CryptoLink Newsletter - November 2025 Updates

Following the House's passage of the CLARITY Act earlier this year, all eyes have been on the Senate for its work to get a comprehensive digital asset market structure bill across the finish line before the end of this Congress. The Senate Banking Committee had hoped to hold a markup on its portion of the bill before the end of the year, but Senate Republicans and Democrats involved in the negotiations have not yet reached an agreement. Nevertheless, constructive negotiations are ongoing, and the postponement of the markup may have averted a situation where Democrats felt alienated and decided to walk away. As a result, the Senate Banking Committee is working toward a markup early in 2026. Meanwhile, the Senate Agriculture Committee, which has jurisdiction over the Commodity Futures Trading Commission, continues to fill in the gaps in its original discussion draft, including on topics like decentralized finance. It too, hopes to be in a position to move forward with a mark up early next year. Aside from market structure legislation, members on both the House Ways and Means Committee and the Senate Finance Committee seem increasingly interested in addressing digital asset taxation, and there could be committee activity in the tax space as well next year.