Senator Cynthia Lummis Introduces Crypto Bill to Define SEC and CFTC Roles

U.S. Senator Cynthia Lummis and colleagues unveiled an updated market structure bill on Friday, aiming to bring regulatory clarity to digital assets. The draft explicitly excludes tokenized stocks and securities from being classified as commodities, while carving out exemptions for DePIN, staking, and airdrops from securities laws.

The legislation introduces a firewall against SEC overreach, prohibiting lawsuits against existing tokens unless fraud is alleged. NFTs gain explicit non-security status, a distinction absent from earlier proposals. The bill mandates SEC-CFTC coordination through a joint advisory committee, preempting jurisdictional conflicts.

Developers and DeFi platforms receive robust protections under the Blockchain Regulatory Certainty Act, which shields code publication from money transmitter classification. This legislative push signals growing institutional recognition of crypto's unique requirements.