U.S. Government Shutdown Continues as Senate Prepares to Vote on Funding Bill

According to Cointelegraph, the U.S. government shutdown has reached its 38th day, with the Senate poised to vote on a funding bill that could temporarily reopen government operations. The Senate's agenda includes considering a continuing resolution from the House of Representatives aimed at funding the government. However, it remains uncertain if the bill will achieve the necessary 60-vote threshold in the Senate, following several unsuccessful attempts in recent weeks. During the ongoing shutdown, discussions between Republican and Democratic lawmakers have reportedly persisted regarding the digital asset market structure bill. This legislation, known as the CLARITY Act in the House and the Responsible Financial Innovation Act in the Senate, aims to establish a comprehensive regulatory framework for cryptocurrencies in the United States. Despite the shutdown, members of Congress have continued to receive their salaries, unlike many government agencies where employees have been furloughed or are working without pay. Consequently, legislative efforts, including those related to cryptocurrency regulation, appear to have been deprioritized in favor of resolving the shutdown. As of now, it is unclear how much bipartisan support Republicans have garnered from Democrats, who have consistently demanded the extension of healthcare subsidies and the reversal of cuts from a July funding bill. This raises questions about the feasibility of the Republicans' timeline for the crypto bill. Wyoming Senator Cynthia Lummis, a key advocate for the market structure bill, stated in August that Republicans intended to advance the legislation through the Senate Banking Committee by the end of September, the Senate Agriculture Committee in October, and have it signed into law by 2026. However, given the ongoing government shutdown and the approaching holiday season, this timeline appears increasingly unlikely.