- Jonathan McKernan confirmed as Under Secretary amid US government shutdown.
- Senate confirmation occurs despite stalled legislative progress.
- McKernan to focus on sustainable US economic growth.
The US Senate confirmed Jonathan McKernan as Under Secretary for Domestic Finance amidst an ongoing government shutdown, impacting regulatory progress on cryptocurrency products and financial legislation.
His confirmation signals continued leadership at Treasury, yet legislative stagnation could delay digital asset developments, leaving markets in uncertainty.
The US Senate has confirmed Jonathan McKernan as Under Secretary for Domestic Finance at the Treasury Department, despite the ongoing government shutdown. McKernan, with a notable public service record, steps into this role for the US Treasury.
McKernan will work under Treasury Secretary Scott Bessent to further the economic agenda of the administration. His past roles include advisory positions at the FDIC and FHFA. The Senate confirmation underscores his qualified credentials amidst political uncertainties.
The confirmation has occurred while the government shutdown reaches its eighth day, stalling some legislative progress. Regulatory uncertainties continue as the SEC halts new ETF approvals, impacting BTC and ETH products.
The ongoing shutdown has implications for the financial markets, delaying crypto ETF product approvals and legislative debates on crypto and DeFi frameworks. Institutional inflows into digital assets remain affected by this regulatory pause.
Despite the hurdles, past shutdowns suggest resolutions may bring resumed regulatory clarity. Tokens like COMP and MKR often experience volatility during these times. McKernan’s appointment may steer renewed focus on economic policies post-shutdown.
With McKernan’s confirmation, potential regulatory progress in financial services might follow, as past legislative patterns indicate. His role could influence institutional support for digital assets, pending government reopening, offering a fresh trajectory for crypto regulation in the US.
“It is an honor to continue my career in public service to the American People as Under Secretary of Domestic Finance. … as we look to accelerate this nation’s sustainable economic growth” – Jonathan McKernan, Under Secretary, U.S. Treasury.
