Trump ends 42 days of federal paralysis by signing temporary funding, allowing the American administration and financial regulators to immediately restart.
A Compromise Wrested from Congress
The deadlock seemed insurmountable. But after weeks of impasse, a compromise finally emerged: 216 Republicans and six Democrats voted in favor of the bill, narrowly passing by 222 votes to 209. The Senate, in turn, approved the measure on Sunday night after Democrats agreed to give up some of their demands, particularly regarding Affordable Care Act subsidies.
As a result, the government restarts, civil servants’ salaries resume, and regulators are back in action. A much-needed respite for the SEC, the CFTC, and all financial agencies whose activities were halted for over a month.
The American Crypto Machine Gets Back in Gear
The timing is anything but coincidental. While crypto regulation had been stagnant since the beginning of the shutdown, Congress immediately reopens pending issues. This week, the Senate released the first version of the Market Structure Bill, a key document that will redefine the role of the Commodity Futures Trading Commission (CFTC) in crypto asset spot markets.
Shortly after, a hearing is scheduled for the confirmation of Mike Selig, Trump’s new nominee to head the CFTC. A highly anticipated appointment in the ecosystem, Selig is seen as supportive of a pragmatic and pro-innovation approach.
SEC, CFTC, IRS: Back to Hot Topics
During the closure, the SEC teams had to suspend their work on crypto ETFs. Some companies even circumvented the situation by using technical procedures to launch products without explicit approval. With the resumption, official approvals are expected to resume quickly, reigniting hopes for new listings as early as December.
A similar situation at the IRS and OCC, now able to continue their public consultations on several regulatory projects, including those related to the GENIUS Act, a document intended to regulate financial innovations related to blockchain and artificial intelligence.
A Strong Signal for the Markets
After six weeks of gridlock, Washington aims to make up for lost time. The regulators’ return to work could mark a decisive turning point for American crypto companies, seeking legal clarity for months.
Between the SEC’s restart, the resumption of discussions in the Senate, and the nomination of Mike Selig, the United States send a clear message: crypto is no longer on hold, and the market will have to keep up.
