The US Senate is planning to consider a new version of the crypto market structure bill, known as the Responsible Financial Innovation Act of 2025, around September 30. This follows the House's passage of the CLARITY Act, although the Senate is expected to introduce amendments. The Senate Banking Committee's markup hearing will allow members to propose changes before recommending the bill to the full Senate. Meanwhile, the Senate Agriculture Committee is anticipated to release its own draft market structure bill in early September. Senators, including Tim Scott and Cynthia Lummis, are working to create a unified legislation from these two bills. The Responsible Financial Innovation Act aims to clarify the SEC's role in regulating crypto markets and revises the definition of investment contracts. Congress returns from recess with a pressing budget deadline of September 30, which could affect the timing of the markup hearing.

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