US Legislators Delay Timeline for Crypto Legislation

In the most recent indication that politicians are struggling to fulfill their pro-crypto vote promises, legislators are pushing back their deadline to pass legislation to regulate the market for online goods. &nbsp,

Sen. Cynthia Lummis (R-WY ) stated at the opening meeting of the U.S. Senate Banking Subcommittee on Digital Assets that a bi-partisan group of pro-crypto legislators is aiming to pass a comprehensive framework aimed at the sector by the end of this year. &nbsp,

That comes a few months after Republican policymakers’ originally stated timeframe for passing crucial bitcoin market structure reforms through Congress. &nbsp,

” Some members of the Senate are also trying to wrap their heads around ‘ what is a Bitcoin,’ ‘ what is a modern property,’ ‘ what is a stablecoin,'” Lummis said at the meeting. ” I hope we may pass legislation for President Trump to sign this time,” he said.

Within the first 100 days of President Trump’s subsequent management, recently appointed bitcoin czar David Sacks made a pledge earlier this month to press Congress to pass legislation that would change the way the market structure for online assets and another pro-crypto initiatives. &nbsp,

But during Wednesday’s meet, politicians and business experts expressed less intensity to speed-run such attempts. &nbsp,

Alternatively, guests spent the majority of the meeting addressing current securities laws and cryptocurrency legislation, including the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act, which was introduced earlier this month. &nbsp,

Their distance from Sack’s 100-day timeframe comes as politicians begin to make wider moves to distance themselves from their pro-crypto election cycle commitments. &nbsp,

Efforts to establish a Bitcoin stash in the U. S. Treasury—a focal point of President Trump’s pro-crypto plan platform—are also in their youth. &nbsp,

The plan also appears to have lost some of its momentum among Capitol Hill policymakers, with few people speaking up about a U.S. proper Bitcoin reserve at Wednesday’s Senate Banking committee meeting. &nbsp,

In the meantime, three payments that intended to establish Bitcoin resources at the state level failed this time. &nbsp,

To be sure, some of the claims made by the Trump administration and its allies to the crypto society were fulfilled.

Ross Albright, the director of Silk Road, was pardoned from captivity during Trump’s first several days in business, and he appointed pro-crypto regulation Paul Atkins to guide the Securities Exchange Commission back of his inauguration in January. &nbsp,

Investors ‘ attitudes toward crypto reached fever-pitch in the lead-up to President Trump’s returning to the White House, catapulting Bitcoin and different currencies to all-time peaks.

But, those rates have since fallen. &nbsp,

Bitcoin is down 12.6 % on the week to$ 84, 000, while blue-chip tokens such as Solana and Ethereum have also posted double-digit losses over the same period, CoinGecko data shows.