The council has returned from the break

With Congress back from summer vacation and entering the final four months of 2025, here’s what we’re looking for:

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Welcome to the final four months of 2025. This is what I’m looking for in the last third of the year.

Why is it important?

Crypto is already a genius law dealing with one major bill this year: Stablecoins, but the larger market structure bill is still ongoing. Congress has returned from summer holidays, but there are other issues that need to be addressed, such as the deadline for the end of the month’s funding bill.

I’ll break it

In the legislative sector, all eyes are based on the laws of market structure. The House passed the Clarity Act with overwhelmingly bipartisan support earlier this year, but the Senate has gone its own route so far, with the Senate Banking Committee working to define multiple drafts to “subsidized assets” and develop guidelines for the Broader Crypto sector.

The Banking Committee has released several drafts, including the second half of Friday, but the Senate Agriculture Committee is not far away. Given that the Banking Commission oversees the Securities and Exchange Commission and the Agriculture Commission oversees the Commodity Futures Trading Commission, any law requires support from both committees.

Furthermore, the bill will require bipartisan support, given its 60 vote threshold and needs to advance from the Senate. Banking Committee Chairman Tim Scott set a passing deadline for September 30, but it becomes a heavy lift given the countless other concerns the Senate currently has.

Federal regulators are moving fast. On Tuesday, the Securities and Exchange Commission and Commodity Futures Trading Commission issued a joint statement on crypto spot trading by registered companies, saying that while these companies should seek guidance from regulators, it is not a problem to trade certain assets (though they did not name them).

On Thursday, the SEC released a public agenda addressing short-term priorities with many crypto-related action items. The SEC aims to propose rules for the sale of crypto assets by April, possibly addressing safe ports.

And on Friday, the SEC and CFTC issued a joint statement announcing they will continue to work to “harmonize” their efforts on crypto regulations. For this reason, there will be a joint roundtable meeting on September 29th.

Wednesday

• 12:00 UTC (8:00 AM ET) Coindesk hosts policy and regulatory events in Washington, DC.

If you have any thoughts or questions about other feedback I want to share next week, please email me to nik @coindesk.com or find me at bluesky @nikhileshde.bsky.social.

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Check out ya’ll next week!