On January 25 at the White House rose garden, Donald Trump, U.S. President said the shutdown on the government has been temporarily lifted till February 15. As a result, workers salaries which were owed for the past month will be paid. The change in plans is also exciting for the crypto industry due to the halt that was created in the approval of products since the shutdown began.
U.S. President Temporarily Lifts Shutdown on Government
Reportedly, Donald Trump after an agreement with congressional leaders has temporarily lifted the shutdown on the Federal government which began on December 22. The president was said to have imposed the ban after the Congress failed to include funds in the bill, which will see to the building of a security wall between the U.S. and Mexican border.
Consequently, Trump refused to approve funding bills until $5.7 billion was included in it. The effect was seen in various aspects of the economy, from workers to authorities, to crypto companies as well. In the case of about 800,000 workers, their salary for the past month has not been paid. However, Trump said this debt will be cleared with utmost effect.
Regulators Were Unable to Approve Crypto Products and Services
Financial regulators, on the other hand, like the Securities and Exchange Commission (SEC) were also affected. As a result, products and services from crypto companies could neither be approved nor launched. An instance is the case of Bakkt whose approval for a Bitcoin futures exchange was delayed by the shutdown.
BTCNN also reported on January 24, that the Chicago Board Options Exchange (CBOE) had withdrawn their proposal for a rule change that will allow the listing of Bitcoin ETFs. Although the company has not confirmed what brought about their change in plans, the U.S. shutdown is rumoured to be one of the reasons.
Operations to Kick In After Lifting of Ban
Therefore, the lifting of the shutdown for the next three weeks may help to trigger back normal proceedings. The 34 days of inactivity has also be said to be the longest in the U.S history in the aspect of a shutdown by the Federal government.
On the other hand, BTCNN on December 14, had informed of Warrenson Davidson, U.S. Congressman’s opinion regarding the security wall. According to Warrenson, a “Buy a brick, build a wall” program can help to build Trump’s wall. He also pointed out that this could be made possible by employing the Blockchain to launch a token sales.