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Efforts to establish legal clarity for cryptocurrencies are ongoing globally. Although some steps have been taken, significant progress has yet to be achieved. In the United States, work on two bills has been completed, but the process has stalled due to the election agenda and various other issues occupying politicians’ attention. What happens next?
Current Status of U.S. Cryptocurrency Legislation
Ron Hammond from the Blockchain Association shared an assessment regarding the status of cryptocurrency regulations in Congress. As mentioned earlier, everything is currently on hold. Throughout October, Congress has focused on election campaigns, with only a few days remaining until the elections.
Before recessing, there is a five-week session period. After the election results, numerous topics will dominate Congress’s agenda, including government funding, defense bills, farm legislation, disaster relief, and ultimately, stablecoins.
Ron Hammond stated:
“In various discussions with congressional leaders this month, we learned that there is bipartisan momentum for stablecoin issuance this year, yet no final agreement exists. No matter the election outcome, there remains optimism that 2025 could be the year for progress.”
In summary, it seems unlikely that legislation providing clarity in cryptocurrency matters will pass in the U.S. this year.
Regulatory Pressure on Cryptocurrencies
The necessary laws for regulatory clarity are crucial to alleviating the intense legal pressure on cryptocurrency companies. Without knowing what rules they must follow, companies find themselves embroiled in legal battles. For many startups, legal costs are significant, posing a risk to cryptocurrency innovation in the U.S.
Is there any good news? Yes, nearly all pro-cryptocurrency candidates won in the primaries. This indicates that there will likely be many more pro-cryptocurrency figures in Congress, particularly among Republicans. If Trump were to win the elections, it could lead to a different market environment and discussions on regulatory clarity.
