US Senators plan to consider a new version of a crypto market structure bill at the end of September, according to a person familiar with the matter who spoke with Blockworks under the condition of anonymity.
The Senate Banking Committee is currently eyeing September 30 for a markup hearing of the Responsible Financial Innovation Act of 2025, the person said. The bill primarily focuses on clarifying the Securities and Exchange Commission’s role in overseeing crypto markets.
The markup hearing gives Committee members the opportunity to present amendments to the bill for consideration. The Committee can then recommend the legislation to the full Senate.
The Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission, is expected to release its draft market structure bill in early September, a second person familiar with the matter told Blockworks.
Senate Banking Chair Tim Scott (R-S.C.) — along with Sens. Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), and Bernie Moreno (R-Ohio) — released a discussion draft of the Responsible Financial Innovation Act in July, shortly after the US House passed the CLARITY Act. Senators will release an updated version of the legislation ahead of the markup hearing.
Lawmakers are now tasked with turning the two pieces of legislation into one. Lummis, earlier this month at the Wyoming Blockchain Symposium, said she hopes to have a crypto market structure bill on President Donald Trump’s desk by Thanksgiving.
The CLARITY Act passed the House in a 294-134 vote. 78 Democrats voted in favor of the measure.
The Responsible Financial Innovation Act is a significantly pared-down version of the House’s plan. The latest draft spans 35 pages, while CLARITY exceeds 250 pages.
