Washington Crypto Policy at the Halfway Mark: What Has Changed

Crypto Policy in Washington: A Midyear Assessment

Washington crypto policy has moved faster in 2025 than at almost any point in recent memory. Lawmakers, regulators, and the White House have all taken visible positions on digital assets, and the first half of the year has produced a mix of concrete progress and unresolved standoffs. Forbes reviewed the state of play at the halfway point, and the picture is complicated.

The legislative track has seen genuine momentum. Congress has spent months debating frameworks for stablecoin oversight and broader market structure rules. Both chambers have advanced separate proposals, though a unified bill has not yet cleared both houses. The gap between Senate and House versions reflects real disagreements over how much authority should sit with federal banking regulators versus the Securities and Exchange Commission or the Commodity Futures Trading Commission.

Regulation and the Agency Tug-of-War

The regulatory picture has shifted considerably since January. The SEC under new leadership pulled back several enforcement actions that were initiated under the previous administration, signaling a less combative posture toward the industry. At the same time, the agency has not abandoned oversight entirely. It has continued to require disclosures and has kept open questions about which tokens qualify as securities.

The CFTC has pushed to expand its own jurisdiction over crypto spot markets, an argument it has made for years with limited success. Whether Congress grants that expansion in a final market structure bill remains one of the central unresolved questions of the year.

Treasury and the White House have also weighed in. The administration has expressed general support for establishing the United States as a competitive location for digital asset activity, though the specifics of what that means in policy terms are still being worked out agency by agency.

What the Industry Has Won and Lost

For the crypto industry, the first half of 2025 has brought relief in some areas and frustration in others. The retreat from aggressive SEC enforcement has been widely welcomed. Banking regulators have also relaxed some guidance that previously made it difficult for traditional banks to offer crypto custody or related services, opening a path for institutional involvement that was largely blocked before.

On the other hand, the industry has not gotten the comprehensive, clear legal framework it has lobbied for over several years. Stablecoin legislation remains in negotiation. Market structure rules that would clarify which assets fall under which regulator are still unfinished. Companies operating in the space continue to face legal uncertainty on core questions.

Tax treatment of digital assets has also attracted attention. Proposals to adjust how crypto transactions are reported and taxed have circulated in both chambers, but no final changes have been signed into law at the midyear point.

What Comes Next

The second half of the year will likely determine whether 2025 becomes the year Washington finally delivers lasting crypto legislation or whether the current momentum stalls. Congressional calendars are crowded, and crypto competes with other fiscal and regulatory priorities for floor time.

The stablecoin debate is probably the closest to resolution. Negotiators in both chambers have narrowed their differences, and there is bipartisan interest in getting something passed. Market structure legislation faces a steeper climb given the jurisdictional disputes between agencies.

International pressure adds some urgency. The European Union's Markets in Crypto-Assets framework is now in effect, and other jurisdictions have moved to establish clear rules. American firms operating globally have noted the awkward position of navigating detailed foreign rules while domestic law remains unsettled.

For now, Washington's crypto policy record at halftime reflects a government in transition rather than one with a finished game plan. Progress is real, but the most consequential decisions are still pending.