tl;dr
Lawmakers are delaying the passage of legislation for digital assets market structure, indicating a struggle to fulfill pro-crypto election promises. The U.S. Senate Banking Subcommittee on Digital Assets aims to pass comprehensive framework targeting the industry by the end of the year, several mon...
Lawmakers are delaying the passage of legislation for digital assets market structure, indicating a struggle to fulfill pro-crypto election promises. The U.S. Senate Banking Subcommittee on Digital Assets aims to pass comprehensive framework targeting the industry by the end of the year, several months later than previously announced. Newly appointed Crypto Czar David Sacks' 100-day timeline for market structure reforms is being questioned, with discussions focusing on existing regulations and stablecoin bills. Efforts to establish a Bitcoin stockpile in the U.S. Treasury have lost momentum, and state-level bills for Bitcoin reserves have failed. While some pre-election promises to the crypto community have been fulfilled, sentiment towards crypto has declined, with Bitcoin and other tokens experiencing significant losses.
During the U.S. Senate Banking Subcommittee on Digital Assets’ inaugural meeting on Wednesday, Sen. Cynthia Lummis (R-WY) said a bi-partisan group of pro-crypto legislators is aiming to pass a comprehensive framework targeting the industry by the end of this year. That’s several months later than previously announced. Newly appointed Crypto Czar David Sacks vowed earlier this month to push Congress to enshrine digital assets market structure reforms and other pro-crypto initiatives into law within the first 100 days of President Trump's second administration. Their distancing from Sack's 100-day timeline comes amid politicians' broader retreat from their pro-crypto election cycle promises. Efforts to establish a Bitcoin stockpile in the U.S. Treasury—a focal point of President Trump's pro-crypto campaign platform—are still in their infancy. Meanwhile, three bills aimed to create Bitcoin reserves at the state level have failed this year.
To be sure, the Trump administration and its allies have made good on some of their pre-election promises to the crypto community. Trump pardoned Silk Road creator Ross Albright from prison during his first few days in office, and he appointed pro-crypto regulator Paul Atkins to lead the Securities Exchange Commission ahead of his inauguration in January. However, those prices have since fallen. 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.