Crypto’s Status: Congress’s Remaining Agenda for the Year
State of Crypto: What Congress Must Accomplish This Year
The window is closing for Congress to achieve substantial progress on cryptocurrency matters this year.
By Nikhilesh De Nov 23, 2025, 7:00 p.m.
With the Senate session resumed, forward movement on certain crypto proposals is underway, but is the remaining time sufficient for the outstanding workload?
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Under 40 Days
The story
Following Congress' return from the government impasse, all eyes are fixed on its handling of crypto subjects. This entails various elements: the candidacy of Mike Selig to preside over the Commodity Futures Trading Commission, legislation addressing market composition, as well as further crypto concerns.
Significance
The crypto sector faces dwindling opportunities to secure benefits from the 2024 elections. Despite the GENIUS Act offering a promising kickoff for crypto enterprises, and ongoing regulatory advancements by the Securities and Exchange Commission and CFTC, the market structure measure remains a work in progress. Congress has fewer than 40 days left this year and only a few months next year before recessing for the off-year elections.
Deconstructing it
The Senate Agriculture Committee endorsed Mike Selig, nominated for CFTC Chair, by a 13-11 vote, referring his nomination to the full Senate for a vote; assuming he attains a majority, his inauguration should occur shortly thereafter. This is potentially achievable in the near term.
Selig emphasized the CFTC's responsibility to scrutinize crypto, citing particular issues like onchain markets and the function of intermediaries, among others.
"The CFTC has a pivotal mandate to safeguard these marketplaces," he stated during his hearing on Wednesday. "Here lies an authentic prospect to forge a structure enabling software innovators to excel, cultivate novel exchanges prioritizing investor protection, possessing the regulatory oversight anticipated in an exchange, and guaranteeing the requisite disclosure benchmarks typical of our financial sectors."
The Senate Banking Committee also furthered the nomination of Federal Deposit Insurance Corporation Acting Chair Travis Hill to the role of confirmed chair, in addition to other nominations.
However, the focal point — market structure legislation — essentially holds the same public status as the previous week.
As previously stated, the Agriculture Committee's updated blueprint encompasses certain clauses potentially inciting contention, notably one concerning conflicts of interest. Anticipate revisions to this draft prior to the committee scheduling a markup and vote. The Trump family's diverse crypto ventures remain a point of scrutiny for Democrats — Senators Elizabeth Warren and Jack Reed have petitioned Treasury Secretary Scott Bessent and the Attorney General for intelligence regarding accusations of World Liberty Financial, linked to Trump, vending tokens to "unlawful elements," even within sanctioned locales.
The Banking Committee is possibly nearing a markup — although no revised bill draft has emerged from the committee recently, discussions between Republicans and Democrats seemingly persist.
Sen. Tim Scott, heading the Banking Committee, cited Democrats' "obstructing" of the bill's progression in a recent interview with Fox News' Maria Bartiromo.
"The Democrats have engaged in obstruction and delay, resisting the opportunity for President Trump to position America as the leading crypto hub globally," he conveyed. "Their reluctance extends beyond President Trump; it affects the American populace, including single mothers akin to my upbringing."
Nonetheless, he suggested the bill could reach the Senate floor by early 2026.
"We are optimistic that both committees can proceed with markups next month, propelling this to the Senate floor early next year. This would allow President Trump to enact legislation solidifying America as the premier crypto destination globally, protecting consumers while enhancing America's prospects as the foremost economic influence for the next century," Scott elaborated.
Congress possesses a constrained timeline to finalize anything this year — legislators will be absent next week in observance of Thanksgiving, returning for only a few weeks in December before the Christmas and New Year holidays.
This week
- The U.S. observes the Thanksgiving holiday. Congress will reconvene the following week.
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