The market structure bill, which aims to determine the legal framework of the cryptocurrency market in the USA, has not made any serious progress in public opinion for about a month. It is observed that this process is becoming increasingly critical for both market players and law followers. It was stated that, especially as the elections are approaching, time is running out for the law to be passed and many uncertainties remain.
Congress calendar and the future of the law
The bill is not expected to be finalized within the next month. However, it is stated that this does not mean that the process is completely over. As the election calendar in the USA is rapidly approaching, steps will need to be taken by the end of May in order for the bill to be passed before the election. May 25, known as Memorial Day, is seen as an important deadline regarding the law. The fact that members of Congress will focus on election campaigns in the summer makes it even more difficult for the crypto bill to remain on the agenda.
The crypto industry, which wants the law to come into force, called for an early hearing in the Senate Banking Committee in an open letter with more than 100 signatures last week. It was emphasized that this session was the first step to initiate all processes of the law.
Things that need to be solved in an uncertain process
Currently, progress on the bill is still unclear; It is not publicly clear how far the committee has progressed. While discussions about the returns of stablecoin projects continue, some other topics are still among the areas on which no consensus has been reached.
It is stated that the SEC’s (US Securities and Exchange Commission) statements and practices regarding market regulations are generally not permanent, and more specific rules will need to be put in writing in the future. The bill aims to implement permanent regulations that will make it very difficult for current and future administrations to make changes. It is noted that if the law in question is not enacted, similar discussions may occur again in the crypto field a few years later.
Priority agendas at the congress
The agenda of the Congress in the coming period will include critical topics such as the financing of the Department of Homeland Security and the candidacy of Kevin Warsh for the US Federal Reserve (Fed) Presidency in the Senate. This makes it even more difficult to pass the crypto bill in a short time.
CoinDesk writer Jesse Hamilton last week analyzed in detail the other steps that will be taken before the Clarity bill comes before President Donald Trump to become law. However, problems remain that require the Senate and the House of Representatives to come to a common ground in order for the law to progress in its current form.
Congressman French Hill, Chairman of the Financial Services Committee of the House of Representatives, told CoinDesk at the beginning of this month that many issues on issues such as stablecoin and decentralized finance have been resolved in the legislative text prepared by the Assembly, and accordingly, the Senate can easily find a common path on this ground.
French Hill, Chairman of the House Financial Services Committee, emphasized that the House’s draft work has been largely taken into consideration in the Senate, and this is clearly seen in both the Financial Innovation and Technology Age Act and the current CLARITY draft.
No major committee hearings or policy events in Congress currently appear on the calendar. However, in the coming weeks, the Senate Banking Committee may vote on Kevin Warsh’s candidacy for Fed Chairman.
