The ongoing US government shutdown is already the second-longest in the country’s history and could break the record for longest next week. That doesn’t bode well for crypto legislation’s chances of actually becoming law in the near future.
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The narrative
The US government shut down on October 1, 2025 after Congress was unable to agree to continue funding it. The longest shutdown in U.S. history is 35 days — if the current one lasts through Wednesday, it will break that record.
Why it matters
Crypto legislation has been almost at a standstill since before the government shutdown, but the longer the shutdown lasts, the slimmer the prospect of the legislation getting through.
To break it down
The ongoing shutdown means Congress has already missed several of its self-imposed deadlines to pass legislation — most recently the tentative Oct. 20 deadline for a markup hearing on market structure legislation. Time is running out to move other pieces of legislation.
As we approach the end of the year, Congress will have priorities other than crypto to deal with, said Wintermute Head of Policy and Advocacy Ron Hammond, who pointed to the annual National Defense Authorization Act — a military spending bill to be passed — as an example.
However, he said there was still optimism in Washington, DC that crypto legislation that stalled near the end of the summer will see some movement. The next thing to watch may be the Senate Agriculture Committee’s draft of the Market Structure Act, as it could indicate where the overall legislative package may go.
If feedback on this draft is positive, lawmakers could quickly move toward a labeling hearing around Thanksgiving and vote soon after.
A complicating factor is the shutdown. The longer it goes on, the less time there is for Congress to address these various legislative issues.
Another person familiar with DC politics told CoinDesk on Thursday that there is a rumor that Democrats may give up on their demand to secure lower health care premiums in the next week or so due to the Trump administration’s refusal to distribute Supplemental Nutrition Assistance Program benefits to recipients during the shutdown. Two federal judges on Friday ordered the administration to resume benefits regardless.
If this happens, this person also said there could be a markup by Thanksgiving — but if Democrats are forced to give in to their demands on the shutdown, they may be less willing to compromise on market structure legislation.
Next week also sees another election where voters will elect a number of statewide ballot initiatives, representatives, mayors and governors in the states of Virginia and New Jersey.
Tuesday
- 15:00 UTC (10:00 ET) The Second Court of Appeals will hear Sam Bankman-Fried’s team’s appeal of his conviction and 25-year sentence. His case will be the second to be heard by the three-judge panel on Tuesday. This hearing will be streamed on the court’s website.
Thursday
- 16:00 UTC (11:00 am ET) Samourai Wallet developers Keonne Rodriguez and William Lonergan Hill will be sentenced after pleading guilty to one count each of conspiracy to operate an unlicensed money transmission business in July.
If you have thoughts or questions about what I’ll be discussing next week or any feedback you’d like to share, feel free to email me at [email protected] or find me on Bluesky @nikhileshde.bsky.social.
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See you next week!
