U.S. Senate Drafts Crypto Bill to Shield Staking, DePINs from SEC Overreach

The U.S. Senate Banking Committee has unveiled an updated draft of the “Digital Asset Market Structure Act,” commonly referred to as the CLARITY Act, which seeks to provide regulatory clarity for the cryptocurrency industry. A central feature of the bill is its exclusion of key crypto activities—such as staking, airdrops, and decentralized physical infrastructure networks (DePIN)—from the scope of securities laws. This move aligns with ongoing discussions between lawmakers and industry stakeholders to define the regulatory boundaries of digital assets without stifling innovation. The bill also establishes a framework for coordination between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to address overlapping jurisdiction and resolve disputes in the crypto sector.

The legislation’s Section 101 outlines a key provision by reclassifying certain crypto-related assets as “ancillary assets,” effectively removing them from the definition of securities. This includes staking and airdrops, which are explicitly excluded from regulatory enforcement actions and private lawsuits under the bill. Importantly, existing tokens issued prior to the bill’s enactment will be shielded from retrospective legal scrutiny as long as they are not fraudulent. This provision is seen as a direct response to industry concerns, particularly from projects like Ripple, which have faced prolonged legal battles with the SEC.

Decentralized physical infrastructure networks (DePINs) are also granted a securities law exemption under the draft, a development welcomed by developers and operators of blockchain-based infrastructure. DePINs, which enable decentralized services like storage and bandwidth sharing, have previously faced regulatory uncertainty, often being treated as securities offerings. By exempting DePINs, the bill aims to foster innovation in this emerging sector while ensuring compliance with broader financial market regulations.

Another notable component of the bill is its emphasis on protecting software developers and decentralized finance (DeFi) participants. The draft includes provisions to ensure that decentralized platforms are not held to the same standards as centralized financial intermediaries. Additionally, the Blockchain Regulatory Certainty Act—integrated into the bill—seeks to provide legal safeguards for developers, especially in light of recent legal cases such as the conviction of Roman Storm for unlicensed money transmission. The bill aims to prevent similar charges by clarifying that developers of decentralized platforms are not liable for enforcement actions unless their projects were intentionally designed to facilitate illicit activity.

To enhance regulatory coordination, the bill mandates the formation of a Joint Advisory Committee under Section 701, composed of representatives from both the SEC and CFTC. This body will be responsible for making decisions on matters affecting the crypto industry, including the classification of assets and enforcement priorities. Section 702 outlines a mechanism for resolving disputes between the agencies, ensuring a more harmonized approach to oversight. This collaborative structure is viewed as a critical step toward stabilizing the regulatory environment, particularly as both agencies prepare for a joint roundtable on September 29 to discuss harmonization of their frameworks.

Industry observers have noted that the bill’s passage remains contingent on bipartisan support, with Democratic Senator Mark Warner indicating that a September 30 deadline for committee approval is unlikely without consensus. The White House had previously urged Congress to act before the end of the month, underscoring the urgency for a legislative resolution. As the debate continues, the updated draft reflects a compromise between regulatory rigor and industry flexibility, positioning the U.S. to better align with evolving global standards in crypto governance.

Source:

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[2] title2 (https://www.britannica.com/money/what-is-crypto-staking)

[3] title3 (https://www.coindesk.com/markets/2025/09/05/ethereum-ico-whale-stakes-usd600m-after-three-years-dormant)

[4] title4 (https://www.panewslab.com/en/articles/f5544cec-75a8-4bed-aa61-b380f1b7e01b)

[5] title5 (https://www.chaincatcher.com/en/article/2203731)

[6] title6 (https://coingape.com/senate-releases-updated-draft-crypto-market-structure-bill/)