North Carolina Senator Thom Tillis, a Republican member of the US Senate Banking Committee, has reportedly warned that Congress has only a limited timeframe to advance crypto legislation before election politics hinder progress.
According to a Monday Bloomberg report, Tillis indicated that the 2026 midterm elections are likely to obstruct any movement on crypto-related bills currently in Congress, including the market structure framework passed by the House of Representatives in July, which is now under Senate review.
Tillis advised lawmakers to act “by the first part of January, February” in order to pass any legislation within the current session, which concludes in January 2027.
“I’m not optimistic about us progressing much further on anything related to digital assets, stablecoins, or crypto in this Congress,” stated Tillis, as reported by Bloomberg.
Tillis’s comments emerged amidst a US government shutdown that began on Oct. 1 due to lawmakers failing to reach an agreement on a funding bill, primarily over Democratic concerns regarding healthcare cuts and subsidies.
While the Senate remains in session, House Speaker Mike Johnson has persistently postponed activities in the chamber since before the shutdown took effect.
Related: Congressman Steil: US market structure bill on track, despite shutdown
Among the crypto-related legislation stalled by the shutdown was the CLARITY Act, passed by the House in July, which Senate leaders indicated they would “build on” to advance market structure legislation.
Senator Cynthia Lummis, a Republican leader on the Senate Banking Committee, had remarked prior to the shutdown that the Senate’s version of the bill, titled the Responsible Financial Innovation Act, aims to become law by 2026.
Prospective CFTC chair looking for Senate confirmation
On Saturday, Securities and Exchange Commission official Michael Selig announced that US President Donald Trump nominated him to chair the Commodity Futures Trading Commission (CFTC), a crucial financial regulator influencing how crypto firms operate in the nation.
His confirmation hearing was not listed on the Senate calendar as of Monday.
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