Work delayed on US market structure bill, crypto regulation amid winter storm

Severe winter weather across the Eastern Seaboard has caused widespread disruption on Capitol Hill, forcing significant delays in legislative progress, particularly concerning US market structure reforms and crypto regulation.

The House Financial Services Committee, a primary driver of digital asset legislation, was compelled to cancel several scheduled hearings and markups this week. These sessions were expected to tackle critical components of proposed financial reform legislation, including measures intended to clarify jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Key bills, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to establish a comprehensive framework for digital assets, and related stablecoin regulatory proposals, have been directly impacted. The inability of lawmakers and key regulatory officials to travel to Washington or participate in in-person negotiations has stalled momentum built up at the start of the year.

Congressional aides confirm that while staff are operating remotely, the delicate process of achieving bipartisan consensus required for major financial legislation is significantly slower without in-person committee work. The delay further compresses an already aggressive legislative calendar, raising concerns that the window for passing comprehensive financial reforms before the next recess is narrowing rapidly. Leadership is currently working to reschedule the postponed proceedings for the following week, contingent upon improved weather conditions.

Source: Work delayed on US market structure bill, crypto regulation amid winter storm