{"id":17901,"date":"2025-11-12T03:05:51","date_gmt":"2025-11-12T02:05:51","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=17901"},"modified":"2025-11-12T03:05:51","modified_gmt":"2025-11-12T02:05:51","slug":"senate-takes-action-to-avert-us-shutdown-as-crypto-legislation-gains-momentum","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/12\/senate-takes-action-to-avert-us-shutdown-as-crypto-legislation-gains-momentum\/","title":{"rendered":"Senate Takes Action to Avert US Shutdown as Crypto Legislation Gains Momentum"},"content":{"rendered":"

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This day in crypto, the US Senate approved a funding measure to conclude the ongoing government cessation, now pending House endorsement. Brazil\u2019s central bank initiated steps to impose stricter regulation on crypto and stablecoins, while a US Senate committee unveiled a preliminary outline for digital assets.<\/p>\n

Senate endorses funding measure to restart US government, awaits House vote<\/h2>\n

The US administration is inching closer to resuming<\/a> operations after over 40 days of inactivity, with several Democratic legislators in the Senate collaborating with Republicans to secure the funding measure.<\/p>\n

On Monday, the US Senate conducted<\/a> a late-night vote for a bill \u201ccontinuing appropriations and extensions for fiscal year 2026,\u201d which was approved 60 to 40 in the chamber. The measure is anticipated to finance the government until Jan. 31, 2026, assuming it is passed in the House of Representatives and receives President Donald Trump\u2019s signature.<\/p>\n

Since Tuesday is a US federal holiday, the House is not likely to reconvene to deliberate on the bill until Wednesday at the earliest. Prediction platform Polymarket has already revised its forecast regarding when the US government will revert to standard operations on Friday, most likely following the House bill\u2019s approval.<\/p>\n

During the government shutdown \u2014 the longest in the nation’s history \u2014 numerous federal agencies have laid off employees and diminished operations in response to funding shortages.<\/p>\n

Even if the measure were to swiftly pass and receive presidential approval, it is likely to take a while before personnel can return to their duties. The operational strategy at the US Securities and Exchange Commission (SEC), for instance, will permit employees to resume<\/a> work on the \u201cnext regularly scheduled workday following the enactment of appropriations legislation.\u201d<\/p>\n

Source:\u00a0<\/em>Polymarket<\/em><\/a><\/figcaption><\/figure>\n

Brazil categorizes stablecoin payments as foreign exchange under new regulations<\/h2>\n

Brazil\u2019s central bank has finalized regulations that bring crypto firms under banking-like oversight<\/a>, designating stablecoin transactions and certain self-custodied wallet transfers as foreign-exchange activities.<\/p>\n

Under Resolutions 519, 520, and 521, released Monday, the Banco Central do Brasil (BCB) established<\/a> operational guidelines and authorization protocols for what it refers to as Sociedades Prestadoras de Servi\u00e7os de Ativos Virtuais (SPSAVs), a new class of licensed virtual-asset service providers in the nation.<\/p>\n

The framework expands current regulations on consumer protection, transparency, and AML to encompass crypto brokers, custodians, and intermediaries.<\/p>\n

The regulations will come into effect on Feb. 2, 2026, with compulsory reporting for capital-market and cross-border transactions set to commence on May 4, 2026.<\/p>\n

The regulations will also apply to transfers to and from self-custodied wallets when intermediated by a service provider. This implies that providers must identify the wallet holder and maintain their processes to verify the source and destination of the assets, even if the transfer itself is not cross-border.\u00a0<\/p>\n

Senate Agriculture Committee unveils draft crypto market legislation<\/h2>\n

The US Senate Agriculture Committee presented its long-anticipated discussion draft of crypto market structure regulations on Monday, bringing Congress nearer to legislating how the crypto sector will be governed.<\/p>\n

The draft featured brackets around sections of the legislation that lawmakers\u00a0are still deliberating, and Democrats stated that the Committee lacks jurisdiction over certain elements and are eager to collaborate with the Senate Banking Committee to \u201caddress matters pertaining to noncontrolling blockchain developers and providers of blockchain services.\u201d<\/p>\n

The bill seeks to delineate the boundaries of the Commodity Futures Trading Commission and the Securities and Exchange Commission\u2019s authority to regulate crypto. The Agriculture Committee holds jurisdiction over the CFTC, while the Senate Banking Committee is leading portions of the bill concerning\u00a0securities\u00a0regulations, as it oversees the SEC.<\/p>\n

\"Cryptocurrencies,
An excerpt of a bracketed section of the draft bill outlines how the CFTC and SEC should collaboratively issue rules concerning crypto. Source:\u00a0<\/em>Senate Agriculture Committee<\/em><\/a><\/figcaption><\/figure>\n

Democrat Senator Cory Booker, who played a pivotal role in drafting alongside Republican Agriculture Chair John Boozman, asserted that the discussion draft \u201cwould grant the CFTC new powers to oversee the digital commodity spot market, initiate new protections for retail customers, and ensure the agency has the personnel and resources needed to supervise this expanding market.\u201d<\/p>\n