Here’s what we’re focusing on now that Congress is back from summer recess as we approach the last four months of 2025.
The Narrative
Welcome to the concluding part of 2025. Here’s our outlook for the remaining period of the year.
Why It Matters
This year, the industry saw the introduction of a significant legislative measure — the GENIUS Act focused on stablecoins — but the backbone of market structure legislation is still in development. With Congress resuming its sessions post-summer holidays, there are critical concerns to address, including a funding bill that ought to be finalized by the end of this month.
Breaking It Down
Legislative attention is now drawn to market structure regulation. The House earlier passed the Digital Assets Market Clarity Act with extensive bipartisan support, while the Senate Banking Committee has advanced its own initiatives by publishing various drafts delineating “ancillary assets” and is aiming to establish guidelines for the extensive crypto sector.
Although the Banking Committee crafted several drafts, including a recent one, the Senate Agriculture Committee has yet to develop similar initiatives. Any proposed law will necessitate backing from both committees, as the Banking Committee supervises the Securities and Exchange Commission, whereas the Agriculture Committee oversees the Commodity Futures Trading Commission.
Moreover, bipartisan consensus will be crucial given the 60-vote requirement to progress through the Senate. Chairman Tim Scott has set a deadline of September 30 for the passage, though significant challenges remain due to numerous pressing issues currently occupying the Senate’s attention.
Federal regulators are also rapidly advancing initiatives. The Securities and Exchange Commission and Commodities Futures Trading Commission released a joint statement on the regulation of spot trading in crypto by registered firms, outlining guidance for these entities while indicating that certain assets may be acceptable for trading, though specifics remain undisclosed.
On Thursday, the SEC outlined its immediate agenda presenting a range of crypto-related action points and plans to propose rules regarding the sale of crypto assets by April, potentially including a safe harbor provision.
On Friday, it was announced that both the SEC and CFTC would strive to synchronize their regulatory measures surrounding cryptocurrencies, with a joint roundtable scheduled for September 29.
This Week
Wednesday
12:00 UTC (8:00 a.m. ET) CoinDesk will host a policy and regulation event in Washington, D.C. Come say hi!
Any suggestions or inquiries for next week’s discussion are always welcome via email at [email protected] or feel free to connect on Bluesky here.
Join in on the conversation via Telegram.
See you next week!
