Washington loves setting deadlines it doesn’t meet. 

Last month the House passed the Digital Asset Market CLARITY Act and sent it to the Senate. This week, the bill didn’t move forward in Congress, but its champions sharpened their timeline: Senator Cynthia Lummis, speaking at the Wyoming Blockchain Symposium in Jackson Hole, said she expects the final market‑structure legislation to be on President Donald Trump’s desk before Thanksgiving[1]. 

That’s a bold prediction given Senate committees haven’t even finished drafting their version of the bill. Here's what happened in crypto policy this week and what it means for blockchain entrepreneurs waiting for regulatory clarity.

Jackson Hole: Lummis Resets Expectations

At the SALT conference in Jackson Hole, Lummis explained how Senate Republicans plan to get a market‑structure bill across the finish line. She wants the Senate Banking Committee to approve the bill by late September and the Agriculture Committee—which oversees the CFTC—to finish its review by October[1]. 

Only then would the bill move to the Senate floor, where Lummis estimates that between 12 and 18 Democrats are ready to vote for it[1]. The senator’s new target—“We will have it on the President’s desk before Thanksgiving”[2]—pushes past the earlier Sept. 30 deadline. It also signals that Congress intends to get this done in 2025 rather than letting it slip into the election year.

Why the optimism? Lummis told attendees that the Senate version, informally known as the Responsible Financial Innovation Act (RFIA), will use the House’s CLARITY Act as the base bill and avoid major changes[3]. “We want to honor as much of the House’s work as we can,” she said[3]. 

The Senate will likely “tweak” the House text but preserve its core: dividing jurisdiction between the SEC and CFTC, creating clear definitions for digital commodities, and carving out safe harbors for decentralized projects[3]. 

Tim Scott, chair of the Senate Banking Committee, echoed those remarks and noted that the bill could pick up Democratic support once the committees finish their work[4]. In short, expect the Senate to build on—not dismantle—the CLARITY Act.

Beyond Market Structure: CBDCs Can Wait

Lummis also made clear that market structure is the priority. Although House Republicans included the Anti‑CBDC Surveillance State Act in their July “crypto week” package, that bill drew only two Democratic votes and is unlikely to advance soon[4]. 

Senators intend to focus first on establishing a regulatory framework for digital assets and will address central bank digital currencies later[4]. 

This sequencing matters because it reduces the political friction around the CLARITY Act; the polarizing debate over a digital dollar won’t derail it.

CFTC’s New Crypto Sprint: Inviting Public Input

While the Senate timeline grabbed headlines, the Commodity Futures Trading Commission quietly advanced its own agenda. 

On August 21, Acting Chair Caroline Pham announced the next phase of the CFTC’s Crypto Sprint, a program designed to implement the recommendations of the President’s Working Group. The initiative focuses on spot trading and retail crypto market oversight[5] and operates in coordination with the SEC’s Project Crypto. 

Pham described it as the start of a “Golden Age of innovation” and invited the public to submit feedback on proposed regulations until October 20[6]. Her message: the CFTC is moving ahead with rulemaking even while Congress deliberates.

This matters for two reasons. 

1. First, the CFTC’s focus on spot trading underscores that the agency expects to be the primary regulator of digital commodities under the CLARITY Act.
2. Second, the call for public comments gives entrepreneurs a direct channel to influence the rules governing trading, leverage, custody and market integrity[5].
   If you’re building an exchange or token platform, this is your chance to shape the framework before it becomes law.

If you’re building an exchange or token platform, this is your chance to shape the framework before it becomes law.

The Gaming Sector Enters the Conversation

One of the most interesting developments came from an unlikely source: video game publishers. On August 20, the payments platform Xsolla published a blog titled “Shaping the Future of Blockchain Gaming” and submitted formal comments to the Senate’s Request for Information. Xsolla argued that not all digital assets are securities—a point often lost in Washington. 

In gaming, tokens are used to unlock content, personalize experiences or reward participation, not to generate investment returns. Without legal clarity, developers risk enforcement even for purely utility tokens. 

Xsolla urged Congress to affirm that game‑focused tokens are not securities, create safe harbors for smart contracts that split royalties among contributors, and exclude non‑transferable governance tokens from securities classification. The company also called for flexible compliance pathways for small studios and statutory protection for peer‑to‑peer transfers and self‑custody rights.

Why does this matter? It illustrates how entrepreneurs are engaging with policymakers rather than waiting for final legislation. The blockchain gaming sector sees the CLARITY Act as a way to unlock a $300 billion market and prevent talent from fleeing overseas. 

Xsolla’s advocacy also underscores that regulatory clarity isn’t just about finance; it’s about digital property rights and creative ecosystems. For token issuers, it’s a reminder that every industry will have its own use‑case arguments, and those arguments can influence how the Senate tweaks the CLARITY Act.

