The U.S. government shutdown is approaching its fourth week, with the Senate planning to vote on Monday evening to end the funding deadlock. Additionally, a separate meeting will be held on Wednesday, where lawmakers and cryptocurrency executives will discuss the long-stalled cryptocurrency market structure bill.
The Senate will conduct its 11th vote at 5:30 PM Eastern Time in an effort to end the shutdown. If approved and signed by the President, federal operations will resume, while another failure will extend the deadlock.
Despite the impasse, Congress remains active in other areas. According to journalist Eleanor Terret's post on X, Senate Democrats are expected to hold a roundtable on Wednesday with leaders from the cryptocurrency industry, including representatives from Coinbase, Kraken, Circle, and Ripple, to discuss the proposed U.S. market structure bill.
This meeting will be chaired by Democratic Senator Kirsten Gillibrand, who, along with several other Democratic senators, has introduced a counter-proposal to the cryptocurrency market structure bill, which critics claim would "stifle DeFi" and undermine the bipartisan support the CLARITY Act received in the House in July.
The U.S. market structure bill is the Senate's counterpart to the House's CLARITY Act, aimed at creating a comprehensive federal framework around digital assets.
The U.S. government has been in a shutdown since October 1, making it the third longest shutdown in U.S. history, following those in 1995 and 2018-2019.
October, which was supposed to be a key month for U.S. cryptocurrency exchange-traded funds (ETFs), has come to a standstill due to the government shutdown. The U.S. Securities and Exchange Commission (SEC), responsible for ETF approvals, is operating with limited staff, and key deadlines have passed without updates.
The first deadline was for the proposed Litecoin ETF by Canary, which was due on October 2. On October 7, Bloomberg analyst Eric Balchunas stated that this ETF, along with Canary's HBAR ETF, appears to be complete, although the shutdown may delay their launch.
As reported by Cointelegraph, up to 16 cryptocurrency exchange-traded funds are planned for launch in October, including funds tracking Solana, XRP, Dogecoin, and Litecoin. Additionally, 21 ETF applications were submitted to the SEC in early October.
Several pending ETF applications based on Solana and Ethereum include staking components.
Issuers such as Bitwise, Fidelity, Franklin Templeton, CoinShares, Grayscale, Canary Capital, and VanEck have submitted revised S-1 filings to the SEC, updating their proposals to reflect new staking terms.
Related: 88% of cryptocurrency airdrops perform poorly, how to break this curse?
Original: “U.S. Government Shutdown Approaches Fourth Week, Senate Democrats Plan Cryptocurrency Roundtable”
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