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There is a growing sense on Capitol Hill that key changes to the market structure of the crypto industry may not happen in 2025.

Can market structure reform survive 2026?

There is a growing sense on Capitol Hill that key changes to the market structure of the crypto industry may not happen in 2025. The politics won’t get any easier in 2026.

We spent this week surveying staff and lawmakers of both parties who are close to the process around this legislation. Many projected optimism.

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Punchbowl News Presents

Our new weekly show, Fly Out Day, brings you inside the most consequential decisions shaping Congress with the people at the center of the story. From Hill leadership to Washington’s most-plugged in reporters, join us straight from our townhouse each Thursday evening. Watch the latest episode now.