Unless the Republicans negotiate with Democrats and rely on a bipartite financing bill, the US government will close at midnight on Tuesday, probably delaying any consideration of a bill on the structure of the digital asset market in the Senate.
On Monday, the House of Representatives of the United States and the leaders of the Senate should meet President Donald Trump to negotiate conditions in order to avoid a closure of the government. Although in the majority of the two Congress Chambers, the Republicans need additional support to adopt a temporary financing bill to keep the government open, which led Democrats to request an inversion in many health care cuts from a budgetary bill signed in July-that is to say the “big, beautiful bill”.
A closure would effectively prevent American legislators from considering or voting on bills currently moving through Congress, including the signing of Trump, and probably all the regulatory actions of the Securities and Exchange Commission (SEC) and Commodity Futures Futures Trading Commission (CFTC).
This would mean that taking into account the bill on the structure of the digital asset market within the Banque Committee of the US Senate, already pushed from the end of September to October, could see additional delays.
Although partial or complete government closings on political disputes have occurred since the Reagan administration in the 1980s, Trump holds the bar record in the longest in American history: 35 days in 2018 and 2019, on its construction plan for an American border wall. The priorities of the legislators during a closure would probably go to the continuation to finance the government rather than unrelated invoices such as the structure of the cryptographic market.
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What to expect negotiations
Trump said last week that “no meeting with Congress (Democrats) could be productive” to avoid a potential closure, the White House later publishing a statement suggesting that the president would not be open to any negotiations. However, Trump is expected to meet the chief of the Hakeem Jeffries House, the head of the Senate of Senate Chuck Schumer, the president of the Chamber Mike Johnson and the head of the majority of the Senate John Thune on Monday.
Thune declared in an interview on Sunday that the Republicans had a “simple and seven weeks’ financing resolution” which would temporarily extend the government’s financing until November. Jeffries postponed the characterization of the measure as a “clean bill” last week, saying that he had done nothing to approach the call of the Democrats to reverse the health care cuts in the July expenditure bill.
https://www.youtube.com/watch?v=cc1-dc3n3ra
The bill on the structure of the market in the Senate, also known as the law on responsible financial innovation, should rely on the law on clarity adopted by the Chamber in July, clarifying the roles that the CFTC and the SEC have to supervise digital assets.
The Wyoming senator Cynthia Lummis, one of the most important republican supporters of the bill, initially planned to pass the bank committee by the end of September. The reports suggest that the committee had pushed consideration at the end of October, and a government closure could still delay this calendar.
If negotiations fail and none of the parties accepts a financing bill, the US government will close at midnight on Tuesday.
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