The US Senate Passes Bipartisan Bill to Prevent Government Shutdown
The United States Senate has successfully passed a bipartisan bill just before the deadline to prevent a government shutdown. The bill, which received overwhelming support with a vote of 88 to 9, will fund the government for the next 45 days until November 17. President Joe Biden confirmed that he has signed the bill into law. He praised the bipartisan majorities in both the House and Senate for avoiding an unnecessary crisis.
All Democratic senators voted in favor of the measure, while the nine opposing votes came from Republicans. Earlier in the day, the House also passed the bill with a margin of 335 to 91. House Speaker Kevin McCarthy sought Democratic support for the short-term funding bill, as it received more support from Democrats than Republicans.
The bill does not include funding for Ukraine, which was sought by Democrats but opposed by many Republicans. However, it does include funding for disaster relief. McCarthy had to rely on Democratic votes due to opposition from the hard-right faction within his party.
A Government Shutdown Could Have Impacted Crypto As Well
A potential US government shutdown could have had adverse effects on pending crypto bills awaiting a vote, potentially impacting cryptocurrency regulation in the future. In July, lawmakers from the House Financial Services Committee showed support for several crypto-focused bills.
These bills, including FIT Act, Blockchain Regulatory Certainty Act, Clarity for Payment Stablecoins Act, and Keep Your Coins Act, have bipartisan support and are likely to pass in floor votes. However, a government shutdown would have halted lawmakers’ ability to move forward with any legislation.
Ron Hammond, Director of Government Relations at the Blockchain Association, believes that there are political challenges that could hinder these bills’ progress. Despite this, there is optimism that they will eventually pass.
Hot Take: Avoiding a Government Shutdown is Crucial for Crypto Legislation
The successful passage of the bipartisan bill to prevent a government shutdown is not only a relief for the overall functioning of the government but also for the progress of crypto-related bills awaiting a vote. A government shutdown would have put cryptocurrency regulation on hold, potentially affecting the future development and implementation of crucial legislation.
Lawmakers have shown support for various crypto-focused bills, indicating a positive momentum towards regulatory clarity and innovation in the industry. However, political challenges still exist that could hinder the progress of these bills. It is essential for both Republicans and Democrats to prioritize the well-being of the American public and avoid unnecessary disruptions that could impact the future of cryptocurrency regulation.
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