Congress Returns from Summer Recess as Crypto Legislation Advances
Key Developments in Crypto Legislation
As Congress resumes after summer recess, key legislative actions regarding cryptocurrency are anticipated:
- The GENIUS Act addressing stablecoins has been introduced this year.
- Market structure legislation is still under development, with attention on the Digital Assets Market Clarity Act passed by the House.
- The Senate Banking Committee is drafting guidelines for "ancillary assets" but requires collaboration with the Agriculture Committee for comprehensive legislation.
- Bipartisan support is essential for any bill to pass the 60-vote threshold in the Senate, with a deadline set for September 30.
- The SEC and CFTC issued a joint statement on spot trading of crypto, emphasizing guidance for registered firms.
- The SEC plans to propose a rule on crypto asset sales by April and is prioritizing several crypto-related initiatives.
- A joint roundtable between the SEC and CFTC is scheduled for September 29 to discuss regulatory harmonization.
Upcoming Event
- On Wednesday at 12:00 UTC (8:00 a.m. ET), CoinDesk will host a policy and regulation event in Washington, D.C.