This week Congressional Committees returned from recess and next week Congressional Members themselves return for three weeks to handle legislation. I have been asked by several people about what is the likelihood that Congress does anything before the midterms and I think it depends on a couple of other things. First and foremost the government's funding only runs till September 30th so Congress will have to address funding all of the agencies and the government itself. There is also a battle brewing over the National Defense Authorization Act (NDAA) for the Fiscal Year 2023 that the Senate wants to pass this month as well.
All of that being said there are a few pieces of legislation that have a chance to be passed in their given chamber. The Senate just scheduled a hearing for Senate Bill 4760 which would in essence move the governance of crypto legislation to the CFTC. This seems to have a lot of support on both sides of the aisle but it would be huge if it could be marked up and moved out in the next couple of weeks.
A bill that has remained unseen but often discussed on the hill has been the Stablecoin Bill which was initially supposed to come out in July from the Financial Services Committee. Due to some disagreements with the administration though the bill that was expected never was introduced. If these disagreements can be fixed it would make sense that this bill would move rapidly through the House Committee to the House Floor for a vote. If it does not in the next few weeks though I do not think we will have any movement till the next Congress though.
The last bill that has a chance comes out of the Science, Space, and Technology committee. Now this bill has been sitting in the committee for a while but has bipartisan support both in the committee and in Congress. It would NOT establish any rules rather it would have the government come together for a strategy to further push innovation with distributed ledger technology in all fields not just crypto. This Bill also sets up grants to be given to researchers and companies to further develop their tech with the hopes it matures and can help out the U.S. and other nations. This would depend on the Majority setting up a markup though something that currently is not in the cards but is needed to move forward.
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