The Senate Banking Committee has completed an updated draft of its market structure bill, known as the Responsible Financial Innovation Act of 2025, which spans 182 pages. This revised version includes a significant provision protecting software developers and innovation, a section not present in the House's CLARITY Act. Lawmakers plan to consider this new version at the end of September. Key aspects of the bill aim to exempt certain participants from securities laws and disclosure requirements, notably including that validators will not need to comply with anti-money laundering and anti-fraud regulations. Furthermore, the draft clarifies that the trading of non-fungible tokens (NFTs) will not be classified as a securities offering or a sale of an investment contract. This discussion draft expands upon an earlier, much shorter proposal introduced by Senate Banking Chair Tim Scott and several other senators. Senator Lummis has expressed hope that a comprehensive crypto market structure bill could reach President Trump before Thanksgiving.

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