State of Crypto: Wrapping Up the Month

Policy Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email State of Crypto: Wrapping Up the Month Congress continues to make progress on crypto issues but things are moving slowly. By Nikhilesh De Updated Dec 6, 2025, 10:56 p.m. Published Dec 6, 2025, 10:56 p.m. Congressional panels have advanced nominations for regulators who will deal with crypto, but the full Senate hasn't confirmed them yet. We're also running out of time for market structure. STORY CONTINUES BELOW Don't miss another story. Subscribe to the State of Crypto Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . PS: I'll be in Washington, D.C. for the Blockchain Association's annual summit. I'd love to say hi if you're there. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. Two weeks left The narrative Two weeks ago, this newsletter looked at how time was running out for the crypto industry to lock in legislative wins in 2025. Now, with December in full swing and the House and Senate both down to their last two scheduled working weeks, it's time to take stock of what's left to do. Why it matters We've seen the regulatory agencies take steps since last month to further advance crypto efforts. Congress, however, remains in an odd state of limbo. Breaking it down The biggest question continues to be when Congress might make further progress on market structure legislation. It's clear by this point that this bill — whatever the final text happens to be — won't become law before next year at the soonest. What's less clear is whether the drafts we've seen will even get to a markup hearing before January. The Senate Banking Committee was looking at December 18 as a tentative date to hold a markup on its version, but negotiations on bill text appear to be ongoing. Ditto with the Senate Agriculture Committee; its members have not made any public statements about their version of the market structure bill since releasing the first draft of the text weeks ago. The Senate is making more visible progress on advancing President Donald Trump's nominees to run the CFTC and FDIC. Both Mike Selig and Travis Hill are on a Senate Resolution intended to let that body of Congress confirm nearly 100 nominees at once. A vote was supposed to happen this week but that did not happen; the Senate is now expected to vote on this resolution next week sometime. This week This week The Senate will vote on a resolution to confirm, among others, CFTC Chair nominee Mike Selig and FDIC Chair nominee Travis Hill. If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at [email protected] or find me on Bluesky @nikhileshde.bsky.social . You can also join the group conversation on Telegram . See ya’ll next week! Newsletters State of Crypto More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Small Texas Lender Monet Joining Field of Crypto-Focused Banks By Jesse Hamilton | Edited by Nikhilesh De 22 hours ago The bank is owned by billionaire Andy Beal, a major supporter of U.S. President Donald Trump's 2016 campaign. 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