Senate Banking Requests Feedback on Crypto Legislation
July 29, 2025
Now that the House has cleared three digital asset bills, the Senate is beginning robust consideration of the market structure legislation that would set up a regulatory regime for digital asset investments and exchanges.
Why it matters: While the Stablecoin-focused legislation,
The GENIUS Act, became law with bipartisan support, the market structure effort has triggered more bipartisan concerns.
Senate Banking Republican Chairman Tim Scott (R-SC), Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY), Sen. Bill Hagerty (R-TN), and Sen. Bernie Moreno (R-OH) released
draft legislation and a
Request for Information (RFI) seeking stakeholder feedback on a host of questions on the market structure bill.
What's next: CREFC is seeking member feedback on the RFI.
- The legislation is focused on digital assets, but it contemplates updates to “investment contract” definitions and numerous reporting regulations.
- While the intent is to update the law to allow for a digital asset market and oversight, it is important that lawmakers receive feedback from existing securities market participants on potential intended or unintended consequences of the effort.
- CREFC will send additional details to our Legal Advisory and Advocacy Committees.
Please contact David McCarthy (dmccarthy@crefc.org) with any feedback, responses, or questions on the RFI.