Senate Shakes Up Crypto With Major New Market Structure Draft
Main Idea
The U.S. Senate Banking Committee introduced the Responsible Financial Innovation Act of 2025, aiming to create a clear regulatory framework for cryptocurrencies, addressing token classification, jurisdictional tensions between the SEC and CFTC, and other key areas.
Key Points
1. The bill proposes a framework for token classification, with exceptions for tokens tied to specific promises or decentralized networks.
2. It seeks to resolve jurisdictional tensions between the SEC and CFTC, assigning certain crypto oversight to the CFTC while the SEC retains authority over securities.
3. The legislation covers over 35 regulatory areas, including custody frameworks, DeFi exemptions, and measures against illicit finance.
4. A 'safe harbor' provision is proposed for forward-looking statements, and developers not handling user funds may be exempt from certain regulations.
5. The bill follows the recent signing of the GENIUS Act and is part of a broader push for crypto market structure reform, with plans to finalize legislation by September 30.
Description
The U.S. Senate Banking Committee has introduced a long-awaited draft bill to reshape how digital assets are classified and regulated in the United States. Titled the Responsible Financial Innovation Act of 2025 , the draft introduced by Senate Banking Chair Tim Scott (R-SC), alongside Senators Cynthia Lummis (R-WY), Bill Hagerty (R-TN), and Bernie Moreno (R-OH), seeks to create a comprehensive legal framework for digital assets, addressing long-standing regulatory uncertainty in the crypto spac...
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