U.S.
Congress to Focus on Cryptocurrencies After
Elections – What You Need to Know
With the U.S. Congress reconvening after the
upcoming elections, it’s expected that
cryptocurrency legislation will gain momentum
again after a long campaign
break.
Post-Election Rush on Cryptocurrency
Regulation
Last month, Congress paused its
legislative work on
#Cryptocurrencies
to focus on the campaign. Ron Hammond, Director
of Government Relations at the Blockchain
Association, highlighted key developments and
challenges lawmakers will face upon their
return. With only five weeks remaining in the
session, the final election results could play a
crucial role in shaping the slow session’s
agenda.
"If election results are not
conclusive when Congress reconvenes, it could
derail many plans," Hammond warned, adding that
the busy legislative agenda includes financial
bills, defense and agricultural laws, disaster
relief, and potentially stablecoin
regulation.
Stablecoin Regulation: A Tight
Timeline
Hammond noted that there’s
bipartisan momentum for stablecoin legislation,
but no final agreement has been reached. He
added that if the legislation doesn’t pass this
year, there’s still optimism for 2025.
“The
election results will set the stage for what’s
possible during this session. If stablecoins
don’t make it to the finish line this year, it
will likely be due to political factors or a
lack of time,” he said, referring to a similar
situation two years ago when stablecoin
legislation was on the table. Key developments
in October included the release of a stablecoin
discussion draft by Senator Bill Hagerty, which
Hammond cited as a focal point for House
leaders.
Rumor has it that Hagerty could be a
candidate for Treasury Secretary if Donald Trump
wins the election, highlighting the potential
for future changes in stablecoin
policy.
Tether and Broader Market
Concerns
Hammond also addressed recent
concerns around Tether following a Wall Street
Journal report about a possible investigation by
New York authorities. Although Tether’s CEO
denied the allegations, Hammond suggested it’s a
critical issue to watch, particularly with
Howard Lutnick’s role in Trump’s campaign and
Cantor Fitzgerald’s influence over
Tether.
Confidence in a Pro-Crypto
Congress
Looking toward 2024, Hammond
expressed confidence in an emerging “pro-crypto
Congress.” He pointed to a high success rate of
pro-crypto candidates from both parties in the
primaries, with pro-crypto candidates from both
the Democratic and Republican sides in some
races.
“As Politico noted last week, next
year’s Congress is set to be the most
‘pro-crypto Congress’ yet,” he said. This shift
suggests a greater likelihood that stablecoin
legislation will pass, even if not in
2024.
Broader Cryptocurrency Regulations on
the Horizon
Hammond emphasized that crypto
legislation in 2025 will not be limited to
stablecoins. A major tax bill will likely
include cryptocurrency provisions, and there is
also a push to finalize market structure and
#NFT
regulations. Additionally, decentralized finance
(#DEFİ ) is expected to receive increased
attention.
#cryptoregulation
,
#stablecoin
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Notice:
,,The
information and views presented in this article
are intended solely for educational purposes and
should not be taken as investment advice in any
situation. The content of these pages should not
be regarded as financial, investment, or any
other form of advice. We caution that investing
in cryptocurrencies can be risky and may lead to
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