Washington right now is a strange mix of victory lap and anxious waiting.

You're watching a special edition of CoinDesk Daily. I'm your host, Jen Sanassi.

Utility or privacy. The transparency of traditional blockchains forces a difficult choice.

Break free from this limitation with midnight.

The industry has notched massive wins in 2025, including the passage of the Genius Act for stable coins,

but there's one final piece of the puzzle still missing, a comprehensive market structure law.

Right now, the industry's fate in the U.S. feels like a long-range weather forecast.

We can see the storm clouds. We can feel the pressure changing, but nobody's quite sure if the clouds.S. feels like a long-range weather forecast. We can see the storm clouds. We can feel the

pressure changing, but nobody's quite sure if the clouds will break or if we're in for a deep freeze.

Let's take a look at where we actually stand. The House of Representatives has already done its part

passing the Digital Asset Market Clarity Act earlier this year, but in the Senate, things are

complicated. Instead of just taking the House bill and voting on it, a parallel version is being drafted. Just this year, but in the Senate, things are complicated. Instead of just taking the House bill

and voting on it, a parallel version is being drafted. Just this week, Chairman Tim Scott met

with industry leaders and fellow lawmakers for an end of your chat. The message, they're collaborative,

they're earnest, but they're still not done. So why the delay? It comes down to three major

friction points that could still sink the ship.

First, the defy dilemma. Democrats want decentralized finance or defy to face the same strict

anti-money laundering rules as traditional banks. The industry says that's an existential threat

to the technology. Second, the Trump factor. Democrats are pushing for an

ethics ban that would prevent government officials from profiting from their own crypto ventures

with President Trump's family ties to the World Liberty Financial Project. The White House has

already signaled a hard no on that front. And third, the empty seats. For months, Trump has refused to appoint Democratic

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