U.S. crypto reform at risk of delay, warns Senator

Senator Thom Tillis from North Carolina has warned that the U.S. Congress has very little time left to pass comprehensive cryptocurrency legislation. He believes that if no action is taken in 2025, the reform could stall until the end of the current congressional term, which runs through January 2026.

According to Tillis, the upcoming elections and deepening partisan divisions could completely derail progress on the bill. Lawmakers are already focused on their election campaigns, leaving little room for difficult financial decisions.

One of the key proposals is the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to define how oversight of the crypto market is divided between the SEC and the CFTC. The bill has been approved by the House of Representatives but is still awaiting consideration in the Senate.

The cryptocurrency industry is urging swift action, warning that the United States risks falling behind Europe, which has already implemented its MiCA regulations. Companies like Coinbase and Ripple argue that the lack of clear rules is driving investment abroad, while some lawmakers insist that investor protections must first be strengthened—especially in light of the collapses of firms such as FTX and Celsius.