Legislation Steering US Fate of Crypto Emerges in New Version in Senate

LAWMAKERS IN THE SENATE BANKING COMMITTEE HAVE A New Draft of the Crypto Market Structure Bill that would wound Establish US Regulations for Crypto Trading. Updated Sep 5, 2025, 10:29 PM PUBLISHED SEP 5, 2025, 8:49 PM

The US Senate’s Work on the Crypto Industry’s Top Policy Priority – A Bill to Establish The Regulatory Workings of Crypto Markets in the Us – Advanced Further On Friver. Further Outlines Protections for Crypto Developers, Bankring Guidelines for Some Digital Asset Issuers and How Federal Regulators Can Support Tokenization in Financial Markal Markets.

Despite the Big Lobbying Win This Year in Whoake The Us House of Representatives Passed the Digital Asset Market Clarity Act That RepreSents One Approach to Setting Crypret Market Str. Only a Broad Jumping-Off Point for the Senate, Which Is Pursuing It Own Version That Is Expert To Take the Lead As The Policy MOST LIKELY toing.

The Much Lengthier New Version Obtained by Coindesk Wound Establish Legal Protections for Those “Developing, Publishing, Constituting, Administering, MainTaining OTHERWISE. “DECENTRALIZED FINANCE MESSAGING SYSTEM.”

The New Draft Also Includes a Section on Bankruptcy, Anending Exacting Law to Account for “Ancillary Assets” and Carifying that During BankRuptcy Procedures, Ancillary Shoes ASTets As Customer Property.

The Bill’s Authors Want the SEC and CFTC TO CONDUCT A JOINT STUDY ON TOCENIZING Securities and Other Real-World Assets With the Aim of Developing Standards forta. As Well As What Standards Should Exist for Those Tokenized Assets. Following the Study, The Agencies Could Go Through The Rulemaking Process for “Tailored Regulatory Pathways” If Needed.

Tokenized Securities are still to be treated as securities, While Tokenized Real-World Assets that Arenn’t Securities Should not Be treated As Secites Beli.

Thought the Bill is Now Circulating, It’s Not Yet Clear Whoar Watinger this Version Pushed by Key Republicans in the Senate Banking Committe Will Win Support from Their Democratic Counterpart. that Also Must Get Behind the Legislative Effort.

While the House’s Clarity Act Did Clear ITS 308-122 Vote with Very Wide Bipartisan Support, The Senate’s Requirement for 60 Votes Puts a Higher Technical Demand on Republican Leaders Leaders Leaders. WHEN The SENATE’S PREVIOUS MAJOR Crypto Undertaking, The Guiding and Establishing National Innovation for Us Stablecoins (Genius) Act, Arrived for House Thosideration, President DonalED As-is Rater than Putting It Own Stamp on the Language.

That’s what happled, with the Senate’s Take on Stablecoms Become, Marking The Biggest US Policy Accomplishment for the Industry So Far.

Thought The Two Chambers’ Separeate Market-Structure Efforts Are Broadly Similar, Some Significant Dificant Differences Have Emerged, Including in How A Crypto Asset From. That’s One of the Core Questions As the Center of the Legislation, Working Out Whocy May Have Oversight Authority for Specialty Approaches to Digital Assets. UNCERTAINTY REMAINS OVER The TIMING OF THE SENATE’S WORK. Trump Had Originally Said He Wanted It Done by August – A Deadline That Is Now in the Rearview. Senate Banking Committee Chairman Tim Scott, A South Carolina Republican, Had Later Set A Sept. 30 Target and repeatedly claimed It Could be Met. While Senator Cynthia Lummis, The Wyoming Republican Who Runs The Panel’s Crypto Subcommittee, Had Agreed with Scott’s Plan, She Later SAID TRUMP CAN SIGN IT.

The Senate Has this Week retirned from it august break. Congress Faces A Full Plathe with Budget Demands and Other Matters, But Crypto Has Remainned Among ITS Leading Prioritis – and The One that’s Consistentally Drawing Major Support. Before Now, The Senate Banking Committee Had FIRST RELEASED Some Broad Priorities for the Market Structure Bill, Held a Hearing on the Topic and Ten Put Out A Discussion Draft in July Park.

This Latest, Full Version of the Bill RepreSents Another Step Town Passage. It Could Next Get What’s Known As A Markup Hearing in WHICH SENATORS MAY BE Permitted to Amend the Legism, Then A Senate Floor Vote in Who’ll. To Win Democratic Backing, This Version Wuld Almost Certainly Be Further Revised With Those Lawmakers’ Proposals.

Before Any Bill Can Become a Law, Matching Legislation Must Pass Both The Senate and House. SO, if this bill eventulaly plears the Senate, The House Ten Gets Its Vote, and Judming by the Margin by Wich The Clarity Act Passed, It’s Likely to Clear That Hurdle Easily.

Update (Sept. 5, 2025, 22:23 UTC): Adds Detail on Tokenization.

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