State of Crypto: The Government Shutdown Nears a Record

The U.S. government shutdown that began on October 1, 2025, is on track to possibly become the longest in history, raising concerns for ongoing crypto legislation. The previous record for a shutdown is 35 days, which the current shutdown may surpass next week. As Congress continues to miss deadlines for important legislation, including the market structure bill, the likelihood of crypto-related laws progressing is waning. With upcoming priorities including the National Defense Authorization Act, the prospects for legislative advancements in crypto appear dim. While there exists some optimism for movement on stalled legislation, the protraction of the shutdown complicates negotiations and timelines. Interestingly, potential compromises may arise as Democrats consider concessions in healthcare demands, which could influence negotiations on market structure legislation. The anticipation is that a draft bill from the Senate Agriculture Committee may emerge soon, potentially leading to a markup hearing around Thanksgiving if feedback is favorable. Overall, the landscape for crypto legislation remains uncertain amid a protracted government shutdown.

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