations on Wednesday, but the Senate Agriculture Committee had not set a time for Quintenz.
House of Representatives votes for defense bills including CBDC ban
The House of Representatives made the most democratic support in July and passed the Anti-CBDC Surveillance National Act in July. However, Republicans appear to be looking for an alternative to the bill sent to the Senate for consideration.
In August, the House Rules Committee shared an amendment to HR 3838, a bill that implements the National Defense Authorization Act. The revised law included a provision that prohibited the Federal Reserve from issuing digital dollars. This is one of the doctrines of anti-CBDC monitoring national law.
It is unclear which bills, if any, will have sufficient support to pass Congress without amendments or changes.
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