With Congress reconvening after their summer break, all eyes are on the legislative agenda for the remaining months of 2025. Here’s a look at what’s anticipated as we head into the home stretch of the year.
This is a revised edition of State of Crypto, a newsletter from CoinDesk that examines the intersection of digital currencies and government policy. Subscribe here to receive future updates.
The Big Picture
The final third of 2025 promises significant developments. Here’s a preview of key areas expected to gain traction in the coming months.
Why It’s Important
The crypto sector already saw progress this year with the GENIUS Act focusing on stablecoins. However, comprehensive legislation concerning market structure is still under development. As Congress returns, they face a packed schedule, including a critical funding bill deadline at the end of September.
Key Developments
The main focus on Capitol Hill is market structure legislation. While the House of Representatives previously approved the Digital Assets Market Clarity Act (Clarity Act) with strong bipartisan support, the Senate is pursuing a different path. The Senate Banking Committee has been actively drafting proposals, defining “ancillary assets,” and establishing guidelines for the broader cryptocurrency industry.
The Banking Committee has circulated several draft versions – including a recent update. The Senate Agriculture Committee has yet to release similar drafts. For any legislation to succeed, it requires backing from both committees, as the Banking Committee oversees the Securities and Exchange Commission (SEC), while the Agriculture Committee has jurisdiction over the Commodity Futures Trading Commission (CFTC).
Securing bipartisan support is also crucial, given the 60-vote requirement to pass legislation in the Senate. Banking Committee Chairman Tim Scott has set a target of September 30th for passage, but achieving this will be a challenge due to the numerous competing priorities facing the Senate.
Federal regulators are also actively engaged. The SEC and CFTC recently issued a joint statement regarding spot trading of cryptocurrencies by registered firms. They advised these firms to seek regulatory guidance, while indicating that trading certain assets was acceptable (though the specific assets were not named).
On Thursday, the SEC unveiled its short-term agenda, highlighting several crypto-related initiatives. The agency plans to propose a rule on the sale of crypto assets by April and is considering addressing a safe harbor provision.
Furthermore, the SEC and CFTC jointly announced their continued commitment to “harmonizing” their regulatory efforts in the crypto space. To this end, they will host a joint roundtable discussion on September 29th.
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