Wisconsin Representative Bryan Steil, a key cosponsor of the House of Representatives’ crypto market structure bill, the CLARITY Act, stated that the goal for Republicans to pass the legislation before 2026 remains unchanged despite the current government shutdown.
In a CNBC interview on Wednesday, Steil expressed confidence that the path to establish what they refer to as regulatory clarity for the digital sector is still viable. Senate party leaders promised to have their version of the bill approved by 2026, but with the government shutdown now in its eighth day, many industry members are raising concerns.
“I believe we still have an opportunity to get CLARITY completed by the year’s end,” Steil noted, adding: “I’m optimistic that once we move past the shutdown, we will have the chance to act swiftly and the Senate will proceed quickly.”
He also remarked:
“If the Senate opts to use the House text as their foundation, I believe we have the chance to finalize this bill and have it signed into law before the year concludes.”
Steil’s comments came as a crucial vote on a temporary funding measure failed in the Senate, likely prolonging the shutdown. Wednesday marked the eighth day since Congress was unable to pass a continuing resolution to fund the government post-September 30, resulting in limited federal agency operations, staff furloughs, and travel disruptions for many Americans.
Related: US government faces shutdown: Impact on crypto market structure bill?
While the House passed its version of the market structure through the CLARITY Act in July as part of the Republicans’ “crypto week” initiatives, the bill has faced delays since reaching the Senate. Wyoming Senator Cynthia Lummis, a Republican on the banking committee advocating for the bill’s progression, initially indicated that the committee would vote on legislation that “expanded upon” CLARITY by the end of September.
What can the US government do for crypto during a shutdown?
Congress remains in session, and lawmakers continue to receive their funding, although House Speaker Mike Johnson reportedly stated on Friday that the chamber would not reconvene until the Senate passed a bill to reopen the government.
The US Securities and Exchange Commission (SEC) continues to function with a “very limited number of staff” and “under modified conditions,” as outlined in an August plan.
Reviews of cryptocurrency-related exchange-traded fund (ETF) applications are anticipated to be paused until the shutdown concludes, but the SEC’s electronic filing system will still accept submissions.
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