According to Blockworks, congressional leaders have returned to Capitol Hill for the final weeks of the session, with a looming deadline for the current federal spending plan set to expire on December 20. Despite the potential for a government shutdown, both Republicans and Democrats are showing interest in passing a continuing resolution to fund the government through March. This approach allows the GOP to delay major decisions until they control both chambers, while Democrats aim to confirm as many of President Biden's judicial nominations as possible before the year's end. The funding bills require a 60-vote threshold in the Senate, where Republicans hold 53 seats, ensuring Democrats retain some influence.
A three-month stopgap measure appears likely, which may delay significant crypto policy developments in early 2025. However, industry officials remain optimistic about the potential for new crypto policies under the second Trump administration. Coinbase's chief policy officer, Faryar Shirzad, expressed confidence that versions of the FIT21 bill and the Clarity for Payment Stablecoins Act could progress swiftly next year. A Republican majority in both the House and Senate could facilitate the advancement of crypto policy, but priorities will ultimately depend on lawmakers and committee heads.
There is speculation that Trump may issue executive orders related to crypto, potentially appointing a 'crypto czar' to lead these efforts. This position could involve a team of industry executives and stakeholders. Observers suggest that Trump's top industry donors might be considered for this new crypto policy council. Meanwhile, the Senate will need to confirm a successor for SEC Chair Gary Gensler and a replacement for resigning Commissioner Jaime Lizárraga. Rumors indicate that Trump might announce his choice for the SEC leadership soon, with former SEC Commissioner Paul Atkins and ex-acting Comptroller of the Currency Brian Brooks among the names mentioned.
The appointment of a new SEC chair could significantly impact the agency's enforcement actions and target priorities. While ongoing enforcement actions are unlikely to be abruptly halted, changes in leadership could influence the SEC's approach. As the political landscape evolves, the intersection of crypto, macroeconomics, policy, and finance continues to be a focal point for industry observers and stakeholders.
