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.\u00a0<\/p>\n
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\u2019s role in overseeing crypto markets.\u00a0<\/p>\n
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.\u00a0<\/p>\n
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.\u00a0<\/p>\n
Senate Banking Chair Tim Scott (R-S.C.) \u2014 along with Sens. Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), and Bernie Moreno (R-Ohio) \u2014 released a discussion draft<\/a> 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.\u00a0<\/p>\n Lawmakers are now tasked with turning the two pieces of legislation into one. Lummis, earlier this month at the Wyoming Blockchain Symposium, said<\/a> she hopes to have a crypto market structure bill on President Donald Trump\u2019s desk by Thanksgiving.\u00a0<\/p>\n The CLARITY Act<\/a> passed the House in a 294-134 vote<\/a>. 78 Democrats voted in favor of the measure.\u00a0<\/p>\n The Responsible Financial Innovation Act is a significantly pared-down version of the House\u2019s plan. The latest draft spans 35 pages, while CLARITY exceeds 250 pages.\u00a0<\/p>\n The Senate\u2019s bill requires the SEC to revisit how it defines investment contracts. The bill proposes a new five-part test, as opposed to the four elements currently used in the Howey test. The legislation stipulates that investment contracts require an investment in an enterprise, but not necessarily a common enterprise, as determined by Howey.\u00a0<\/p>\n The CLARITY Act establishes a definition for \u201cinvestment contract assets,\u201d which are digital asset commodities that are sold to raise capital, similar to what is currently considered an initial coin offering. These assets, under CLARITY, would be considered securities and fall under the SEC\u2019s purview.\u00a0<\/p>\n Congress returns next week after the August recess with a tight budget deadline. Should lawmakers not pass a budget by September 30, the Senate Banking Committee is expected to push its crypto market structure bill markup hearing to the week of October 6, one person said.<\/p>\n Get the news in your inbox. Explore Blockworks newsletters:<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"US Senators plan to consider a new version of a crypto market structure bill at the end of…\n","protected":false},"author":2,"featured_media":34718,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[79,18,19,17,188],"class_list":{"0":"post-34717","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-markets"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/34717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=34717"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/34717\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/34718"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=34717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=34717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=34717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}