A group of US senators has put forth a discussion draft of a new bill aimed at providing clearer regulations for the digital asset industry in the country. Senators Tim Scott, Cynthia Lummis, Bill Hagerty, and Bernie Moreno introduced the Responsible Financial Innovation Act of 2025 on July 22, seeking feedback from the public.
The proposed legislation, building on the recently passed CLARITY Act in the House, focuses on enhancing market structure, consumer protection, and regulatory oversight. Key areas addressed in the bill include banking, disclosures, securities classification, and anti-illicit finance measures.
Senator Lummis stressed the importance of regulatory clarity in driving the growth of the digital asset industry in the US. She highlighted the need for clear distinctions between digital asset securities and commodities to modernize the regulatory framework and position the United States as a global leader in digital asset innovation.
Key proposals in the draft bill include defining and setting standards for ancillary assets, digital tokens that do not meet the criteria for securities. It also introduces disclosure requirements for digital asset issuers to ensure transparency before and after their launch.
Senator Hagerty pointed out that outdated laws and regulatory uncertainty have hindered American innovation in the digital asset market, leaving consumers without adequate protections. The draft calls on the SEC to update its rules for emerging technologies, including issuing new rules under “Regulation DA” to exempt certain ancillary asset sales from registration if they remain below $75 million in annual proceeds over four years.
The bill also aims to promote innovation in banking by allowing financial holding companies to offer services using digital assets and distributed ledger technology. Additionally, it includes measures to combat illicit finance by enhancing examination standards and promoting inter-agency cooperation to prevent misuse of digital assets.
The senators have issued a Request for Information to gather public feedback on more than 35 topics to support the rulemaking process. This bill represents a significant step towards providing a clear regulatory framework for the digital asset industry in the US.