6-9-2025 – The U.S. Senate revised its comprehensive crypto market structure legislation on Friday, adding language to ensure tokenized stocks and securities maintain their regulatory classification when moved to blockchain platforms. The amendment addresses concerns that digitized traditional assets could fall into regulatory gray areas between securities and commodities oversight.
The Responsible Financial Innovation Act of 2025 aims to divide digital asset supervision between the Securities and Exchange Commission and Commodity Futures Trading Commission. Wyoming Senator Cynthia Lummis, the bill’s lead sponsor, told CNBC she expects the Banking Committee to vote on SEC provisions this month, followed by Agriculture Committee action on CFTC oversight in October. A full Senate vote could occur by November.
“We want this on the president’s desk before the end of the year,” Lummis said, though the legislation has yet to secure Democratic support. She noted ongoing bipartisan negotiations to pair lawmakers from both parties on specific provisions within the bill.
The push for regulatory clarity comes as industry pressure mounts. Last month, 112 crypto companies including Coinbase, Kraken, and Ripple urged senators to protect software developers and non-custodial service providers from being misclassified as financial intermediaries. The coalition cited Electric Capital data showing the U.S. share of open-source blockchain developers declined from 25% in 2021 to 18% in 2025.
