Crypto The effort to bring legal clarity to currencies continues on a global scale. Although there have been steps taken at this point, no serious progress has been made yet. In the USA, work was completed on two bills, but the process was stopped due to the election agenda and different issues occupying the agenda of politicians. So what happens now?
US Cryptocurrency Law Latest Status
Ron Hammond from the Blockchain Association today shared his assessment of the status of cryptocurrency-related legislation in Congress. First of all, as we mentioned in the introduction, everything is in standby mode. Congress focused on the election campaign throughout October and there are only a few days left until the elections.
There is a 5-week session period before intervening. Many issues will occupy the agenda when the Congress begins its work after the election results. Government finances, the defense bill, the farm bill, disaster relief, and eventually stablecoins.
Ron Hammond said;
“In various conversations with congressional leaders this month, we learned the following;
this year stablecoins There is bipartisan momentum for its removal, but there is still no final agreement. No matter who wins, there remains optimism that 2025 will be that year, if not this year.
Election results will set the stage for overall politics and what is possible during the lame duck session. If stablecoins fail to cross the finish line this year, it will likely be due to politics or running out of time. Remember, this also happened 2 years ago.”
In short, it seems difficult to enact bills that will provide clarity in at least some areas regarding cryptocurrencies in the USA this year.
Regulatory Pressure on Cryptocurrencies
Legislation required for regulatory clarity is important to remove strong legal pressure on crypto companies. Companies find themselves in the middle of legal battles without knowing what the rules they must comply with are. This risk undermines crypto innovation in the US, as legal fees are costly for many startups.
Isn’t there any good news? Yes, almost all crypto candidates won in the primaries. Although this is more intense among Republicans, it also occurs in Congress. crypto- It means we will see many more pro-government names. If we see that the scenario in which Trump wins the elections comes true, then we can talk about a different market environment and regulatory clarity.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
