Government Shutdown and Cryptocurrency Legislation
In light of a significant government shutdown that commenced on October 1, the Blockchain Association, a prominent proponent of cryptocurrency interests in the U.S., is urging congressional members to collaborate effectively. On September 30, the association shared its appeal through a social media announcement, emphasizing the critical need to “keep the momentum going” regarding cryptocurrency legislation.
Call for Unity from Blockchain Association
CEO Summer Mersinger highlighted the unprecedented support for digital assets, citing bipartisan efforts in legislation and the teamwork exhibited between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
“To ensure that America maintains its leadership as the world’s cryptocurrency capital, continuous action is necessary,”
Mersinger stated. This call for unity comes on the heels of a troubling political climate, where an inability to reach consensus on government funding has led to an impasse in legislative activity.
Political Impasse and Its Impact
Discussions between the two political parties have repeatedly fallen short, stalling several initiatives, including crucial ones for the cryptocurrency sector. White House spokesperson Karoline Leavitt mentioned ongoing budgetary reviews by the administration, hinting at the likelihood of impending layoffs within federal agencies.
Future of Cryptocurrency Regulation
A recent roundtable event conducted by the SEC and CFTC in Washington, D.C., aimed at enhancing regulatory frameworks for digital assets, had initially suggested a promising partnership in managing the evolving cryptocurrency landscape. However, the current government shutdown creates uncertainty regarding how ongoing developments in the blockchain area will unfold amid these hurdles.
