Bipartisan Momentum Builds for US Crypto Market Structure Legislation

Senate Banking Committee Chairman Tim Scott anticipates broad Democratic support for upcoming digital asset legislation, with as many as 18 senators potentially backing the bill. The South Carolina Republican is actively courting cross-aisle collaboration ahead of a September proposal that would establish comprehensive crypto market rules.

The legislative push follows the House's July 17 passage of the Digital Asset Market Clarity Act, which garnered surprising bipartisan approval. The Senate's Responsible Financial Innovation Act of 2025 builds upon this foundation, introducing refined asset classifications and enhanced banking provisions for crypto services.

Key provisions include joint SEC-CFTC registration processes for platforms listing sufficiently decentralized tokens. The proposed framework represents Washington's most concerted effort yet to provide regulatory certainty for digital assets.