U.S. Senate Rejects Funding Plans Amid Government Shutdown

According to PANews, the U.S. Senate rejected two funding proposals on Wednesday aimed at ending the nine-day government shutdown, leaving the cryptocurrency policy agenda in limbo due to unresolved budget issues. Despite this, insiders in Washington believe that momentum has not been entirely lost. While the House of Representatives has paused its activities due to the shutdown, the Senate continues to meet on budget and cryptocurrency-related matters. Two informed sources revealed that the Senate Banking Committee is determined to advance cryptocurrency market structure policies, even during the shutdown. The leadership aims to complete revisions to the Responsible Financial Innovation Act by the end of the month. In July, the House passed the Financial Transparency Act, after which the Senate Banking and Agriculture Committees each drafted their own bills, which will eventually be merged. Last month, the Banking Committee's Republicans released a revised version, while Democrats provided a list of principles they hope to see included in the legislation. The Agriculture Committee's draft has yet to be released and may take longer to finalize. During the shutdown, most personnel collaborating with Congress have been laid off, and new spot cryptocurrency ETFs are unlikely to be approved until the shutdown ends. However, issuers are optimistic that new products will be swiftly approved once the government resumes operations, despite not having received any updates from the SEC during the shutdown.