Jack Paul 
Legislative Gridlock Deepens
The ongoing U.S. government shutdown is creating significant roadblocks for cryptocurrency legislation. At 35 days and counting, this shutdown has already become the second-longest in American history. If it continues through Wednesday, it will set a new record. That’s not exactly encouraging news for crypto bills waiting in the wings.
I think what’s happening here is that Congress has essentially hit pause on everything non-essential. They’ve already missed several self-imposed deadlines, including that tentative October 20 date for a markup hearing on market structure legislation. Time keeps ticking away while nothing moves forward.
Competing Priorities
Ron Hammond from Wintermute pointed out something important – as we get closer to year-end, Congress will have other priorities to address. The National Defense Authorization Act, for example, is one of those must-pass military spending bills that will demand attention. Crypto legislation might get pushed further down the list.
Still, there’s some optimism floating around Washington. People seem to think that crypto bills that stalled out near summer’s end might see some movement eventually. The next thing to watch is the Senate Agriculture Committee’s draft market structure bill. That could give us a clue about where the overall legislative package might be heading.
The Thanksgiving Deadline
If the feedback on that draft turns out positive, lawmakers could potentially schedule a markup hearing around Thanksgiving and vote shortly after. But here’s the catch – the shutdown complicates everything. The longer it drags on, the less time Congress has to deal with these different legislative issues.
There’s some interesting political maneuvering happening too. I heard from someone familiar with D.C. politics that Democrats might give up on their healthcare premium demands soon because of the Trump Administration’s refusal to distribute SNAP benefits during the shutdown. Two federal judges actually ordered the administration to resume those benefits on Friday.
Compromise Concerns
If Democrats do end up giving in on shutdown demands, they might be less willing to compromise on market structure legislation. It’s like they’d be making concessions on multiple fronts, and that rarely sits well with politicians.
Next week also brings elections in Virginia and New Jersey, where voters will choose representatives, mayors, and governors. That could shift the political landscape further.
The whole situation feels like watching a slow-moving train. Everyone knows where it needs to go, but there are all these obstacles on the tracks. The shutdown record might be broken, but what really matters is when lawmakers can get back to the business of governing – and that includes addressing crypto regulation.