The lack of a solid regulatory framework for cryptocurrencies has become a growing concern for many officials. However, a recent report suggests that the U.S. Congress could soon tackle this issue. Lawmakers are aiming to pass crucial crypto regulation bills before the end of 2024. Here’s what we know so far.
Both Democratic and Republican lawmakers are hopeful about passing major crypto-related bills during the upcoming “lame-duck” session. This session happens after an election but before newly elected members take office. With the U.S. presidential election set for November 5 and the new president’s inauguration on January 20, 2025, the lame-duck session is expected to take place from early November to late December.
Two Key Bills to Watch
Reports indicate that lawmakers are focusing on two important bills: the FIT21 bill, which would create a federal framework for regulating digital assets, and a stablecoin regulation bill. These bills aim to provide much-needed clarity and oversight for the cryptocurrency industry.
There’s also talk that parts of these crypto bills could be included in larger year-end spending packages. This could allow lawmakers to pass crypto regulations as part of broader, must-pass budget bills.
Will the Bills Pass?
It’s still unclear whether Congress will succeed in passing these bills during the lame-duck session. If they don’t, there’s a strong chance the bills will be prioritized in the first session of the 119th U.S. Congress, which starts in January 2025.
If passed, these bills would finally give the cryptocurrency industry the regulatory clarity it’s been waiting for. As the U.S. moves closer to establishing a clear framework for digital assets, the future of the industry could soon look much more certain.
In conclusion, the time is ripe for the U.S. government to take decisive action on crypto regulation. All eyes will be on Congress as the year comes to a close.
The crypto industry holds its breath as lawmakers make their move. Will things take a turn for the better? Let’s wait and see.
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