Analysis:Trump agencies to set crypto policy as bill stalls, limiting industry's gains

As sweeping U.S. crypto legislation fails to pass, President Donald Trump's regulatory agencies are poised to create policy, though the process is contentious and could be reversed by future administrations. Although cryptocurrency firms have spent millions on campaigns advocating for favorable legislation, the effort is now delayed, with limited time for lawmakers to reach a deal before the new Congress in 2025.

This impasse places the responsibility on Trump's pro-crypto regulators, especially the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to provide necessary regulatory clarity. The SEC is expected to advance a rule exempting certain token offerings from securities rules, while the CFTC will discuss regulation at an industry gathering.

Nevertheless, only Congress can establish a permanent framework, and industry experts emphasize that regulations could be vulnerable to political changes and court disputes.