US Congress Returns to Full Agenda with Crypto in Focus

• Congress returns with a busy agenda, focusing on averting a government shutdown.
• Crypto-related bills, including the FIT Act and stablecoin regulation, are in the spotlight.
• SEC Chairman Gensler faces congressional scrutiny over rulemakings and crypto policies.

After a recess in their home districts, members of Congress are returning to Washington with a packed schedule. Among their top priorities is preventing a government shutdown. For the crypto industry, there’s much at stake, including pending legislation and appearances by SEC Chairman Gary Gensler.

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According to Ron Hammond, Director of Government Relations at Blockchain Association, the US power houses have much to discuss. He says the most important conversation is the Shutdown. 

Specifically, the imminent government shutdown takes center stage, overshadowing other legislative matters. This includes bills like the FIT Act, focused on market structure, and the stablecoin bill, which secured committee approval in July. 

In particular, the stablecoin bill faces behind-the-scenes negotiations involving House Republicans, Democrats, and the White House. The White House has raised objections regarding the regulatory authority over stablecoins.

Meanwhile, with the stablecoin legislation in a holding pattern, the FIT Act is taking the lead in terms of education. The market structure bill, although supported by many, is considered complex. 

Therefore, efforts are underway to educate lawmakers about the bill’s nuances and why it’s preferable to the current regulatory framework. For the over 300 members of Congress who haven’t participated in a crypto hearing, grasping these complexities is essential.

Meanwhile, SEC Chairman Gary Gensler will testify before the Senate Banking and House Financial Services Committees. Republicans are expected to question the SEC’s recent rulemakings and court losses, accusing the agency of overreach. 

On the other hand, Democrats are likely to highlight the SEC’s efforts to protect investors, but not all are in complete agreement. Gensler has faced criticism from his own party in previous hearings, and his stance on crypto and private fund adviser proposals will likely draw scrutiny.

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