Trump agencies to set crypto policy as bill stalls, limiting industry's gains - Reuters

With comprehensive cryptocurrency legislation stalled in Congress, the task of shaping U.S. digital asset policy is falling to executive agencies under the Trump administration. This shift means rules will likely emerge piecemeal through regulatory actions rather than a single, cohesive legal framework. For the industry, the practical effect is a slower, more fragmented path to regulatory clarity, which in turn tempers expectations for sustained market gains.

The market relevance lies in uncertainty. While agency-driven policy can be more flexible, it also lacks the permanence and scope of a congressional statute. Industry participants must now monitor multiple rulemaking agendas—from securities and banking to taxation—instead of preparing for one overarching law. The absence of a unified bill leaves key questions unanswered, such as jurisdictional boundaries between regulators. Consequently, investors and businesses should watch for signals from individual agencies, as each decision will incrementally shape the operating environment, for better or worse.