Preview: "According to some Republican lawmakers, the first crypto-related priority in the Senate will be to pass legislation for market structure."
After a monthlong break, the US Senate and House of Representatives are scheduled to return to conducting government business, which includes key policies affecting the cryptocurrency and blockchain industry.
Both chambers of the 119th session of the US Congress went on recess weeks ago as part of their schedule established in January. The move effectively paused any work toward passage of a bill to establish digital asset market structure, consider the nomination of Brian Quintenz to become chair of the Commodity Futures Trading Commission (CFTC), and legislation containing a provision for restricting a central bank digital currency (CBDC).
US Senate committee looking to pass market structure in September
One of the first legislative items on Republicans’ agenda upon their return will be to pass a bill establishing crypto market structure out of a committee and for a floor vote.
In July, Republicans in the House passed the Digital Asset Market Clarity (CLARITY) Act with the support of 78 Democrats, moving the bill to the Senate for additional amendments and debate. Wyoming Senator Cynthia Lummis, one of the most outspoken voices in Congress advovating for less restrictive and clearer crypto regulations, has been one of the lead Republicans calling for market structure.
During an August blockchain conference, Lummis speculated that the Senate Banking Committee would pass its version of market structure building on the CLARITY Act by the end of September, followed by consideration in the Senate Agriculture Committee in October. The Wyoming senator predicted the bill would end up on US President Donald Trump’s desk “before the end of the year.”
At time of publication, neither the Senate Agriculture Committee nor Senate Banking Committee had announced hearings to consider the bill.
Looking for a new CFTC chair
Starting on Wednesday, Caroline Pham, a Republican, will be the sole remaining commissioner, and acting chair of the CFTC following the departure of Kristin Johnson, a Democratic member. Johnson announced in May that she planned to resign before 2026, and Pham said she would move “to the private sector” if the Senate were to confirm Quintenz.
Even with Johnson’s impending departure and the CFTC running without many in leadership positions, Quintenz’s confirmation did not appear to be a guarantee at time of publication. Before the Senate went on recess, the agriculture committee delayed a vote on the prospective chair’s nomination at the request of the White House.
Related: Crypto advocacy groups double down on Quintenz confirmation at CFTC amid pushback
Gemini co-founders Cameron and Tyler Winklevoss, both Trump supporters and donors, reportedly pressured the president to reconsider Quintenz’s nomination. Though both brothers initially supported the nomination after Trump announced it in February, they later claimed he would not fully enact the president’s crypto agenda.
As of Monday, the Senate Banking Committee is scheduled to consider five of Trump’s nominations on Wednesday, but the Senate Agriculture Committee had not set up a time for Quintenz.
House to vote on defense bill containing CBDC ban
The House managed to pass the Anti-CBDC Surveillance State Act in July with the slimmest of Democratic support. However, it appears that Republicans are looking for alternatives to the bill, which was sent to the Senate for consideration.
In August, the House Rules Committee shared a revision to HR 3838, a bill implementing the National Defense Authorization Act. The revised legislation included a provision to ban the Federal Reserve from issuing a digital dollar — one of the tenets of the Anti-CBDC Surveillance State Act.
It’s unclear which bill, if any, will have enough support to pass through Congress without amendments or modifications.
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