The U.S. Senate Banking Committee is shifting its legislative focus from cryptocurrency to housing policy.
On January 21, Bloomberg reported, citing sources familiar with the matter, that the U.S. crypto market bill may be delayed by at least several weeks until late February or March, as the committee is studying former President Trump's housing policy to fulfill his directives.
The previous Tuesday, Trump signed an executive order directing his administration to issue guidance preventing government support for large institutional investors purchasing single-family homes. The order also instructed the U.S. Treasury Department to establish a threshold to define which investors qualify as large institutions.
However, the practical impact of this move on housing prices remains unclear. Estimates suggest that large institutional investors own less than 1% of all such properties in the United States.
Although Trump and his senior officials have identified cryptocurrency as a priority, housing continues to be the largest monthly expense for most Americans and a primary driver of inflation.
Following the Republican party's losses in several key elections late last year, concerns over housing costs are widely perceived as a political liability.
The shift in legislative focus has cast a shadow over the Senate's efforts to craft new laws for the cryptocurrency market structure.
Proponents argue that the proposal would clarify the jurisdictional boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the crypto industry. Both regulators have asserted partial jurisdiction over digital assets but have stated that Congress needs to define their respective roles clearly.
Last week, the legislative work was abruptly postponed after Coinbase Global, Inc. withdrew its support. This latest delay may provide various stakeholders in the finance and crypto industries more time for lobbying, aiming to reach a legislative agreement capable of garnering broad support.
The legislative process also faces complexities in inter-committee coordination. The U.S. Senate Agriculture Committee also has a say in the final bill; this committee plans to release its version of digital asset legislation later on Wednesday and may vote on it by January 27.
However, the version from the Agriculture Committee must be reconciled with the bill under consideration by the Banking Committee before it can be submitted for a full Senate vote. This procedural requirement adds further uncertainty to an already unpredictable legislative landscape.
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