Cryptocurrency hearings expected to continue during US government shutdown: Source

PANews reported on October 9th that according to Blockworks, the U.S. Senate once again rejected two plans to fund the federal government to end the nine-day shutdown on Wednesday. The cryptocurrency policy agenda has also been put on hold due to the uncertainty of the budget, but Washington insiders believe that the momentum has not completely disappeared. The House of Representatives has suspended work due to the shutdown, and the Senate is still in session on budget and cryptocurrency-related issues.

Two people familiar with the matter revealed that the Senate Banking Committee is committed to advancing cryptocurrency market structure policies, even if it holds hearings during the shutdown. Leadership hopes to complete revisions to the Responsible Financial Innovation Act by the end of this month. The House of Representatives passed the Financial Transparency Act in July, and the Senate Banking and Agriculture Committees subsequently developed separate bills, which will be merged. Banking Committee Republicans released a revised version last month, and Democrats outlined a list of principles they hope the legislation will include. The Agriculture Committee's draft has not yet been released, and its completion may take even longer. During the shutdown, most staff from agencies working with Congress were laid off, and new spot cryptocurrency ETFs may not be approved before the shutdown ends. However, issuers claim that new products will be approved quickly after government resumes, and that they have not received any communication from the SEC since the shutdown.