US shutdown expected to delay arrival of institutional crypto products

02 Feb, 2019
by Richard Allen
News
US shutdown expected to delay arrival of institutional crypto products

According to analysts, the shutdown of the US government may create long-lasting effects that will result in regulatory agencies being unable to give crypto investment products any attention in the near future, Coinspeaker reports.

Even though the government has since resumed office after more than a month-long shutdown, the chances of institutional products getting any attention in the near future looks unlikely. Federal agencies like the CFTC and the SEC were forced to close their doors from December 22, 2018, to January 25, 2019, in what became the longest government shutdown in US history.

Since the end of the shutdown, the agencies have five weeks to catch up. Crypto industry advocates close to the agencies have stated that digital products will receive no preferential treatment during this time.

Congress and President Trump have yet to agree on the budget for the border wall with Mexico, and if a consensus isn’t reached by February 15, the government will shut down again. Chief Operating Officer of the Wall Street Blockchain Alliance stated that the shutdown will have “some repercussions for space," stating:

“I can’t imagine any company trusting that the government will not be shut down again following the 21-day reprieve. Until there is more certainty that the government will not get shut down again in 21 days, federal regulators will focus their activities on serving the broadest segment of the population and addressing their highest priorities, which may not include crypto.”

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