Entrepreneurs Stay Nimble

With no new votes or SEC rules issued this week, many entrepreneurs spent their time recalibrating timelines. Lummis’s Thanksgiving prediction suggests that a market‑structure bill might not be signed until late November or December. That means the three‑year safe harbor and other protections in the House bill will not take effect until the holiday season at the earliest. 

In the interim, founders continue to rely on Reg D, Reg CF and Reg A+ exemptions, using careful legal structures to sell tokens as securities now with conversion features that will reclassify them as commodities later. 

Xsolla’s push shows that sectors beyond finance are drafting compliance frameworks in anticipation of eventual clarity.  StartEngine has launched more Reg CF and Reg A+ than any other platform, raising over $1.5B in total.  

We issue SAFT (simple agreement for future tokens), accept stablecoins and we are now building the proper infrastructure to support the CLARITY Act ready for when the bill is signed into law.

Meanwhile, the SEC’s Project Crypto remains the wild card. Although Chair Paul Atkins unveiled the initiative on July 31 and said that most crypto assets are not securities, the Commission has not yet released its proposed rules. The SEC is presumably working with the CFTC on joint standards for custody, trading and token distributions. 

Entrepreneurs can’t bank on those rules arriving in 2025, but they can use Pham’s crypto‑sprint consultation to make sure their voices are heard. Remember: regulators aren’t mind readers; silence equals consent. Speak up.

Forward Thinking: Prepare for Multiple Scenarios

Here’s how I’m looking at the next three months:

1. Expect a Thanksgiving sprint. Senators have set a new deadline, but politics rarely runs on schedule. Budget battles and election posturing could push votes into December. Plan for the bill to land in Q4, not September.
2. Engage in CFTC’s consultation. Submit comments on spot trading, retail investor protections and market integrity[5]. The rules you shape today will determine whether U.S. exchanges and brokers can compete globally.
3. Watch the Senate’s tweaks. Lummis promised not to tear up the House bill[3], but expect additions—like disclosure requirements and anti‑money‑laundering provisions—from the RFIA. If your token qualifies as a digital commodity, you may still face significant reporting obligations.
4. Diversify your fundraising. The CLARITY Act’s safe harbor is attractive, but it’s not law yet. Use current exemptions such as Reg Crowdfunding or Reg A+ for pre‑sales in anticipation of being signed into law.
5. Prepare your industry‑specific case. Xsolla’s submission shows that tailored advocacy can influence legislation. Whether you’re in gaming, art, supply chain or DeFi, articulate why your tokens are not securities and what safeguards you’re willing to accept. Don’t let others write your rules.
6. Choose a platform to partner with. One of them is StartEngine (I am the CEO) which has raised capital for over 1,000 companies and projects for 10 years.  We are soon announcing the CLARITY Act platform upgrade.

Final Thoughts

This week reminded us that regulatory clarity is a marathon, not a sprint. The Senate has bought itself another two months, but the finish line is now in sight. The CFTC is racing ahead with rulemaking, and private companies are staking their claims. 

As always, don’t mistake pronouncements for policy. Thanksgiving might deliver us a crypto feast, or just another round of leftovers. The only thing you control is your preparation. 

That means staying engaged, building compliance systems and keeping your eye on the ball. Because when clarity finally arrives, the entrepreneurs who did the homework will be the ones setting the table.

Best regards,  

Howard Marks  
CEO, StartEngine  

Important Disclosures

This article may contain forward‑looking statements and projections. These are not guarantees; actual outcomes may differ materially.

Investing in private, pre‑IPO companies is highly speculative and illiquid. Such investments are intended only for accredited investors who can bear the risk of total loss. Past performance does not guarantee future results. Consult a financial advisor before investing.

Securities offered through StartEngine Primary, LLC, member FINRA/SIPC. This is a general investment recommendation for accredited investors under Regulation Best Interest; it is not personalized investment advice. Review our Form CRS and Reg BI disclosure to understand our services and conflicts.

Sources

[1] [2] Market Structure Bill Will Be Before President Trump by Thanksgiving, Says Sen. Lummis

https://www.coindesk.com/policy/2025/08/20/market-structure-bill-will-be-before-president-trump-before-thanksgiving-says-sen-lummis

[3] [4] Sen. Lummis: Crypto Market Structure Bill Will Be Law By 2026

https://cointelegraph.com/news/senator-cynthia-lummis-crypto-market-structure-bill-timeline

[5] [6] CFTC Unveils Next Phase of Crypto Sprint to Support U.S. Digital Asset Strategy

https://coincentral.com/cftc-unveils-next-phase-of-crypto-sprint-to-support-u-s-digital-asset-strategy/