TL;DR:
- The Senate Agriculture Committee rescheduled the debate on the Digital Commodity Intermediaries Act for this Thursday.
- The joint SEC and CFTC meeting to harmonize digital asset oversight has also been delayed by two days.
- Legislative progress faces additional hurdles, such as potential ethics amendments and the risk of a government shutdown.
The winter storm sweeping across the United States has paralyzed legislative activities in Washington, delaying efforts to establish a clear and definitive crypto regulation in the U.S. Both the Senate Agriculture Committee and key federal agencies postponed critical events scheduled for this week.
Originally, the Committee had planned to hold a markup session for the Digital Commodity Intermediaries Act this Tuesday. However, a spokesperson confirmed that the meeting was rescheduled for Thursday, January 29th, due to treacherous road conditions and power outages affecting the capital.
This bill represents a fundamental effort to grant the Commodity Futures Trading Commission (CFTC) greater authority over digital assets. Nevertheless, the weather is not the only challenge, as the legislative process has shown signs of fragility in recent weeks.
Agency cooperation and ethics amendments in the Senate
In addition to the delay in Congress, the CFTC and the Securities and Exchange Commission (SEC) postponed their joint oversight meeting. This gathering is vital for achieving harmonization between both agencies, aiming to avoid the jurisdictional conflicts that have confused the sector for years.
Furthermore, the session now scheduled for Thursday will debate eleven amendments proposed by Democrats. Among these, measures to prevent conflicts of interest and ensure that public officials do not unduly benefit from the crypto industry stand out.
In summary, despite optimism in some sectors, the future of crypto regulation in the U.S. remains uncertain. The possibility of a government shutdown at the end of January looms; if lawmakers fail to agree on a budget, any progress in the digital market structure could be suspended indefinitely.
