A majority of lawmakers in the U.S. Senate voted to confirm Jonathan McKernan to the position of Undersecretary of Domestic Finance at the Department of the Treasury.
In a 51-47 vote Tuesday, the Senate approved certain McKernan at the U.S. Department of the Treasury, where he worked as Under Secretary Scott Besent. Although the US government has been shut down since lawmakers failed to pass a bill to extend funding beyond September 30, Congress can essentially continue to function.
McKernan, who was nominated by US President Donald Trump to the Treasury Department position in June, had previously suggested opposing the government’s bank break-up policies, but did not explicitly link the alleged practice to any connection to digital assets. In X’s December post, he quote An article by economist Tyler Cowen questions whether the US banking system can “integrate with cryptocurrencies.”
As Undersecretary of the Treasury Department, McKernan will assist Bessent on issues related to the U.S. economy. Previous undersecretaries in his position have discussed the US central bank digital currency and how the Treasury Department can work with the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) on banking policies.
Related to: Besant retracts from the US Treasury: Bitcoin purchase is still possible
McKernan previously worked at the Federal Deposit Insurance Corporation and was initially appointed to head the Consumer Financial Protection Bureau before Trump withdrew his nomination in May.
The government shutdown slows regulatory and legislative progress
The US government shutdown entered its eighth day on Wednesday. A Republican-led stopgap bill to fund the government failed by a 54-45 vote in the Senate, falling short of the 60-vote threshold to pass.
Republicans currently hold a narrow majority in the chamber and need Democratic votes to reopen the government. Democrats called for extending health care support and eliminating cuts in the funding bill introduced in July.
Although members of Congress may continue to confirm Trump’s current nominees and pass legislation, the shutdown has effectively halted exchange-traded fund approvals at the Securities and Exchange Commission (SEC).
Bills that would likely require bipartisan support, such as market structure legislation to create a framework for digital assets, are also likely to be delayed until after the shutdown ends.
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