What changed US crypto policy?

TLDR

In the past week, the biggest change in US crypto policy came from people and timing, not new laws.

1. The Senate confirmed Mike Selig as CFTC chair, a crypto?friendly pick seen as pivotal for oversight reforms confirmation report.
2. The Senate Banking Committee punted the market?structure bill to early 2026, extending the policy gap committee delay.
3. A new draft tax bill proposes a $200 de minimis exemption and clearer rules for staking and lending, but it is still a draft tax proposal summary.

Deep Dive

1. Leadership Shift

Leadership is policy in Washington, and CFTC chair Mike Seligs confirmation signals a tilt toward clearer, more innovation?aware rules for spot and derivatives markets. Reports note he favors pragmatic guardrails while expanding access to regulated products confirmation report. A parallel appointment track at bank regulators is also in focus, with observers expecting friendlier treatment of stablecoin and banking rails, a key bottleneck cited by industry groups background brief.

2. Legislative Clock

Substantive statute changes slipped again. The Senate Banking Committee delayed its crypto market?structure markup to early 2026, citing workload and the political calendar committee delay. Broader reporting frames 2026 as the realistic window as election?year dynamics crowd out complex reforms election?year analysis.

3. Tax Proposal

A draft from Rep. Max Miller would add a $200 de minimis exemption (especially for stablecoin payments) and clarify treatment of staking and lending income, aiming to reduce friction for everyday use and yield activities tax proposal summary. It has not been formally introduced and could change.

Conclusion

US crypto policy moved via personnel and timelines, not new statutes. A crypto?friendly CFTC chair can push near?term administrative changes, while Congress signaled more waiting on comprehensive market?structure rules. Watch early?2026 Senate action and near?term CFTC initiatives for the next concrete shift.