The United States Senate is gearing up for a critical vote on a short‑term continuing resolution to reopen the federal government — but the much‑anticipated digital‑asset market‑structure legislation remains stalled in the corridors of power.
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Government funding showdown
With federal agencies either shut down or operating under limited funding, lawmakers have turned their attention to a stop‑gap funding bill passed by the United States House of Representatives. This measure, intended to restore operations temporarily, must now clear the Senate. However, the outcome remains uncertain: previous attempts have failed to secure the 60 votes required to advance the bill past filibuster threats.
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The urgency is real: most of the federal workforce is affected, major services have been suspended, and the clock is ticking. Analysts warn that delays will further erode public trust in governance and may hamper economic sectors heavily dependent on federal activity.
Crypto bill in limbo
At the same time, the landmark crypto‑regulation bill — often dubbed the market‑structure legislation for digital assets — is essentially sidelined. The measure, which had been expected to advance this year, has been disrupted by competing priorities and the government‑funding crisis.
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Championed by senators such as Cynthia Lummis and others, the bill aims to create a comprehensive regulatory framework for cryptocurrencies, including defining the oversight of decentralised finance (DeFi) and digital‑asset intermediaries. Yet, stalled negotiations and the shutdown have pushed back previous timelines.
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Why both matter
These parallel tracks — government funding and crypto regulation — reflect the complexity of congressional agenda‑setting. On one hand, reopening the government is an urgent, basic task of governance. On the other, crypto regulation represents a forward‑looking policy domain with major implications for innovation, financial markets, and national competitiveness.
For legislators and industry watchers, the message is clear: while crypto may have momentum, legislative windows close quickly when major funding fights dominate. The shutdown and the funding debate have effectively eaten into the legislative bandwidth needed for more complex bills.
Key obstacles ahead
Vote threshold: The funding bill must secure 60 votes to overcome Senate rules. With partisan divisions deepening, it’s unclear whether that threshold will be met.
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Legislative sequencing: The crypto bill depends on detailed committee work and stakeholder consensus. With focus diverted and agencies furloughed or understaffed, the text has not been finalised.
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Polling and pressure: Both the public and industry are watching. Delays in reopening the government are hurting everyday Americans and feeding frustration; failure to regulate crypto may cost the U.S. an innovation lead.
Political stakes: Some lawmakers view the funding battle as a venue for broader policy demands, which can complicate consensus for both funding and regulatory legislation.
What to watch
In the coming days, all eyes will be on the vote in the Senate: will the continuing resolution pass, and if so, what concessions were made to get there? Meanwhile, interested parties in the crypto sector will monitor whether committee work resumes in earnest once agencies and staff are back to full capacity.
Ultimately, the interplay between short‑term funding imperatives and long‑term regulation agendas highlights how governance crises can push new policy domains — like crypto — to the back burner. Whether Congress can advance both will test its capacity to manage crises and innovate simultaneously.
