Senate Moves Closer to Finalizing Crypto Market Structure Bill
The U.S. Senate has taken a significant step toward establishing clearer regulatory frameworks for cryptocurrencies and digital assets. On Friday, lawmakers updated the draft of the Responsible Financial Innovation Act of 2025, incorporating a provision that explicitly excludes tokenized stocks and other securities from being classified as commodities when issued as digital assets.
Senator Cynthia Lummis (R-Wyo.), a leading voice on crypto regulation, emphasized the urgency of passing the legislation. “We want this on the president’s desk before the end of the year,” Lummis told CNBC, underscoring the Senate’s commitment to advancing the bill.
Context and Legislative Progress
Earlier this year, both chambers passed a major stablecoin bill, which was signed into law by former President Donald Trump in July. However, the crypto industry’s primary focus remains the market structure bill, which clarifies the regulatory boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets.
While the House passed its version of the bill in July, the Senate is still refining its draft. The Senate Banking Committee is scheduled to vote on the bill’s SEC-related provisions later this month, followed by the Senate Agriculture Committee’s anticipated vote on the CFTC-related sections in October. A full Senate floor vote could take place as early as November, according to Lummis.
Bipartisan Negotiations Underway
Despite the bill not yet securing Democratic support, bipartisan discussions are ongoing. Senator Lummis noted that efforts are being made to pair Republicans and Democrats on specific sub-issues to foster substantial bipartisan consensus.
Given the Senate’s composition, the bill requires at least seven Democratic senators to join all Republicans to achieve passage. A spokesperson for the Senate Banking Committee highlighted that the draft reflects extensive feedback from hundreds of stakeholders across various sectors.
Implications for Crypto Industry
The clarification that tokenized securities will not be treated as commodities aims to provide regulatory certainty for crypto firms such as Coinbase and Ripple. This distinction is crucial for market participants navigating the complex intersection of digital asset regulation.
FinOracleAI — Market View
The Senate’s progress toward clarifying the regulatory status of tokenized securities is a positive development for the crypto sector, reducing legal uncertainty and potentially fostering innovation. However, bipartisan support remains a key risk, and delays or significant amendments could impact market sentiment. Investors should monitor upcoming committee votes and the Senate floor schedule closely, as these will signal the bill’s momentum toward enactment.
Impact: positive
