Trump wants to “invest in the real estate market first and then in the cryptocurrency market,” and the U.S. Congress has delayed the “cryptocurrency bill” for several weeks

**Source**: Wall Street Insights

**By Bao Yilong**

The U.S. Senate Banking Committee is shifting its legislative focus from cryptocurrencies to housing policy, and the Cryptocurrency Market Bill may be delayed until late February or March. Earlier, the withdrawal of support by Coinbase had already caused a delay in crypto legislation. Coupled with the need for the Senate Agriculture Committee to participate in bill-drafting, the legislative process is facing inter-committee coordination challenges, with the outlook fraught with uncertainty.

The U.S. Senate Banking Committee is pivoting its legislative priorities away from cryptocurrencies and toward housing policy.

On January 21, Bloomberg cited informed sources as disclosing that the U.S. Cryptocurrency Market Bill may be postponed by at least several weeks to late February or March, as the committee is working on Trump’s housing policy to implement his requirements.

Earlier on Tuesday, Trump signed an executive order instructing his administration to issue guidelines to prevent government-backed or facilitated purchases of single-family homes by large institutional investors. The order also directed the U.S. Treasury Department to formulate a threshold definition to determine which investors qualify as large institutions.

However, the actual impact of this move on housing prices remains unclear. By estimates, large institutional investors own less than 1% of all single-family homes in the United States.

Although Trump and his senior administration officials have identified cryptocurrencies as a priority, housing remains the largest monthly expense for most Americans and a major driver of inflation.

After the U.S. Republican Party suffered defeats in several key elections at the end of last year, concerns over housing costs are widely seen as a political liability for the party.

## Shifting Prospects for Cryptocurrency Legislation

The shift in legislative focus has cast a shadow over the Senate’s efforts to enact new laws governing the cryptocurrency market structure.

Supporters argue that the proposal will 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 claim partial jurisdiction over digital assets but have stated that they need Congress to define their respective responsibilities explicitly.

Last week, the legislative effort was abruptly delayed following Coinbase’s withdrawal of support. This latest delay may allow various stakeholders in the financial and crypto sectors more time to lobby for a legislative agreement that can garner broad support.

The legislative process is also confronted with the complexity of inter-committee coordination. The U.S. Senate Agriculture Committee also has a say in the final bill; the committee plans to release its version of digital asset legislation later on Wednesday and may hold a vote on this version on January 27.

Nevertheless, the Agriculture Committee’s version will need to be merged with the bill under review by the Banking Committee before it can be submitted to the full Senate for a vote. This process adds further uncertainty to the already volatile legislative landscape.

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