Part of Crypto’s impulse in Washington DC has stagnated, a situation that can get worse if the United States government closes next week.
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The narrative
The United States government seems to go to a closure. While that will not directly affect cryptography, government closure will affect the formulation of policies in the cryptographic world.
Why does it matter
There are three main questions at this time when it comes to market structure legislation: Congress will approve a bill; When could Congress approve a bill? And how will this process affect this process?
Beyond Congress, a closure could affect the regulatory regulation efforts, although that may not be such a big problem at this time (depending, of course, how much the closure lasts).
Break down
The Congress has until September 30, 2025, in other words, on Tuesday, to approve a draft Budget Law, or at least a continuous resolution that would continue to finance the Government. Republicans control the White House, the House of Representatives and the Senate, but still need some Democratic support to move a budget law. The leader of the Senate minority, Chuck Schumer, and the minority leader of the House of Representatives, Hakeem Jefferies, seemed to meet and negotiate with President Donald Trump, but Trump canceled the meeting earlier this week. And on Friday, PunchBowl News reported that the leadership of the House of Representatives may not return to the body session until the Senate approves a bill.
A closure will probably stop progress in cryptographic market structure legislation. The possibilities that the market structure arrives through the Congress and the president’s desk this year are already becoming scarce even without the imminent closing threat, according to several people I talked with this week. A planned marking hearing for the Senate Banking Committee Law was expelled from its attempt date of September 30 at the end of October, and the Senate Agriculture Committee has not yet published any bill. Any bill that addresses the structure of the market would need the support of both committees before the General Senate is moved and then to the House of Representatives.
People said they still expected to see progress next year, if Congress cannot move the market structure bill through the Senate and the Chamber before December 31.
However, these possibilities become thinner in front of a closure. Close to the Federal Government is often remedied with fast -term expenditure agreements that only push the drama a few weeks or months later and promise future links of the congress.
If the government closes, the Senate committees may have to delay the plans for a marking, said the director of government relations of the Blockchain Association, Jessica MartÃnez.
“While there has been a good faith negotiation on both sides, a closure would stop critical progress in cryptography policy,” he said in a statement. “Despite a possible delay, our leaders in Congress are committed to obtaining a bipartisan market structure legislation in the finish line.”
Kristin Smith, president of the Solana Policy Institute, said it was optimistic that the legislation would continue to receive bipartisan attention, saying that a closure would be a “setback, but it is clear [lawmakers] Remain committed “to approve a market structure invoice.
Senator Kirsten Gillibrand (DN.Y.), speaking at the Coindesk policy and regulation event earlier this month, has already tried to modify the expectations that Congress had to act at the end of September, a deadline previously established by the president of the Senate Banking Committee, Tim Scott.
“I don’t want to put an artificial term at all, because we are in the midst of negotiations about whether we are going to have a bipartisan budget,” he said. “The most important issue with which Congress has to deal at this time is the fiscal cliff on September 30. That is a much more important deadline in which the whole country trusts … please urge it, please do not give the market structure an artificial deadline, because it is so important for this industry that we do it correctly and that we do it with a bipartisan base.”
The brilliant point for the cryptographic industry can come from regulators. While federal regulators, the stock exchange and securities commission, the Basic Products Trade Commission and the entities of the Treasury Department) will have to stop anything non -critical, many of the continuous regulatory efforts have already been launched. Some of these efforts are in the phase of public comments.
Didier Lavallee, the CEO of Canadian firm Tetra Digital, said in a statement that a closure could affect the agenda of the president of the SEC, Paul Atkins, “in the medium term”, but the impulse around the formulation of cryptographic policies still enjoys bipartisan support.
“So, although there may be short -term delays in policy deadlines, long -term progress is unlikely to derail,” he said.
Monday
- 17:00 UTC (1:00 PM ET) The SEC and CFTC hold a round joint table on September 29, 2025 to discuss ways of joining their regulatory efforts.
Tuesday
- Mocions after trial in the case of the Department of Justice against the Roman storm are due. As a reminder, Storm was convicted of conspiring to operate a money transmitter without a license last month, but the jury did not condemn him for two other positions.
If you have thoughts or questions about what I should discuss next week or any other comments you want to share, do not hesitate to send me an email to [email protected] or find myself at bluesky @nikhileshde.bsky.social.
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Look, next week!
