State of Crypto: Congress Is Back From Break

Everyone is backmost from summertime vacation.

Sep 6, 2025, 2:00 p.m.

Here's what we're looking for present that Congress is backmost from summertime recess and we participate the last 4 months of 2025.

You’re speechmaking State of Crypto, a CoinDesk newsletter looking astatine the intersection of cryptocurrency and government. Click here to motion up for aboriginal editions.

The narrative

Welcome to the past 4 months of 2025. Here's what we're looking for successful the last 3rd of this year.

Why it matters

Crypto already got 1 large measure this twelvemonth — the GENIUS Act addressing stablecoins — but the bigger marketplace operation measure remains a work-in-progress. Congress is backmost from summertime recess but determination are different issues it has to woody with, including a backing measure deadline astatine the extremity of the month.

Breaking it down

In the legislative branch, each eyes are connected marketplace operation legislation. While the House of Representatives passed the Digital Assets Market Clarity Act (Clarity Act) with overwhelming bipartisan enactment earlier this year, the Senate has truthful acold gone its ain route, with the Senate Banking Committee publishing aggregate drafts defining "ancillary assets" and moving toward creating guidelines for the broader crypto sector.

While the Banking Committee has published respective drafts — including 1 precocious Friday — the Senate Agriculture Committee has not yet gone that far. Any authorities volition request enactment from some committees, fixed the Banking Committee oversees the Securities and Exchange Commission and the Agriculture Committee oversees the Commodity Futures Trading Commission.

Moreover, this measure volition request bipartisan support, fixed the 60-vote threshold it volition request to beforehand retired of the Senate. Banking Committee Chairman Tim Scott acceptable a Sept. 30 deadline for passage, but it'll beryllium a dense lift, fixed the myriad different concerns the Senate has close now.

The national regulators, for their part, are besides moving swiftly. On Tuesday, the Securities and Exchange Commission and Commodity Futures Trading Commission published a associated statement connected spot trading of crypto by registered firms, saying these companies should inquire the regulators for guidance but that definite assets were good to commercialized (though it did not sanction these assets).

On Thursday, the SEC published a nationalist agenda addressing its near-term priorities with a fig of crypto-related enactment items. The SEC aims to suggest a regularisation connected selling crypto assets by April, arsenic good arsenic perchance code a harmless harbor.

And connected Friday, the SEC and CFTC published a associated connection announcing they would proceed moving to "harmonize" their efforts astir crypto regulation. To that end, determination volition beryllium a associated roundtable connected Sept. 29.

Wednesday

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