Senate Banking Committee Drafts Crypto Market Structure Bill Amid Push for Clarity Act

The U.S. Senate Banking Committee has released a discussion draft of the Responsible Financial Innovation Act of 2025, signaling a key step toward shaping cryptocurrency market structure legislation. The draft introduces the concept of “ancillary assets,” outlining how the U.S. Securities and Exchange Commission (SEC) might regulate certain digital assets. Public feedback is being sought by early August.

This move comes as the House of Representatives recently advanced its Clarity Act, aiming to establish comprehensive regulatory guidelines for crypto. To become law, both chambers must align their approaches before President Donald Trump can sign the bill. The Senate’s focus appears narrower, centering on the SEC’s oversight role rather than attempting to define “digital commodities,” which fall under the Agriculture Committee’s jurisdiction.

Rashan Colbert, policy director at the Crypto Council for Innovation, emphasized that the draft reflects the Banking Committee’s scope and signals collaboration with the Agriculture Committee in future stages. Given the Senate’s 60-vote threshold, bipartisan support will be essential for any bill’s passage.

The legislative push comes amid heightened scrutiny of the digital asset sector and a surge in crypto lobbying, which reached nearly $7 million in Q2 2025, according to Bloomberg. Coinbase alone spent close to $1 million advocating for digital asset issues and SEC funding.

As Washington moves toward comprehensive crypto regulation, the introduction of ancillary asset definitions may significantly shape how tokens are classified and traded in U.S. markets. Industry stakeholders are expected to engage heavily in the consultation period to influence the final framework.