The US Senate plans to consider a new bill to regulate cryptocurrency markets at the end of September.
According to information provided by sources familiar with the matter, the Senate Banking Committee aims to hold a markup hearing on September 30 for the bill titled “Responsible Financial Innovation Act of 2025.”
The bill specifically aims to clarify the Securities and Exchange Commission’s (SEC) role in crypto markets. A markup session will give committee members an opportunity to propose amendments to the bill. The committee can then decide to submit the legislation to the full Senate.
Meanwhile, the Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission (CFTC), is expected to release its own draft market structure in early September.
Senate Banking Committee Chairman Tim Scott, Cynthia Lummis, Bill Hagerty, and Bernie Moreno released a discussion draft of the Responsible Financial Innovation Act in July. This step comes shortly after the House of Representatives passed the CLARITY Act. Senators will release an updated bill before the markup session.
The two separate bills need to be combined into a single bill during the legislative process. Lummis, speaking at the Wyoming Blockchain Symposium this month, stated that he aims to get the crypto market structure bill to President Donald Trump’s desk by Thanksgiving.
The CLARITY Act passed the House of Representatives by a vote of 294-134, with 78 Democrats supporting it. That bill exceeds 250 pages, while the Senate’s current bill is 35 pages long and offers a simpler structure.
*This is not investment advice.
