Congress Eyes Crypto Market Structure Bill as SEC and CFTC Align
Congress has returned from its summer recess to focus on crypto market structure legislation in the final quarter of 2025. The House passed the Digital Assets Market Clarity Act with overwhelming bipartisan support, but the Senate is working separately through its Banking Committee, which has published multiple drafts defining “ancillary assets.” The Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission, has yet to release its version. Any comprehensive market structure bill must clear both committees and secure 60 votes in the Senate by the September 30 deadline set by Banking Committee Chairman Tim Scott. Meanwhile, federal regulators are moving swiftly. The SEC and CFTC issued a joint statement on spot crypto trading by registered firms, offering guidance on permissible assets without naming them explicitly. The SEC also released its public agenda, aiming to propose a rule on crypto asset sales by April and explore a safe harbor. Both agencies will hold a joint roundtable on September 29 to harmonize their regulatory approaches. Traders should monitor developments on the crypto market structure front and upcoming regulator guidance events.
Bullish
Regulatory clarity typically reduces uncertainty, lifting investor confidence and trading volumes. The advance of the crypto market structure bill in Congress, combined with joint action by the SEC and CFTC, signals a more defined legal framework. This alignment can unlock institutional participation and streamline listings for spot trading. In the past, when the EU adopted MiCA or when the SEC provided clearer guidance on ETFs, markets saw upward momentum. While passage by the September 30 deadline remains challenging, the bipartisan support and high-level commitments from regulators create a bullish backdrop. In the short term, traders may see positive sentiment around compliance and product launches. Over the long term, a unified US regulatory structure could underpin sustained growth and deeper liquidity in digital assets.