US Senate Banking Committee Advances Updated Crypto Market Structure Bill

The US Senate Banking Committee has released an updated version of the crypto market structure bill, titled the 'Responsible Financial Innovation Act 2025.' The bill introduces new provisions addressing blockchain developers, bankruptcy, and regulatory clarity for digital assets. Notably, it shields developers from being classified as financial institutions under securities laws, provided they do not take custody of user funds or exert central control.

The legislation also establishes a SAFE harbor for NFTs, clarifying that unique digital tokens representing art, collectibles, or memberships are not securities. The bill aims to delineate the boundaries between digital asset securities and commodities, marking a significant step toward regulatory clarity in the crypto industry.