The U.S. Congress only has until January or February to pass the cryptocurrency law.

Senator Thom Tillis of North Carolina, a Republican member of the U.S. Senate Banking Committee, recently warned that Congress has only a few short months to push forward cryptocurrency-related legislation before election season political activities stall the legislative process.

Thom Tillis – Senator from North CarolinaAccording to a Bloomberg report on Monday, Tillis noted that the 2026 midterm elections will complicate the passage of any cryptocurrency bills currently under consideration by Congress, such as the legal framework for market structure that was passed by the House in July and is currently being considered by the Senate.

Mr. Tillis emphasized that lawmakers need to take decisive action “before January or February” in order to pass any legislation in the current session, which is expected to end in January 2027.

“I am not really optimistic about our ability to make significant progress on issues related to digital assets, stablecoins, or cryptocurrencies in this Congress,” Mr. Tillis said on Bloomberg.

Mr. Tillis's comments came in the context of the U.S. government facing a shutdown starting October 1 due to lawmakers failing to reach a budget deal, primarily revolving around disputes over cuts to healthcare costs and Democratic subsidies.

Although the Senate continues to hold sessions, House Speaker Mike Johnson has repeatedly delayed House activities since before the government shut down.

One of the bills related to cryptocurrency affected by this situation is the CLARITY Act, which was passed by the House of Representatives in July. Senate leaders stated that they would build upon the foundation of this bill to continue developing regulations on market structure.

Senator Cynthia Lummis, the Republican leader on the Senate Banking Committee, previously stated before the government shutdown that the Senate version of the bill, called the Responsible Financial Innovation Act, could become law by 2026.

CFTC Chairman nominee awaits Senate confirmation

Last Saturday, Mr. Michael Selig, an official from the U.S. Securities and Exchange Commission (SEC), stated that President Donald Trump has nominated him for the position of Chairman of the Commodity Futures Trading Commission (CFTC) – one of the key financial regulatory agencies that significantly influences the operations of cryptocurrency businesses in the United States.

As of Monday, Mr. Selig's confirmation hearing has not yet been scheduled on the Senate's agenda.

Mr. Teacher