As expected, September started with what has been nicknamed a “cryptographic sprint”, because various branches of the government seek to quickly set up regulations and legislation on digital assets before the end of the year. In the Senate, the Senatoric Banking Committee has published its legislative project updated on the structure of the market – now the main differences from the bill on the structure of the Chamber Market – the Clarity Act, which was adopted by a bipartite vote crushing earlier this year. At the SEC, the agency is difficult to coordinate with the CFTC on several problems related to cryptography, and it has published its regulation program for the coming year.
Detailed breakdowns of these developments, their implications for companies in the future and some other updates on the subjects of cryptographic law are discussed below.
Senate publishes the structure of the bill bill bill: September 5, 2025
Background: Before the recess of August, the Senatoric Banking Committee published a bill on the structure of the discussion project market with a request for comments that accompanies it. Polsinelli helped the digital chamber response to these comments. Back from the break, the Senate has now taken these comments and published a updated project entitled The Responsible Innovation Act. The president of the Senate bank, Tim Scott, will try to advance this project through the committee this month to stay in the rapid calendar that the management of the Congress and the Directorate of the Branches aims. While waiting for the company’s plan of the Senatorial Agriculture Committee to resolve many questions related to the CFTC, the Senate bank will have to plan an audience in the near future on this revised project for any chance of spending in 2025.
Analysis: The big question was whether the Senate bill would return to the test based on the control / decentralization of the Clarity Act (which adopted the Chamber during a crushing vote of 294-134) in order to determine whether the sales of certain digital assets would be considered as securities transactions, compared to the Senate bill, which created an “accessory active” concept to determine when a transaction digital assets constitutes a secluded transaction. This question has been answered, because the current project maintains the auxiliary asset frame with fairly large changes. The largest victory in the industry in the revised project must be increased protection for developers of non -guardian software technology, which has been recommended by more than 100 industry participants and led by the DEFI education fund. According to a first exam, it seems that the project has implemented many changes requested by industry comments – but in 182 pages, it should have areas that must still be improved.
SEC and CFTC publish joint declarations on crypto problems: September 2-5, 2025
Background: The SEC and the CFTC have published a joint declaration clarifying the views of the staff of the two agencies according to which “the exchanges recorded dry and CFTC are not prohibited from facilitating the trading of certain basic products.” A large hold-up to facilitate the sale of token titles thanks to existing digital asset exchanges (or facilitate the sale of non-security cryptographic assets via alternative trading systems and exchange of securities) is the way in which exchanges would be authorized to sell, or accept as payments, non-security such as USDC or $ tokenized. This seems to be the first step to overcome this obstacle. A few days later, the acting president CFTC Pham and the president of the SEC, Atkins, published a joint declaration with the subtitle, “the next stages – bringing new and innovative products in America”, which relates to the planned convergences of the laws on securities and basic products which could facilitate the development of “any exchanges”.
Analysis: Although declarations do not create any new usable law, they report the management in which the agencies will go. The follow -up statements to bring it back new financial products on the ground have also been important. All the areas of development listed – 24/7 markets, PERPS, event contracts, DEFI composition requirements and wallets – directly involve the crypto or benefit from the technological rails of the big bookchain book, so it seems that good things are on the horizon. It also means that the political work carried out over the next 12 to 18 months could shape American financial markets for the decades to come.
Dry exit to the order of regulation: September 4, 2025
Background: The Sec’s Office of Information of Information and Regulatory Affairs Released the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, which Flesh Atkins Described As Covering “Rule Propals related to the Offer and Sale of Crypto Assets to Help Clarify the Regulatory Framewelor Certainly to the market, “as well as“ withdrawal of a host of items from the last administration that do not align with the goal that regulation Should be smart, efficient and well suited within the limits of our statutory authority.
