US senators are actively working on developing a bill to regulate the cryptocurrency market, despite the ongoing federal government shutdown. Republicans in the Senate have expressed their intention to complete the review and pass this important document by the end of 2025, maintaining previously established deadlines.
This is reported by Business • Media
Bipartisan Support and Key Aspects of the Bill
Chairman of the Agriculture Committee John Boozman has reported that he is negotiating with Democrats to create a bipartisan version of the law. According to him, the final text may be prepared soon, and the main goal of the Senate is to approve the document by 2026. The bill is set to serve as the foundation for a new regulatory system for digital assets in the US.
Despite a large number of federal employees being temporarily out of work due to the shutdown, members of Congress continue to fulfill their duties by participating in meetings and discussions regarding the future of the cryptocurrency market.
Responsible Financial Innovation Act and Industry Support
The future law is based on the “CLARITY Act,” which the House of Representatives passed in July during the so-called “crypto week” of the Republicans. The Senate is considering its own version — the “Responsible Financial Innovation Act.” This document aims to create a unified legal framework for digital assets and clearly defines the division of oversight functions between the SEC and CFTC.
Senator Cynthia Lummis from Wyoming, one of the bill’s authors, previously noted that the document is expected to be reviewed in the relevant committees by the fall of 2025. However, political processes may affect the timelines for approval.
The Senate is “diligently working” on the bill and that the parties have already agreed on about 90% of the key issues, which will be a turning point for the American cryptocurrency market and provide the long-awaited clarity for the industry and investors.
At the same time, another bill is being prepared in the US that proposes to prohibit politicians from owning cryptocurrencies, as recently stated by Congressman Ro Khanna. This indicates an increased focus among American lawmakers on regulating digital assets and ensuring transparency in the political sphere.