U.S. Senators Push for Crypto Market Bill as Government Shutdown Persists

In the midst of one of the longest government shutdowns in U.S. history, bipartisan efforts in the Senate to advance a comprehensive crypto market regulation bill, known as the CLARITY Act, are gaining momentum. Lawmakers are racing to finalize the legislation that could significantly impact the oversight of digital assets, according to Cryptonews.

Progress on the CLARITY Act

Despite the ongoing shutdown, which has reached its 31st day, key Senate committees have intensified their negotiations over the bill. The CLARITY Act aims to establish a clear regulatory framework for digital assets treated as commodities. Senate Agriculture Committee Chair John Boozman (R-Ark.) and Sen. Cory Booker (D-N.J.) are reportedly working daily to complete their section of the bill, with Boozman anticipating a committee vote before Thanksgiving. Their efforts are part of a broader bipartisan initiative involving multiple committees, including Banking and Finance, to integrate digital assets into U.S. regulations and tax codes.

Momentum has also been observed within the Senate Banking Committee. Senators Cynthia Lummis (R-Wyo.), Ruben Gallego (D-Ariz.), and Angela Alsobrooks (D-Md.) have resumed discussions after a period of delay. The committee’s Chair, Tim Scott (R-S.C.), expressed optimism about the progress and the potential for meaningful legislation.

Challenges and Predictions

Despite these efforts, some lawmakers, like Sen. John Kennedy (R-La.), caution that the bill is not yet ready, emphasizing the need for public hearings and further understanding among lawmakers. The urgency is underscored by warnings that time is limited, with Sen. Thom Tillis (R-N.C.) highlighting the necessity of action by early 2026 to avoid losing momentum due to impending election politics.

Meanwhile, the government shutdown, exacerbated by disputes over healthcare subsidies, continues to strain federal operations. As the shutdown enters its fifth week, funding for critical programs such as the Supplemental Nutrition Assistance Program (SNAP) is under threat, potentially affecting millions of Americans.

Ongoing Crypto Discussions

Despite the stalemate, Senate Democrats and Republicans plan to meet with industry executives to sustain crypto talks. A recent roundtable hosted by Sen. Kirsten Gillibrand (D-N.Y.) included notable figures from the crypto industry, such as Galaxy’s Mike Novogratz and Coinbase CEO Brian Armstrong. Armstrong indicated that the majority of issues with the bill have been resolved, with Thanksgiving as a potential target for completion.

The Digital Asset Market Clarity Act, which passed the House in July, remains stalled due to the shutdown. This legislation, along with the GENIUS Act signed earlier this year, forms the backbone of the emerging U.S. crypto regulatory framework. However, prediction markets show only a 25% likelihood of the CLARITY Act becoming law this year, a significant drop from previous estimates.

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