Analysis: Although legislation efforts on the structure of the market are underway in the Senate, the SEC clearly indicated that it intended to move forward with the regulatory efforts linked to the crypto without delay the results of these legislative efforts. The proposed rules of rules include many areas that may have an impact on cryptography (such as the revised definition of the “concessionaire” and changes in rule 144 of the security port) and five elements of the agenda which directly mention the crypto:
(1) Cryptographic assets;
(2) Changes in childcare rules;
(3) Transfer agents;
(4) Changes to the rules of financial responsibility of the broker and the holding of registers and reports; And
(5) Changes in the structure of the cryptographic market.
There are very few details at this stage, but it is a step in the right direction and a forecast of what will happen in the next 6 to 12 months. It is also interesting to note that, for the first time, this is considered a deregulation program – not only regulatory.
Briefly noted:
Nasdaq submits a proposal to change crypto rule: The NASDAQ Stock Exchange has submitted a rule proposed to the SEC concerning the tokenization of actions for chain trading. Although the current proposal does not include regulation T + 0, commercial actions via the Blocchain’s big book technology could allow faster regulations and easier books and compliance of file holding, which highlights the need for consolidated audit track rules.
Fed Conference on Payments Innovation: The federal reserve organizes a conference on “payments innovation”. Less than a year ago, we were in the grip of Operation ChokePoint 2.0, and now the Fed actively brings together cryptography leaders to understand how to integrate the blockchain into the financial system.
Polymarket No-Action: Polymarket will be available for American consumers after the CFTC has published a letter without action that allows Polymarket to offer event contracts without reporting the required data under US financial regulations (which would not have added much, given the level of transparency). This occurs while prediction markets are starting to influence sports betting markets with their increase in popularity.
The financing of cryptography remains hot: Crypto companies have raised more than $ 16 billion this year in venture, which is underway to break the funding record of 2021, when space companies have collected more than $ 29 billion. This comes like a figure and the Gemini both seek to become public in the short term and the mergers and acquisitions in space are warmer than ever.
More than 100 participants in the industry are pressure for developers’ protections: DEFI EDUCATION FUND organized a huge coalition of industry defense groups and participants to sign a recommending letter for the protection of software developers and non -guardian service providers. The Consumption Innovation Working Group of the Digital Chamber has proposed a draft legislative text for developers and consumers of self -mockery portfolio – which is a good start – and which was highlighted on the PG. 30 From the letter from the digital chamber to the Senate Banking Committee on the legislation on the structure of the market. As indicated above, these efforts have apparently succeeded in adding the developers’ protections to the efforts of the Senate market structure bill.
Why stablecoins: Similar to the effort led by Polygon a few years ago of real world compilation uses cases for blockchain technologies, this recent effort to compile what makes stables so useful is a nice addition to the zeitgeist.
Economic data on blockchain: The Secretary of Commerce, Lunick, went to semi-viral recently when he declared that his department will begin to publish economic data on the blockchain (official liberation here). This will allow pricing oracles to rely on blockchain data compared to published data, which can be lagging behind and have errors in reports. This could have an important effect on how economic indicators are lower than the market.
Safety doors with white hat: In addition to the proposals of law of the Crypto Privatrière, more and more protocols DEFI provide safe ports to white heat pirates in the event of violation or operating. As the authorities get involved, it is often too late, so giving private actors – who have the capacity to stop these exploits during them – the power to do so is a good idea.
Conclusion:
The pace of developments stresses that the “crypto sprint” is more than a simple slogan; The legislators, regulators and participants in the industry all move quickly to shape the rules that will govern digital assets for the years to come. With the Senatoric Banking Committee which rushed to its bill on the market structure, the SEC and the CFTC aligning joint statements and regulatory programs and agencies through the government opening the door to innovation based on blockchain, the next few months will be decisive.
Whether the result is greater clarity, better protections for developers and consumers or a framework that helps maintain innovation on the ground, what is happening in 2025 will define the trajectory of the American digital asset ecosystem in the next decade.
