Catenaa, Monday, September 08, 2025- A new draft of the US Senate’s crypto market structure bill proposes a joint advisory committee between the Securities and Exchange Commission and the Commodity Futures Trading Commission to reduce regulatory conflicts and bring clarity to digital assets.
The Responsible Financial Innovation Act of 2025 includes fresh provisions that shield decentralized finance developers, clarify the status of staking rewards and airdrops, and exempt Decentralized Physical Infrastructure Networks (DePIN) from securities laws if they meet decentralization standards.
Lawmakers said the changes aim to protect developers and users of decentralized protocols from being treated like traditional financial intermediaries.
The bill also outlines how tokenized real-world assets should be regulated, emphasizing that non-securities do not automatically become securities when moved onchain. It calls for the SEC and CFTC to study custody, audit standards, fraud prevention, and cross-border enforcement for tokenized assets.
The timing of the draft follows heightened industry debate after a Tornado Cash co-founder was convicted in New York for operating an unlicensed money transmitting business. Industry voices had argued the verdict endangered DeFi innovation.
Regulators are already working more closely, with the SEC and CFTC set to host a joint public roundtable in Washington on September 29 to discuss harmonization priorities.
Senator Cynthia Lummis said she expects the Senate Banking Committee to finalize the bill this year, with the goal of sending it to President Donald Trump’s desk before year-end.
