Congress Races Against Time as Crypto Legislation Stalls

With Congress finally back in session after the government shutdown, pressure is mounting to advance key crypto initiatives before the legislative clock runs out. Lawmakers have fewer than 40 working days left this year, and only a short window early next year, to finalize major industry priorities — including CFTC leadership, market structure rules, and broader digital asset oversight.

The Senate Agriculture Committee recently voted 13–11 to advance Mike Selig’s nomination to lead the Commodity Futures Trading Commission. If confirmed by the full Senate, Selig is expected to shape how the CFTC approaches crypto market regulation. During his hearing, he emphasized that the agency must develop a framework that supports innovation while enforcing strong investor protections, clearer disclosure standards, and safeguards for emerging on-chain markets.

The Senate Banking Committee also approved several financial regulatory nominees, including FDIC Acting Chair Travis Hill, moving them closer to confirmation. Still, the larger and more consequential task — crafting federal crypto market structure legislation — remains stuck in negotiation. Updated drafts from the Agriculture Committee have sparked debate, especially provisions addressing conflicts of interest. Additionally, Democratic lawmakers continue to scrutinize Trump-linked crypto ventures, including allegations involving World Liberty Financial token sales.

On the Banking Committee side, Chair Sen. Tim Scott has publicly accused Democrats of slowing progress on the bill. He maintains that both committees could finalize their drafts soon, potentially setting up a Senate floor vote in early 2026. He argues the legislation is essential for making the U.S. a global crypto leader while ensuring consumer protection.

Despite this optimism, Congress faces serious time constraints. Thanksgiving recess and the upcoming holidays leave only a few working weeks to advance meaningful crypto policy. As the 2024 election momentum fades, the industry risks losing a critical opportunity to secure long-awaited regulatory clarity before lawmakers shift focus to the midterms.