is moving forward but the path is not clear. Lawmakers from both parties say they want a fair result and they continue to meet and talk. Even with this goodwill many problems remain and some risks are beyond their control.
The Senate is working on its own version of a crypto bill instead of using the one already passed by the House. This choice has slowed the process and pushed serious work into the new year. The goal is to decide which agency should oversee crypto markets and how companies should follow the rules.
One major risk is the federal budget deadline in late January. If Congress fails to agree on spending the government could shut down. That would stop talks and force lawmakers to focus on other issues. A long delay could hurt the crypto bill badly.
Time is also a problem because the midterm elections are getting closer. As elections near lawmakers often become more cautious. Some may avoid taking clear positions if they fear voter backlash. Others may prefer to wait and see which party gains power before making big decisions.
There is also uncertainty about who will control key committees after the elections. If Democrats gain control they may take a harder stance on crypto policy. Some leaders in that party have raised strong concerns about risks to consumers and the financial system. A change in leadership could mean new delays or a full rewrite.
Money and politics now play a bigger role than ever. Crypto focused political groups have raised very large funds. Lawmakers know that their position on crypto could affect campaign support. This reality pressures both parties to think carefully before blocking or backing the bill.
One rare success this year was the passage of a stablecoin law with support from both parties. That win gave the crypto industry hope that broader rules could also pass. Still this new bill is much larger and more complex and requires harder compromises.
Key disagreements remain. Democrats want stronger ethics rules to prevent conflicts of interest. They also want limits on some crypto activities they see as risky. The industry worries that overly strict rules could damage innovation and push development overseas.
There are also debates about decentralized finance. Some lawmakers want it treated like traditional finance. Others argue it works very differently and needs lighter rules. This issue alone could break the deal if neither side bends.
Industry groups are asking Senate leaders to release a draft bill early in the year and set a clear timeline. They believe speed is essential before politics takes over fully.
If the bill fails to pass next year regulators will keep shaping crypto policy on their own. That approach is less stable because future leaders could reverse course. Clear law from Congress would last longer and give businesses more certainty.
For now talks continue with hope and tension side by side. The new year will be critical for the future of crypto rules in the United States.