Senator Tillis Urges Swift Action on Crypto Legislation Amid Political Challenges

According to Cointelegraph, North Carolina Senator Thom Tillis, a Republican member of the U.S. Senate Banking Committee, has expressed concerns about the limited timeframe Congress has to advance cryptocurrency legislation before political dynamics related to the upcoming 2026 midterm elections potentially stall progress. Tillis highlighted the urgency of passing crypto-related bills, such as the market structure framework approved by the House of Representatives in July, which is currently under Senate consideration. Tillis emphasized the need for lawmakers to act promptly, suggesting that any legislative efforts should be completed by early January or February to ensure passage within the current session, which concludes in January 2027. Despite his advocacy, Tillis conveyed skepticism regarding significant advancements in digital assets, stablecoins, or cryptocurrency legislation during this Congress, as reported by Bloomberg. His comments come amid a U.S. government shutdown that began on October 1, following a failure to reach consensus on a funding bill due to Democratic concerns over healthcare cuts and subsidies. While the Senate remains operational, House Speaker Mike Johnson has postponed legislative activities in the chamber since the onset of the shutdown. This delay has impacted several crypto-related bills, including the CLARITY Act, which was passed by the House in July. Senate leaders had intended to build upon this act to develop comprehensive market structure legislation. Senator Cynthia Lummis, another Republican leader on the Senate Banking Committee, had previously indicated that the chamber's version of the bill, known as the Responsible Financial Innovation Act, was expected to become law by 2026. In related developments, Securities and Exchange Commission official Michael Selig announced on Saturday that U.S. President Donald Trump had nominated him to chair the Commodity Futures Trading Commission (CFTC), a pivotal financial regulatory body influencing the operations of crypto companies in the United States. As of Monday, Selig's confirmation hearing had not been scheduled on the Senate calendar.