- Senators advance a crypto oversight bill to define SEC and CFTC roles and classify Bitcoin as a CFTC-regulated asset.
- Bipartisan talks face hurdles as the government shutdown and missed deadlines slow progress on digital asset regulation.
- No confirmed Senate vote date, but officials say crypto legislation remains a priority for the 2025 legislative term.
U.S. senators are accelerating efforts to finalize a crypto framework before the end of November, despite a government shutdown that has slowed most legislative activity. The bipartisan initiative seeks to clarify oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), assigning Bitcoin and similar non-security assets under CFTC jurisdiction.
Lawmakers are focusing on the CLARITY for Payment Stablecoins Act and related provisions within the broader digital asset market structure bill. According to Coinbase CEO Brian Armstrong, committee discussions remain active, with optimism for progress in the coming weeks. However, no formal Senate announcement has confirmed a timeline for passage.
Senate Push for Digital Asset Rules
The Senate Banking Committee, led by Senator Tim Scott, has been working on a draft of the crypto market structure bill since July 2025. The measure builds on the House-approved CLARITY Act of 2025 (H.R. 3633), which aims to establish clear definitions for digital asset classifications and reduce regulatory overlap.
The bill’s intent is to create a unified framework that supports innovation while reinforcing consumer protection in the $2 trillion digital asset sector. Notably, Senator John Kennedy stated on October 16 that the committee continues reviewing proposals addressing Bitcoin and broader crypto regulation.
“The Senate Banking Committee is in the process of considering market-structure legislation for digital assets,” Kennedy said. His remarks confirmed ongoing deliberations but gave no precise date for completion.
Delays and Disagreements Cloud Timeline
Despite the push, negotiations have faced setbacks. Bipartisan talks broke down earlier in October, raising doubts over the short-term schedule. The initial goal to finalize the bill by September 30 quietly passed without public updates. This delay, coupled with the federal shutdown that began October 1, has complicated coordination between agencies and committees.
However, some senators remain confident that discussions can resume before year-end. The proposed legislation would define clear jurisdictional roles for the SEC and CFTC, an issue that has long caused uncertainty for crypto exchanges and token issuers.
Market Awaits Official Senate Schedule
The growing attention surrounding a possible late-November vote appears to stem from social media speculation rather than verified congressional timelines. Reports from Unchained Crypto and legal firm Arnold & Porter indicate that while progress continues, Senate floor time remains limited.
With other priorities pending, including fiscal and defense measures, the likelihood of immediate passage remains unclear. Still, lawmakers maintain that advancing the bill remains a priority for the current legislative term, signaling steady momentum toward comprehensive crypto oversight in the United States.
