Legislative Gridlock Deepens
I’ve been watching this government shutdown unfold, and honestly, it’s starting to feel like we’re stuck in a loop. The current shutdown is already the second-longest in U.S. history, and if it continues through Wednesday, it’ll break the record of 35 days. That’s not great news for anyone waiting on crypto legislation to move forward.
Congress had set some deadlines for themselves, but those are slipping away. The October 20th target for a market structure bill markup hearing came and went without action. Time is becoming a real problem here.
Competing Priorities Loom
Ron Hammond from Wintermute made a good point about what happens as we approach year-end. Congress will have other urgent matters to handle—things like the National Defense Authorization Act, which is basically mandatory military spending. Crypto legislation might get pushed to the back burner.
Still, there’s some optimism floating around Washington. People think the crypto bills that stalled out over the summer might see some movement eventually. The next thing to watch is the Senate Agriculture Committee’s draft market structure bill. That could give us a sense of where the whole legislative package is heading.
Timing and Compromise Challenges
If the feedback on that draft is positive, we might see a markup hearing around Thanksgiving with a vote following soon after. But the shutdown complicates everything. The longer it drags on, the less time Congress has to deal with these different issues.
There’s some interesting political maneuvering happening too. I heard from someone familiar with D.C. politics that Democrats might drop their demands about healthcare premiums soon because of the Trump Administration’s handling of food assistance benefits during the shutdown. Two federal judges actually ordered the administration to resume those benefits on Friday.
Here’s the tricky part: if Democrats have to give in on shutdown-related demands, they might be less willing to compromise on crypto market structure legislation. It’s like one negotiation affects another.
Elections Add Another Layer
Next week brings elections in Virginia and New Jersey, where voters will decide on ballot initiatives and choose various officials. That’s going to consume political attention and energy too.
Looking at the calendar, I’m starting to think we might not see much movement on crypto legislation until after Thanksgiving at the earliest. And even then, it depends on whether the shutdown ends and how much political capital lawmakers have left.
It’s frustrating because there was real momentum building over the summer. Now everything feels paused. I suppose that’s just how Washington works sometimes—lots of starts and stops, with progress happening in fits and bursts rather than smoothly.
