Congress is back from its August recess with less than four months left in 2025, and lawmakers — together with federal regulators — are racing to finalize the U.S. approach to digital assets.
This year already produced one major law, the GENIUS Act on stablecoins, but the larger market-structure package remains unresolved. The House passed the Digital Assets Market Clarity Act earlier with strong bipartisan support; the Senate is developing its own path. Senate Banking Committee drafts have focused on defining “ancillary assets” and setting a framework for how tokens are treated, while the Senate Agriculture Committee has yet to publish parallel text. Any comprehensive bill will need backing from both committees because the Banking Committee oversees the SEC and the Agriculture panel oversees the CFTC.
Practical hurdles are steep. A successful Senate compromise will require 60 votes to overcome a filibuster, and Banking Chairman Tim Scott set a Sept. 30 target for moving legislation. That deadline competes with other congressional priorities and an end-of-month funding timeline, making passage uncertain.
Regulators are not waiting. The SEC and CFTC issued a joint statement urging registered firms to seek guidance before trading spot crypto, while indicating some assets are acceptable to trade without naming them. The SEC also published a near-term agenda that includes proposed rulemaking on token sales and a possible safe-harbor for certain crypto activities, with rulemaking milestones stretching into next spring. The agencies will hold a joint roundtable on Sept. 29 to coordinate approaches.
Why this matters: outcomes will affect trading, custody and compliance for institutions and exchanges. Firms should prepare for shifting rules, increased documentation and potential registration or reporting requirements. Clear, coordinated rules could encourage broader institutional participation; conversely, delays or divergent agency positions will elevate compliance risk and market uncertainty.
Keep an eye on committee negotiations, the Sept. 29 regulator roundtable and the Sept. 30 congressional timeline — these milestones will shape the regulatory landscape through 2026.
Source: CoinDesk. Read the original coverage for full details.