US Senate eyes end of September for crypto market structure bill markup: Sources
The CLARITY Act may have passed in the House, but the Senate has some edits
Orhan Cam/Shutterstock and Adobe modified by Blockworks
US Senators plan to consider a new version of a crypto market structure bill at the end of September, according to a person familiar with the matter who spoke with Blockworks under the condition of anonymity.
The Senate Banking Committee is currently eyeing September 30 for a markup hearing of the Responsible Financial Innovation Act of 2025, the person said. The bill primarily focuses on clarifying the Securities and Exchange Commission’s role in overseeing crypto markets.
The markup hearing gives Committee members the opportunity to present amendments to the bill for consideration. The Committee can then recommend the legislation to the full Senate.
The Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission, is expected to release its draft market structure bill in early September, a second person familiar with the matter told Blockworks.
Senate Banking Chair Tim Scott (R-S.C.) — along with Sens. Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), and Bernie Moreno (R-Ohio) — released a discussion draft of the Responsible Financial Innovation Act in July, shortly after the US House passed the CLARITY Act. Senators will release an updated version of the legislation ahead of the markup hearing.
Lawmakers are now tasked with turning the two pieces of legislation into one. Lummis, earlier this month at the Wyoming Blockchain Symposium, said she hopes to have a crypto market structure bill on President Donald Trump’s desk by Thanksgiving.
The CLARITY Act passed the House in a 294-134 vote. 78 Democrats voted in favor of the measure.
The Responsible Financial Innovation Act is a significantly pared-down version of the House’s plan. The latest draft spans 35 pages, while CLARITY exceeds 250 pages.
The Senate’s bill requires the SEC to revisit how it defines investment contracts. The bill proposes a new five-part test, as opposed to the four elements currently used in the Howey test. The legislation stipulates that investment contracts require an investment in an enterprise, but not necessarily a common enterprise, as determined by Howey.
The CLARITY Act establishes a definition for “investment contract assets,” which are digital asset commodities that are sold to raise capital, similar to what is currently considered an initial coin offering. These assets, under CLARITY, would be considered securities and fall under the SEC’s purview.
Congress returns next week after the August recess with a tight budget deadline. Should lawmakers not pass a budget by September 30, the Senate Banking Committee is expected to push its crypto market structure bill markup hearing to the week of October 6, one person said.
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