Following a month-long hiatus, the US Senate and House of Representatives are set to resume government activities, which encompass significant policies impacting the cryptocurrency and blockchain sector.
Both chambers of the 119th session of the US Congress entered recess weeks ago as part of their timetable established in January. This decision effectively halted any advancement toward the approval of a bill to create a digital asset market framework, evaluate the nomination of Brian Quintenz for the chair position at the Commodity Futures Trading Commission (CFTC), and legislation featuring a clause to limit a central bank digital currency (CBDC).
US Senate committee aiming to pass market framework in September
One of the initial legislative priorities for Republicans upon returning will be to advance a bill that establishes a crypto market framework out of a committee and for a floor vote.
In July, Republicans in the House approved the Digital Asset Market Clarity (CLARITY) Act with backing from 78 Democrats, transitioning the bill to the Senate for further amendments and discussions. Wyoming Senator Cynthia Lummis, a prominent advocate in Congress for less stringent and more transparent crypto regulations, has been one of the lead Republicans urging for a market structure.
During an August blockchain summit, Lummis predicted that the Senate Banking Committee would pass its version of the market structure based on the CLARITY Act by the conclusion of September, followed by deliberation in the Senate Agriculture Committee in October. The Wyoming senator forecasted that the bill would reach US President Donald Trump’s desk “before the end of the year.”
At the time of publication, neither the Senate Agriculture Committee nor the Senate Banking Committee had announced hearings to address the bill.
Seeking a new CFTC chair
Beginning Wednesday, Caroline Pham, a Republican, will be the only remaining commissioner and acting chair of the CFTC following the exit of Kristin Johnson, a Democratic member. Johnson stated in May that she intended to resign prior to 2026, and Pham indicated she would transition “to the private sector” if the Senate confirmed Quintenz.
Even with Johnson’s imminent departure and the CFTC operating with a lack of leadership, Quintenz’s confirmation did not seem to be assured at the time of publication. Before the Senate went into recess, the agriculture committee postponed a vote on the prospective chair’s nomination at the behest of the White House.
Related: Crypto advocacy organizations intensify push for Quintenz confirmation at CFTC amid resistance
Gemini co-founders Cameron and Tyler Winklevoss, both supporters and contributors to Trump, allegedly urged the president to reconsider Quintenz’s nomination. Although both brothers initially endorsed the nomination after Trump unveiled it in February, they later asserted that he would not fully implement the president’s crypto agenda.
As of Monday, the Senate Banking Committee is slated to review five of Trump’s nominations on Wednesday, but the Senate Agriculture Committee had not scheduled a time for Quintenz.
House to vote on defense bill with CBDC prohibition
The House successfully passed the Anti-CBDC Surveillance State Act in July with minimal Democratic backing. However, it seems that Republicans are searching for alternatives to the bill, which was handed to the Senate for evaluation.
In August, the House Rules Committee released a modification to HR 3838, a bill pertaining to the National Defense Authorization Act. The updated legislation included a clause to prohibit the Federal Reserve from issuing a digital dollar — a core principle of the Anti-CBDC Surveillance State Act.
It remains uncertain which bill, if either, will garner enough backing to proceed through Congress without alterations or adjustments.
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