Capitol Gains: Crypto hearings expected to continue mid-shutdown

As the government shutdown reaches its second week, the Senate Banking Committee is reportedly moving forward with plans to mark up a crypto market structure bill. Despite ongoing budgetary stalemates, efforts remain active to advance crypto legislation, including the Responsible Financial Innovation Act. The Senate faced multiple voting failures on various funding proposals, complicating legislative processes. The pushed timeline for committee work aims to finalize the bill by the end of the month, with the House having already passed the CLARITY Act in July. Concurrently, the Agriculture Committee is yet to release its draft bill, which will address the Commodity Futures Trading Commission's role in crypto regulation. While the shutdown limits agency operations and affects cryptocurrency market developments, optimism persists for swift approvals of new crypto ETFs once federal activities resume. Communication from the SEC has halted since the shutdown commenced, slowing down registration processes for new products.

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