Crypto Needs Congress, But U.S. Lawmakers Have Opted for Pandemonium

By Jesse Hamilton. (CoinDesk). October 9, 2023.

Without the U.S. Congress outlining a clear system of rules, the crypto industry fears it’ll be relegated as a volatile financial backwater. But Capitol Hill is beset by drama, including a U.S. House of Representatives that fired its speaker and a budget debate that could derail the federal government.

Two crypto bills are carrying a lot of the sector’s hopes, because they’ve made it further than any legislation to date: one House bill that would establish rules for digital assets markets and another that would set up regulations for issuing and trading stablecoins in the U.S. Until now, Crypto lobbyists thought that both pieces of legislation had a shot to reach the House floor in November.

The problems: Nov. 17 is the new deadline for a government shutdown, unless Congress can agree to a spending plan it wasn’t able to execute last month. And one of the top voices in that negotiation is the speaker of the House. Republicans dumped the speaker, Rep. Kevin McCarthy (R-Calif.), in an unprecedented fashion and are yet to pick a new one.

Read the full piece from CoinDesk here: “Crypto Needs Congress, But U.S. Lawmakers Have Opted for Pandemonium.”