Crypto industry braces for uncertainty as Federal shutdown looms

The federal government’s budget is set to expire over the weekend, and lawmakers appear no closer to passing legislation that will prevent a shutdown. If Congress doesn’t come to an agreement soon, it could spell trouble for the crypto industry.

The odds of a government shutdown increased Friday afternoon when the House failed to pass its last-ditch attempt to extend the federal budget past Saturday, with the bill losing in a vote of 198-232. The last government shutdown in 2018 lasted 35 days.

A government shutdown stops non-essential federal work. A shutdown leaves most federal agencies, including the US Securities and Exchange Commission, with a limited, ‘essentials-only’ staff. Crypto industry members and legal minds are all but certain this limited staff means zero movement on any digital-asset related agenda matters.

more uncertainty incoming?