Wisconsin Representative Bryan Steil, one of the original cosponsors of the House of Representatives’ crypto market structure bill, the CLARITY Act, said Republicans’ timeline of passing the legislation before 2026 was still the plan, despite the ongoing government shutdown.
In a Wednesday CNBC interview, Steil said Republicans’ plan for passing legislation to establish what they called regulatory clarity for the digital industry was still on track. Party leaders in the Senate pledged to have the chamber’s version of the bill signed into law by 2026, but as the government shutdown entered its eighth day, many in the industry have voiced concerns.
“I think we still have an opportunity to get CLARITY across the line by the end of the year,” said Steil, adding: “I’m hopeful that as we come on the other side of the shutdown that we have an opportunity to hit the ground running and have the Senate move forward quickly.”
He added:
“If the Senate chooses to use the House text as their base text, I think what we have is an opportunity to get this bill still done, signed into law by the end of the year.”
Steil’s remarks came amid a vote on a stopgap measure failing to pass in the Senate, likely extending the shutdown another day. Wednesday marked the eighth day since lawmakers failed to pass a continuing resolution to fund the government beyond Sept. 30, limiting operations at federal agencies, furloughing many employees, and affecting air travel for many Americans.
Though the House passed its version of market structure through the CLARITY Act in July as part of Republicans’ “crypto week” plans, the bill has experienced delays since being sent to the Senate. Wyoming Senator Cynthia Lummis, a Republican on the banking committee pushing for the bill’s passage, initially said the committee would vote on legislation that “built on” CLARITY by the end of September.
What can the US government do for crypto during a shutdown?
Congress remains in session, and lawmakers continue to receive their salaries, though House Speaker Mike Johnson reportedly said on Friday that the chamber would not return until the Senate passed a bill to reopen the government.
At the US Securities and Exchange Commission (SEC), the agency continues to operate with an “extremely limited number of staff” and “under modified conditions,” as laid out in an August plan.
Reviews of cryptocurrency-linked exchange-traded fund (ETF) applications are expected to be put on hold until the shutdown ends, but the SEC’s electronic filing system will continue to accept submissions.