Bitcoin News Today: U.S. Senate Unveils Bipartisan Crypto Bill Assigns SEC Oversight Exempts 75M Token Sales

The U.S. Senate has unveiled the Responsible Financial Innovation Act (RFIA) of 2025, a bipartisan legislative proposal aimed at redefining the regulatory framework for cryptocurrencies. Introduced on July 23, the bill seeks to clarify the roles of federal agencies, enhance oversight of digital assets, and balance innovation with investor protections. Central to the proposal is the transfer of primary regulatory authority for cryptocurrencies to the Securities and Exchange Commission (SEC), marking a significant shift in the U.S. approach to crypto governance [1]. The SEC’s expanded jurisdiction is expected to apply to major assets like Bitcoin and Ethereum, while also introducing a new classification of “ancillary assets” to address gaps in existing financial laws [2].

The legislation, spearheaded by Senators Tim Scott and Cynthia Lummis, emphasizes the need for a modernized regulatory structure to prevent American innovation from “moving overseas.” The bill includes a $75 million exemption for token offerings under Regulation DA, reducing compliance burdens for smaller projects and fostering growth in decentralized finance (DeFi) and blockchain startups [3]. This provision mirrors the House’s earlier CLARITY Act, which similarly aimed to streamline regulatory responsibilities between the SEC and the Commodity Futures Trading Commission (CFTC) [4]. By creating a category of “digital asset intermediaries” requiring federal registration, the RFIA reinforces oversight for exchanges, custodians, and brokers, aligning with broader efforts to standardize market practices [5].

The bill’s implications extend to financial institutions, granting banks new capabilities to engage in digital asset activities such as custody and lending. Proponents argue this will stimulate technological advancements within a secure regulatory environment, while critics remain cautious about potential systemic risks. The Senate’s proposal also reflects a strategic pivot from the SEC’s enforcement-focused approach under former Chair Gary Gensler, prioritizing predictability over ambiguity to attract investment [6]. This shift aligns with recent executive actions by President Trump, including the appointment of a “crypto czar” and the establishment of a strategic Bitcoin reserve, signaling a more industry-friendly stance [7].

Industry reactions highlight both optimism and challenges as the market adapts to the new framework. While the RFIA aims to reduce compliance costs and streamline access to capital, its success hinges on finalizing the division of responsibilities between the SEC and CFTC. The House’s recently enacted GENIUS Act, which regulates stablecoins and assigns oversight to agencies like the OCC and Federal Reserve, further complicates the regulatory landscape. Banks such as Bank of America and JPMorgan Chase are reportedly developing their own stablecoin offerings, underscoring the sector’s growing interest in the space [8].

The U.S. Senate’s efforts to address post-FTX scrutiny and prevent systemic risks come amid a tight legislative timeline. With Congress set to recess in late August, lawmakers face pressure to reconcile the House and Senate bills and finalize a cohesive framework by September. The RFIA’s emphasis on investor confidence and U.S. leadership in digital innovation positions it as a pivotal step in shaping the future of the crypto market [9].

Sources:

[1] [title] US Senators Unveil Draft Bill to Overhaul Crypto Regulation Framework [url] https://news.bitcoin.com/us-senators-unveil-draft-bill-to-overhaul-crypto-regulation-framework/

[2] U.S. Senate Unveils Bipartisan Crypto Bill to Exempt $75M [url] https://www.ainvest.com/news/senate-unveils-bipartisan-crypto-bill-exempt-75m-token-sales-sec-oversight-2507/

[3] U.S. Senate Proposes Bill to Regulate Crypto Assets [url] https://coinpaper.com/10125/u-s-senate-introduces-responsible-financial-innovation-act-to-regulate-crypto-market

[4] Senate's crypto bill takes different approach from CLARITY [url] https://www.ledgerinsights.com/senates-crypto-bill-takes-different-approach-from-clarity-act/

[5] Senate Banking Committee Releases Digital Asset Market [url] https://www.trmlabs.com/resources/blog/senate-banking-committee-releases-digital-asset-market-structure-discussion-draft-a-new-chapter-for-crypto-regulation

[6] 5 things to know as the GENIUS Act becomes law [url] https://thehill.com/policy/technology/5412298-genius-act-crypto-regulation-5-things/

[7] U.S. Senate Proposes Bill to Regulate Crypto Assets [url] https://coinpaper.com/10125/u-s-senate-introduces-responsible-financial-innovation-act-to-regulate-crypto-market

[8] Fate of crypto, CBDC bills unclear as US Congress heads [url] https://www.rootdata.com/news/140832

[9] Senate Republicans release draft bill for crypto market [url] https://cointelegraph.com/news/crypto-market-structure-draft-senate-clarity-act