The US Senate has recently updated its crypto market structure bill, adding a section that clarifies how tokenized assets are regulated.
Key Changes in the Bill
The new clause ensures that stocks and other securities remain classified as securities even when tokenized on a blockchain. This is significant for digital assets, as stocks are already regulated as securities. Keeping their status confirms compatibility with broker-dealer frameworks, clearing systems, and trading platforms.
Oversight Split Between SEC and CFTC
The bill, titled the Responsible Financial Innovation Act of 2025, clarifies when digital assets should be overseen by the Securities and Exchange Commission (SEC) versus the Commodity Futures Trading Commission (CFTC). Senator Lummis stated that she expects the Senate Banking Committee to vote on SEC-related provisions this month, followed by a vote from the Agriculture Committee in October regarding CFTC oversight.
Crypto Firms Urge Protection for Developers
Last month, a group of 112 crypto companies, investors, and advocacy organizations urged the US Senate to include protections for software developers and non-custodial service providers in its upcoming crypto market structure legislation. The coalition warned that outdated financial rules risk misclassifying these actors as intermediaries.
The legislative changes being discussed in the Senate could significantly impact the future of the crypto market in the US, providing clearer rules for tokenized assets and protections for developers.
