October 2025: Five U.S. Crypto Legislation Developments

October was a whirlwind for the crypto industry; political maneuvering, regulatory shifts, and influential appointments painted a clearer—albeit still complex—picture of the industry's future. From government shutdowns to key leadership changes, here are five stories in October 2025 that defined the digital asset space.

1. The U.S. Government Shutdown: A Regulatory Holding Pattern

Since October 1, the U.S. government has been in shutdown mode. The continuing resolution (a temporary budget) to reopen the government and keep government operations funded has failed more than a dozen times. A government shutdown means an almost complete standstill at non-vital government agencies. Workers are furloughed, and work stops until the government reopens. For the crypto world, this means delays in SEC or CFTC approvals and delayed guidance. This comes at a time when market participants are waiting for regulatory guidance from several agencies.

2. RFIA Stalls, Industry Leaders Demand Action

The Responsible Financial Innovation Act (RFIA), a bipartisan bill co-sponsored by Senators Cynthia Lummis and Kirsten Gillibrand, aims to establish a comprehensive regulatory framework for digital assets. However, October saw the bill continue to stall in Congress, a frustrating development for an industry eager for legislative progress.

One major response came from industry leaders gathered at a roundtable hosted by Senator Gillibrand. There, prominent figures from the crypto and blockchain space voiced their concerns, emphasizing the urgent need for clear rules of the road to foster innovation within the U.S. and prevent talent and capital from flowing overseas. The message was clear: continued inaction by lawmakers poses a significant risk to America's leadership in the digital economy. The pressure is mounting, and the crypto community is watching closely to see if their calls for sensible regulation will finally be heard.

3. Mike Selig to Head CFTC: A Win for Crypto

In a significant development for digital asset regulation, Mike Selig was nominated as the new head of the CFTC. This appointment sent ripples of optimism through the crypto industry, as Selig brings a deep understanding of digital assets, having previously served on the Crypto Council for Innovation.

His background suggests a more nuanced, potentially more favorable approach to crypto regulation than some of his predecessors. While the CFTC primarily oversees derivatives markets, its role in defining commodities—a classification many cryptocurrencies could fall under—is crucial. Selig's appointment is seen by many as a step toward a more pragmatic regulatory environment, one that embraces innovation while still ensuring market integrity.

4. End of the SEC/CFTC Turf War: A Glimmer of Clarity

For years, the crypto industry has been caught in a regulatory "turf war" between the SEC and the CFTC, each agency vying for primary jurisdiction over digital assets. This battle has created uncertainty, hindering development and fostering a climate of fear. However, October 2025 brought encouraging signs that this protracted conflict may finally be drawing to a close.

Building on momentum from a September roundtable, repeated statements throughout October from key figures like CFTC Acting Commissioner Pham and SEC Commissioner Atkins indicated a growing willingness to collaborate and delineate clear roles. The message from both agencies is clear: crypto is their number one priority.

5. Fed Governor Waller’s Stance on Stablecoins

Federal Reserve Governor Christopher Waller delivered a highly-watched opening statement at the Fed's recent Payments Innovation Conference, declaring, “This is a new era for the Federal Reserve in the payments sector. The DeFi industry is no longer viewed with suspicion or ridicule.” His comments officially welcomed the digital asset industry to the conversation on the future of U.S. payments.

The most significant proposal from the event was Waller’s call for the Federal Reserve to study and potentially implement a "streamlined master account"—or what he nicknamed a "skinny master account"—for payment-focused non-bank financial institutions, including stablecoin issuers and crypto payment companies.

This new account concept would provide direct access to the Fed’s payment systems (such as Fedwire and FedNow), but would be limited in functionality. This is a monumental shift, as it could drastically reduce costs and improve efficiency for stablecoin issuers by granting payment rails, without having to rely on intermediary banks.

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