Welcome to the final four months of 2025 as Congress returns from summer recess. With the GENIUS Act already addressing stablecoins earlier this year, the focus now shifts to the pending market structure bill.
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The Current Narrative
The spotlight is on the legislative branch as market structure legislation takes center stage. While the House of Representatives passed the Digital Assets Market Clarity Act (Clarity Act) earlier this year, the Senate is charting its own course. The Senate Banking Committee is delving into defining “ancillary assets” and crafting guidelines for the crypto industry.
Although multiple drafts have been released by the Banking Committee, the Senate Agriculture Committee is yet to make significant progress. A bipartisan effort will be crucial as any legislation must garner support from both committees overseeing regulatory bodies like the SEC and CFTC.
Chairman Tim Scott has set a Sept. 30 deadline for Senate passage, but with various pressing matters on the Senate’s agenda, achieving this goal will be challenging.
Regulatory Updates
Regulators are also making strides in the crypto space. The SEC and CFTC issued a joint statement on spot trading of crypto by registered firms, encouraging companies to seek guidance. The SEC’s public agenda highlighted upcoming priorities, including a rule proposal on selling crypto assets by April and potentially addressing a safe harbor provision.
In a bid to harmonize efforts, the SEC and CFTC will host a joint roundtable on Sept. 29 to streamline crypto regulation. Additionally, CoinDesk is hosting a policy and regulation event in Washington, D.C. on Wednesday for further discussions in the industry.
If you have any thoughts or questions for future topics, feel free to reach out to me at nik@coindesk.com or connect on Bluesky @nikhileshde.bsky.social. Join the conversation on Telegram as we navigate the evolving landscape of crypto regulation. See you next week!