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North Carolina Senator Thom Tillis, a Republican member of the US Senate Banking Committee, allegedly cautioned that Congress has merely a few months remaining to propel crypto legislation before electoral politics impede advancement.
As per a Monday Bloomberg article, Tillis stated that the 2026 midterm elections would probably hinder progress on any crypto proposals currently making their way through Congress, including the market structure framework endorsed by the House of Representatives in July, which is now under review in the Senate.
Tillis indicated that legislators should act “by early January or February” to ensure any legislation is enacted in the ongoing session, concluding in January 2027.
“I’m not hopeful about us advancing significantly on anything related to digital assets, stablecoins, or crypto in this Congress,” remarked Tillis, according to Bloomberg.
Tillis’s comments surfaced amid a US government shutdown, which commenced on Oct. 1 after politicians could not arrive at a consensus on a funding proposal due to Democratic apprehensions regarding healthcare cuts and subsidies.
While the Senate continues its session, House Speaker Mike Johnson has persisted in postponing activities in the chamber since prior to the onset of the shutdown.
Related: Congressman Steil: US market structure bill on course, despite shutdown
Among the crypto-related measures halted by the shutdown was the CLARITY Act, approved by the House in July, which Senate leaders proclaimed they would “expand on” to enact market structure legislation.
Senator Cynthia Lummis, a Republican authority on the Senate Banking Committee, remarked prior to the shutdown’s start that the chamber’s iteration of the bill, designated the Responsible Financial Innovation Act, would be enacted by 2026.
Nominee for CFTC chair seeking Senate affirmation
On Saturday, Securities and Exchange Commission official Michael Selig announced that US President Donald Trump had recommended him to lead the Commodity Futures Trading Commission (CFTC), one of the principal financial regulators impacting how crypto enterprises operate in the nation.
His confirmation hearing was not listed on the Senate agenda as of Monday.
Magazine: Review: The Devil Takes Bitcoin, an intriguing history of Mt. Gox and Silk Road
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