TLDR
- Senator Thom Tillis warns that time is running out to pass a crucial crypto bill before election-year politics interfere.
- Tillis stresses the need for action by early 2026 to avoid delays caused by the upcoming midterm elections.
- The ongoing US government shutdown has delayed progress on key crypto-related bills currently under consideration.
- The CLARITY Act, which passed the House, remains stalled in the Senate due to the shutdown.
- Senator Cynthia Lummis previously indicated the crypto bill could become law by 2026, but delays may hinder this timeline.
- Michael Selig’s confirmation as CFTC chair, a key figure in regulating cryptocurrency, is still pending, adding to the uncertainty.
North Carolina Senator Thom Tillis, a Republican member of the US Senate Banking Committee, has warned that time is running out for Congress to pass a crypto bill. He stated that the 2026 midterm elections would likely delay any progress on digital asset legislation. Tillis stressed the need to act by early 2026 to ensure the passage of the crypto bill before election-year politics interfere.
Tillis expressed his concerns about the timing of crypto legislation, stating,
“I’m not optimistic about us moving much further on anything around digital assets, stablecoins, or crypto in this Congress.”
He further noted that Congress must act by the first part of January or February to avoid missing the opportunity. According to Tillis, any delay would push the bill into the 2026 election cycle, reducing the chances of passage.
Government Shutdown Hampers Progress on Crypto Bill
The ongoing US government shutdown, which began on October 1, has further complicated the passage of the crypto bill. Lawmakers have been unable to reach a funding agreement due to disagreements over healthcare cuts and subsidies. While the Senate remains in session, House Speaker Mike Johnson has delayed business in the House, stalling progress on key bills, including those related to digital assets.
Amid the shutdown, the CLARITY Act, which passed the House in July, remains stalled in the Senate. Senate leaders had hoped to build on the bill to create a market structure framework for cryptocurrency. However, without a resolution to the shutdown, the bill’s progress has come to a standstill, further hindering the passage of critical crypto legislation.
Government Shutdown Delays Crypto Legislation Progress
Senator Cynthia Lummis, a Republican leader on the Senate Banking Committee, had previously indicated that the crypto bill would become law by 2026. She noted that the Responsible Financial Innovation Act, which mirrors key aspects of the crypto bill, could pass by 2026. However, the current government shutdown and election-year politics pose significant hurdles to this timeline.
In addition to legislative delays, the nomination of Michael Selig to chair the Commodity Futures Trading Commission (CFTC) has added uncertainty. Selig’s confirmation hearing has not appeared on the Senate calendar as of Monday. His confirmation could play a critical role in shaping the regulatory environment for the crypto bill. However, the ongoing delays may further postpone progress on crypto-related legislation.
