US Senators are gearing up to discuss a revised version of a cryptocurrency market structure bill at the end of September, according to a source familiar with the situation who spoke with Blockworks on the condition of anonymity.
The Senate Banking Committee is looking at September 30 for a markup hearing of the Responsible Financial Innovation Act of 2025, which aims to clarify the Securities and Exchange Commission’s role in regulating crypto markets.
During the markup hearing, Committee members will have the chance to propose amendments to the bill, which may then be recommended to the full Senate for further review.
Additionally, the Senate Agriculture Committee, responsible for overseeing the Commodity Futures Trading Commission, is set to unveil its own draft market structure bill in early September, according to another source familiar with the matter.
Senate Banking Chair Tim Scott (R-S.C.) and other senators released a discussion draft of the Responsible Financial Innovation Act in July, following the passage of the CLARITY Act by the US House. An updated version of the legislation will be released before the markup hearing takes place.
The goal for lawmakers is to consolidate the two bills into a single piece of legislation. Senator Cynthia Lummis expressed her desire to have a crypto market structure bill on President Donald Trump’s desk by Thanksgiving during the Wyoming Blockchain Symposium earlier this month.
The CLARITY Act, which received bipartisan support with 78 Democrats voting in favor, passed the House with a 294-134 vote. In comparison, the Responsible Financial Innovation Act is a more streamlined version, spanning 35 pages compared to CLARITY’s 250+ pages.