Congress Resumes with Focus on Cryptocurrency Legislation
- The House passed the Digital Assets Market Clarity Act earlier this year with bipartisan support.
- The Senate Banking Committee is drafting guidelines for the crypto sector, but the Agriculture Committee has not yet released drafts.
- A September 30 deadline has been set by Banking Committee Chairman Tim Scott for advancing market structure legislation.
- The SEC and CFTC issued a joint statement on spot trading, indicating that registered firms should seek guidance on acceptable assets.
- Upcoming SEC proposals include rules for selling crypto assets by April and addressing safe harbor provisions.
As Congress reconvenes, significant attention is directed toward market structure legislation, particularly following the passage of the GENIUS Act addressing stablecoins. The need for bipartisan support is crucial due to the Senate’s requirement for a minimum of sixty votes to advance any bill.
With a September deadline looming, Congress faces challenges in balancing multiple legislative priorities while aiming to finalize key crypto regulations.(Source)
