The U.S. Senate updated its Crypto Market Structure Bill on Friday, adding key provisions to clarify how tokenized assets are regulated.
The new clause ensures that stocks and other securities remain classified as securities when tokenized on the blockchain, avoiding potential confusion as to whether they should fall under product regulations.
This distinction is important for digital asset companies working on tokenization. Stocks are already regulated as securities. When tokenized, maintaining them as securities ensures they are compatible with the broker-dealer framework, clearing system and trading platform.
“I hope this at the president’s desk by the end of the year,” Wyoming Sen. Cynthia Ramis, the law’s lead sponsor, said in an interview with CNBC.
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Crypto Bill splits monitoring between SEC and CFTC
A Senate bill, called the Responsible Financial Innovation Act of 2025, will make it clear to the Commodity Futures Trading Commission that the Securities and Exchange Commission and digital assets should be overseen.
Lummis told CNBC it expects the Senate Banking Committee to vote on SEC-related provisions this month, and then expects it to vote from the Agriculture Committee in October on CFTC oversight. A full Senate vote could occur soon in November.
The draft has not yet won democratic support, but Ramis said bipartisan negotiations are ongoing. “There was an effort between Democrats and Republicans to pair them up on certain sub-issues of the legal guide,” she said she hopes to build momentum for mutual parties.
Related: Crypto bills advance after a 9 hour stalemate on the floor of the house
Crypto companies urge the Senate to protect developers with market bills
Last month, a group of 112 crypto companies, investors and advocacy groups urged the U.S. Senate to include protections for software developers and non-mandatory service providers in future crypto market structure legislation.
In a letter to the Senate Banking and Agriculture Committee, the coalition warned that outdated financial rules risk misinterpreting these parties as intermediaries.
Key players like Coinbase, Kraken, Ripple, A16Z and Uniswap Labs were on the call, claiming that regulatory uncertainty was already driving away developers. Citing data from electricity capital, the letter noted that the US share of open source blockchain developers has dropped from 25% in 2021 to 18% in 2025.
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