After a month-long recess, the U.S. Senate and House of Representatives plan to return to government work, including key policy reviews affecting the cryptocurrency and blockchain industry.
The two chambers of the 119th Congress entered recess a few weeks ago according to the schedule set in January. This move effectively paused all related work, including the advancement of the Digital Asset Market Structure Bill, the review of Brian Quintenz's nomination as chairman of the Commodity Futures Trading Commission (CFTC), and the legislative process containing central bank digital currency (CBDC) restriction clauses.
One of the first legislative agendas for Republicans upon reconvening will be to push the cryptocurrency market structure bill through committee review and into the full house voting process.
In July, House Republicans successfully passed the CLARITY Act with the support of 78 Democrats, which has been submitted to the Senate for further revision and discussion. Wyoming Senator Cynthia Lummis, one of the most active advocates for easing and clarifying cryptocurrency regulation in Congress, has been a leading Republican figure in promoting market structure legislation.
Lummis speculated at a blockchain conference in August that the Senate Banking Committee would pass its market structure framework based on the CLARITY Act by the end of September, followed by a review by the Senate Agriculture Committee in October. The Wyoming senator predicted, "The bill will be on President Donald Trump's desk by the end of the year."
As of the time of publication, neither the Senate Agriculture Committee nor the Banking Committee has announced plans for hearings on the bill.
Starting Wednesday, Republican Caroline Pham will be the only remaining commissioner and will serve as acting chair of the CFTC after Democratic commissioner Kristin Johnson's departure. Johnson announced in May that she plans to resign before 2026. Pham stated that if the Senate approves Quintenz's appointment, she will "move to the private sector."
Despite Johnson's impending departure and significant vacancies in CFTC leadership, as of the time of publication, Quintenz's appointment has not been guaranteed. Before the Senate recess, the Agriculture Committee postponed the vote on the future chair nomination at the request of the White House.
Reports indicate that Gemini exchange co-founders Cameron and Tyler Winklevoss, as supporters and donors of Trump, pressured the president to reconsider Quintenz's nomination. Although the brothers initially expressed support after Trump's February announcement of the nomination, they later claimed that Quintenz would not be able to fully execute the president's cryptocurrency policy agenda.
As of Monday, the Senate Banking Committee has scheduled to review five of Trump's nominations on Wednesday, but the Senate Agriculture Committee has yet to set a specific time for Quintenz's nomination.
Despite receiving support from only a handful of Democratic lawmakers, the House successfully passed the Anti-CBDC Surveillance National Act in July. However, Republicans currently seem to be seeking alternatives for the bill, which has been submitted to the Senate for review.
The House Rules Committee released a revised version of HR 3838 in August, which is used to implement the National Defense Authorization Act. The revised bill includes a provision prohibiting the Federal Reserve from issuing a digital dollar—one of the core elements of the Anti-CBDC Surveillance National Act.
Industry analysts point out that it remains unclear which bill (if any) will be able to gain sufficient congressional support to pass smoothly without amendments or adjustments.
Related: Coinbase and OKX push cryptocurrency into Australia's pension system
Original: “Congress Reconvenes, What Changes Will U.S. Cryptocurrency Policy See?”
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