After taking a month off, the US Senate and House of Representatives are set to resume work on various government initiatives, including significant policies related to cryptocurrency and blockchain.
The two chambers of the 119th US Congress were on recess as planned since early January, which has effectively stalled progress on a bill aimed at defining a digital asset market structure. Meanwhile, Brian Quintenz is expected to take on the role of chairman at the Commodity Futures Trading Commission (CFTC), where he will address regulations, including those concerning central bank digital currencies (CBDCs).
Senate Committee Aiming for Market Structure Approval in September
Republicans are focused on advancing a bill from their committee to establish a framework for the crypto market as soon as they return. Back in July, House Republicans, with support from 78 Democrats, passed the Digital Asset Market Clarity (Clear) Act, which is now awaiting further discussion and amendments in the Senate. Senator Cynthia Lummis from Wyoming has been a vocal advocate for clearer and tighter regulations on crypto and is actively pursuing market structure legislation.
During an August meeting on blockchain, Lummis speculated that the Senate Banking Committee might approve a version of the proposed market structure based on the Clarity Act by the end of September, with further consideration by the Senate Agriculture Committee expected in October. She even ventured to predict that the bill could reach President Trump’s desk by year-end.
As of now, neither the Senate Agriculture Committee nor the Senate Banking Committee has scheduled a hearing to discuss the bill.
New Leadership at the CFTC
Starting Wednesday, Republican Caroline Fam will be the sole remaining member of the CFTC, following the retirement of Democrat Christine Johnson, who plans to step down before 2026. If the Senate confirms Quintenz, Johnson is expected to move “to the private sector.”
Despite Johnson’s upcoming departure, it’s unclear if Quintenz’s confirmation will happen soon. The Agriculture Committee had postponed voting on his nomination at the request of the White House before the Senate recess.
Gemini co-founders Cameron and Tyler Winklevoss, both known to support Trump, have reportedly urged him to reconsider Quintenz’s nomination. Initially backing it when announced in February, they later expressed concerns about the administration’s crypto agenda.
As of Monday, the Senate Banking Committee is slated to deliberate on five Trump nominations, but no timeline has been set by the Senate Agriculture Committee for Quintenz’s confirmation.
House Moves on Defense Bills Including CBDC Restrictions
The House of Representatives demonstrated broad support in July for the Anti-CBDC Surveillance National Act, although Republicans seem to be considering alternative options for this bill as it moves to the Senate.
In August, the House Rules Committee proposed an amendment to HR 3838, part of the National Defense Authorization Act, which restricts the Federal Reserve from issuing digital dollars. This aligns with the goals of the anti-CBDC surveillance legislation.
It’s currently uncertain which bills will garner enough support to pass Congress without any amendments.
