US Crypto Regulations Coming? Congress Pushes FIT21 & Stablecoin Bill Before Year-End

Recently, many regulatory officials have pointed out the challenges faced due to the absence of a proper regulatory framework to oversee cryptocurrencies. A recent report indicates that the US Congress may implement a permanent solution to this issue before the end of this year. US Congress Lawmakers are planning to pass crucial crypto regulation bills before the end of this year. Here are the primary updates.

Lawmakers Push for Crypto Legislation Before Year-End 

Many lawmakers, both Democrats and Republicans, have expressed their hope that they could pass the important crypto-related bills in the ‘Lame-Duck’ session. A lame-duck session in the US Congress normally happens when it meets after its successor is elected, but before his/she is sworn in officially. The US presidential election is scheduled for November 5. The inauguration of the next US President is set to be organized on January 20, 2025. The swearing-in of the next US Congress is also likely to happen in January itself. Considering all these factors, the lame-duck session is expected to occur between early November and late December.       

FIT21 and Stablecoin Regulation: Key Focus Areas 

A recent report suggests that lawmakers are planning to prioritize two important crypto-related bills: the FIT21 bill, which proposes a federal digital asset regulation framework, and a stablecoin regulation bill. 

Possibility of Attaching Crypto Legislation to Year-End Spending Bills 

There are rumors that lawmakers are preparing to incorporate certain important elements of crypto-related legislation into major year-end spending packages. This strategy could allow lawmakers to advance crypto regulations as part of non-negotiable spending priorities.

What Happens If Legislation Doesn’t Pass in 2024?

It is not sure whether lawmakers will succeed in passing the crucial crypto-related bills during this ‘Lame-Duck’ session. If they fail, there is a high chance that these bills will be considered top priority items in the first session of the 119th US Congress – which is expected to begin in January 2025.

• Also Read :
•   Kamala Harris Considers Replacing Gary Gensler: What It Could Mean for Ripple vs SEC
•   ,

Impact on the Crypto Sector: What Would Happen Once Crypto Laws Passed?

If Congress passes these bills, it would provide much-needed regulatory clarity for the cryptocurrency industry. 

In conclusion, it is high time for the US government to establish a clear crypto regulation framework.

Stay tuned to Coinpedia for more updates!