Congress is back in session. Here’s what to expect in these final weeks. 

A three-month stopgap, for better or for worse, is probably what is going to happen

article-image

Lane V. Erickson/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


Congressional leaders are back on the Hill today for the final weeks of the session, and they have their work cut out. 

The current federal spending plan expires on Dec. 20, but a government shutdown seems unlikely (at least at this point). Both Republicans and Democrats have expressed interest in passing a continuing resolution that would fund the government through March. 

The upside for the GOP is they get to put off making bigger decisions until they have control of both chambers. The downside is President-elect Donald Trump probably doesn’t want Congress tied up in appropriation bills when he’s trying to get nominations through the Senate and pass tax, immigration and tariff policies

For Dems, the Senate would prefer to focus on getting as many of President Biden’s judicial nominations confirmed before the end of the year. Plus, funding bills need a 60-vote threshold in the Senate, and Republicans only have 53 seats. So Democrats are hardly ceding all their power. 

A three-month stopgap, for better or for worse, is probably what is going to happen. For those looking to see significant crypto policy movement in the first quarter of 2025, this isn’t great news.

Still, industry officials seem confident that the second Trump administration will bring a new era of crypto policy to the US. Coinbase chief policy officer Faryar Shirzad told CNBC this week that he sees versions of the FIT21 bill and the Clarity for Payment Stablecoins Act moving “fairly quickly” next year. 

There’s no denying that a Republican majority in the House and the Senate (narrow as it may be) bodes well for getting crypto policy over the finish line. But at the end of the day, it comes down to what lawmakers — namely, committee heads — want to prioritize. 

We could see some action from Trump in the form of executive orders, especially should he hire a “crypto czar,” a potential position Blockworks first reported on in July. The crypto czar would likely have a team, potentially made up of industry execs and interested parties, we’ve heard from people close to the matter. If you’re looking to read the tea leaves on who might make up this new crypto policy council, I’d start with Trump’s top industry donors. 

In terms of agency actions, the Senate will need to confirm SEC Chair Gary Gensler’s successor, plus a replacement for resigning Commissioner Jaime Lizárrage. 

Rumor has it that Trump could name his pick to lead the SEC today. One outlet reported that Trump already asked former SEC Commissioner Paul Atkins to head the agency (citing those “familiar with discussions”), but that Atkins has not yet accepted. Atkins did not immediately return Blockworks’ request for comment.  

Another name that has come up in SEC chair speculation is Brian Brooks, an ex-acting comptroller of the currency.

The next SEC chair would probably replace Sanjat Wadhwa, who currently works as acting director of the division of enforcement. This has potential to really shake up how the SEC pursues enforcement actions and which actors it chooses to target. 

As for ongoing enforcement actions, I’ve said before that I’m skeptical we’ll see the SEC just drop these cases as the process is a bit more complicated than that. But stranger things have happened. 


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

tg trading bot report graphic.png

Research

Telegram trading bots have found their primary niche in highly speculative token launches and retail-dominated memecoin markets, with many features specifically tailored to token sniping and copy-trading strategies.

article-image

Ethereum is hoping that increased DA will grow user demand — and its profits through DA fees

article-image

11 years ago, Bitcoin contributors prevented a supply crisis… two centuries from now

article-image

Both samczsun and ZachXBT have issued warnings after the Bybit hack last month

article-image

The investor criticized Michael Saylor’s plan to render his personal bitcoin holdings inaccessible to anyone else forever

article-image

The exchange has structural defenses and protocols to limit manipulations

article-image

Upshift is being spun out of August, which raised $10 million earlier this month