Senate Republicans released a bill on Tuesday that would exempt certain crypto assets from US securities laws.
But it won’t create a loophole that lets major companies evade securities laws by issuing equity on the blockchain, a key concern among Senate Democrats.
The Responsible Financial Innovation Act of 2025 only covers issues under the jurisdiction of the Senate Banking Committee, which oversees the Securities and Exchange Commission.
Lawmakers on the Senate’s Agriculture Committee are expected to release their own draft bill that will detail crypto companies’ obligations to the US’ other financial regulator, the Commodity Futures Trading Commission.
The Banking Committee’s so-called discussion draft comes less than a week after the House of Representatives passed the Clarity Act, legislation that would install the CFTC as the primary regulator of the US crypto industry.
“We cannot allow regulatory confusion to continue driving American innovation overseas,” Senator Cynthia Lummis, a Republican from Wyoming, said in a statement.