Over the next week, the United States government faces the possibility of a shutdown as House Speaker Kevin McCarthy grapples with internal political pressures regarding spending plans.
The decision could also have adverse effects on the progress of crypto bills awaiting a vote, potentially impacting the future of cryptocurrency regulation.
Back in July, lawmakers from the House Financial Services Committee voted in favor of several crypto-focused bills.
The Financial Innovation and Technology for the 21st Century Act (FIT), the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act garnered support and were among the more notable bills passed by the committee.
These bills could potentially be brought to a House floor vote during the current session of Congress.
However, a government shutdown would halt lawmakers' ability to move forward with any legislation until the issue of funding the US government for the next fiscal year is resolved.
While government shutdowns are not uncommon in US history, the reasons behind them have shifted from concerns over funding to political maneuvering.
Ron Hammond, the Blockchain Association's director of government relations, has voiced concern about the possibility of a shutdown and its negative impact on the digital asset industry.
He noted the fractured divisions within the House Republican party and the Senate's independent direction, making a shutdown increasingly likely.
“For crypto the longer the shutdown goes on, the more various bills including FIT/market structure and stables get pushed.”
Several of the bills awaiting a vote have bipartisan support and are likely to pass in floor votes, Hammond said, while mentioning that "thereRead more on cryptonews.com