As September rolls in, Congress returns from its summer recess, ushering in an eagerly anticipated legislative session that could significantly impact the crypto landscape. The focus is squarely on the final stretch of 2025, and there’s no shortage of developments for digital currency enthusiasts and regulators alike to monitor.
The Road Ahead: Legislative Focus on Crypto
Crypto enthusiasts have already seen significant legislative activity this year, notably the passing of the GENIUS Act, which addressed stablecoins. However, the more comprehensive market structure bill remains in progress. With Congress back in session, there’s a palpable urgency to move forward with this key piece of legislation.
The House of Representatives made headway earlier this year by passing the Digital Assets Market Clarity Act (Clarity Act) with strong bipartisan support. This act promises to provide much-needed clarity to the crypto markets. However, the Senate has yet to align itself with the House’s vision. The Senate Banking Committee has been working diligently, publishing several drafts aimed at defining “ancillary assets” and setting guidelines for the broader crypto sector.
Despite the Banking Committee’s efforts, the Senate Agriculture Committee has shown more restraint. Given that these two committees oversee the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) respectively, cooperation is crucial. Any successful crypto legislation will need to garner bipartisan support to meet the 60-vote threshold necessary for Senate approval. Banking Committee Chairman Tim Scott has set an ambitious deadline of September 30 for passage, but the Senate faces a host of other pressing issues that may complicate this timeline.
Regulatory Developments: A Joint Approach
Federal regulators are not standing idly by. This week, the SEC and CFTC published a joint statement regarding the spot trading of cryptocurrencies by registered firms. The agencies advised these companies to seek guidance from regulators but assured that certain assets were permissible for trading, although specific assets were not named.
In a bid to streamline their efforts, the SEC and CFTC have committed to “harmonizing” their approach to crypto regulation. A joint roundtable is scheduled for September 29, which promises to be a pivotal moment in these regulatory efforts. Additionally, the SEC has laid out an ambitious public agenda with several crypto-related action items. Among these, a proposed rule on the sale of crypto assets is expected by April, and potential safe harbor provisions are also on the table.
Industry and Public Engagement
In the midst of these legislative and regulatory maneuvers, the industry and public engagement remain crucial. On Wednesday, CoinDesk is set to host a policy and regulation event in Washington, D.C., offering a platform for dialogue among policymakers, industry leaders, and the public. Such events are vital for fostering understanding and collaboration in the rapidly evolving crypto ecosystem.
For those unable to attend in person, there are plenty of opportunities to engage with ongoing discussions online. Nikhilesh De, a notable figure in crypto journalism, invites feedback and discussion through email, Bluesky, and Telegram, ensuring that diverse voices can contribute to the discourse.
Balancing Act: The Challenges Ahead
The path forward is fraught with challenges. Congress and regulators must balance the need for clear, comprehensive legislation with the realities of a fast-paced and innovative industry. The Clarity Act represents a significant step towards providing the crypto market with a robust framework, but the complexities of crypto regulation necessitate a careful, collaborative approach.
As the final four months of 2025 unfold, all eyes will be on Washington. The outcome of these legislative and regulatory efforts will not only shape the future of cryptocurrency in the United States but could also set a precedent for global digital asset regulation. As stakeholders from all sides weigh in, one thing is clear: the intersection of cryptocurrency and government is more crucial than ever.
In this dynamic environment, staying informed and engaged is paramount. Whether through attending events, participating in discussions, or simply staying abreast of the latest developments, everyone has a role to play in shaping the future of crypto. As the crypto community and regulators work towards a common goal, the hope is that the resulting framework will foster innovation while ensuring stability and security in this burgeoning field.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
