U.S. senators recently released a much-anticipated discussion draft of a new bill to regulate the cryptocurrency industry. The draft, dubbed the “Responsible Financial Innovation Act of 2025,” seeks to bring more precision and order to the regulation of digital assets in America.
The legislation was introduced by Senate Banking Chairman Tim Scott, Senator Cynthia Lummis, Senator Bill Hagerty, and Senator Bernie Moreno. It was initially set to come out last week but was delayed amid unrelated House developments.
This new bill draws on past attempts like the CLARITY Act, which has already passed in the House, and the previous Lummis-Gillibrand bill. It targets token classification, regulatory fragmentation, banking, disclosures, illicit finance, and more.
The Senators are also issuing a Request for Information, soliciting input on more than 35 issues. These include SEC/CFTC jurisdiction, token classification, stablecoins, custody, investor protection, DeFi exemptions, and scams such as pig butchering.
If passed, this legislation has the potential to form the basis of a more cohesive and comprehensive regulatory regime for digital assets and cryptocurrencies in the United States. Last week, the GENIUS Act was passed by Congress and signed into law by President Donald Trump during a ceremony at the White House.
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