Congress Returns for Final Weeks of Session Amid Spending Plan Deadline
Congressional leaders reconvene for the final weeks of the session. The current federal spending plan expires on Dec. 20, but a government shutdown appears unlikely. Both parties are interested in passing a continuing resolution to fund the government through March.
The Republican advantage is postponing larger decisions until they control both chambers. However, President-elect Donald Trump may prefer Congress not to be occupied with appropriation bills while he seeks Senate nominations and pushes tax, immigration, and tariff policies.
Democrats aim to confirm as many of President Biden’s judicial nominations as possible before year-end. Funding bills require a 60-vote threshold in the Senate, where Republicans hold 53 seats, limiting Democratic concessions.
A three-month stopgap is likely. This situation may hinder significant crypto policy advancements in early 2025. Industry officials express optimism that a second Trump administration will usher in new crypto policies. Coinbase chief policy officer Faryar Shirzad stated that versions of the FIT21 bill and the Clarity for Payment Stablecoins Act could progress quickly next year.
A Republican majority in the House and Senate may facilitate crypto policy advancements, depending on lawmakers' priorities. Potential executive orders from Trump could arise if he appoints a “crypto czar,” a role previously reported by Blockworks. This crypto czar might lead a team of industry executives and stakeholders, possibly influenced by Trump's top donors.
The Senate must confirm a successor for SEC Chair Gary Gensler and a replacement for resigning Commissioner Jaime Lizárrage. Reports suggest Trump may announce his SEC chair pick today, with former SEC Commissioner Paul Atkins mentioned, though he has not confirmed acceptance. Brian Brooks, a former acting comptroller of the currency, is another potential candidate.
The new SEC chair would likely replace Sanjat Wadhwa, currently acting director of the division of enforcement, impacting how the SEC approaches enforcement actions and targets specific entities.
While ongoing enforcement actions may not be dropped easily, changes in leadership could influence the SEC's strategy.