US crypto legislation is unlikely to make substantial progress this year, industry turns its attention to the new Congress

Odaily: Multiple US crypto industry figures expect that the final weeks of Congress's current session (the "lame-duck" period between the election and the start of the next Congress on January 3) will struggle to advance crypto legislation in any meaningful way. Cody Carbone, CEO of the Digital Chamber, said there is little hope of further progress on the CLARITY Act (Digital Asset Market Clarity Act), and that lawmakers appear to be gradually shifting their attention to other matters. With Democrats set to hold more sway in the new Congress following the midterm elections, Republicans have limited time remaining, and Democrats likewise lack incentive to make major compromises at this point.

A handful of issues could still draw attention, including crypto tax rules, granting the US Commodity Futures Trading Commission (CFTC) more authority to oversee crypto spot markets, and expediting permits for data center construction. Among these, a bipartisan bill related to data center permitting has cleared an initial procedural step in the Senate, but some Bitcoin mining companies are divided over provisions that could require them to bear grid expansion costs and higher energy fees. Kristin Smith, head of the Blockchain Association, said that with little time left in the current Congress and a crowded to-do list, the most important regulatory rules for the US crypto industry are still being formulated by the US Securities and Exchange Commission (SEC) and the CFTC. (CoinDesk)