US Crypto Bill Draft Seeks Clarity on SEC-CFTC Roles, DeFi Rules

A revised draft of the Responsible Financial Innovation Act of 2025 has been unveiled by US Senators, aiming to delineate regulatory boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill mandates clearer jurisdictional definitions and establishes a Joint Advisory Committee on Digital Assets, requiring public responses from both agencies.

DeFi developers, validators, and wallet builders gain protections under the proposal, provided their protocols remain decentralized. The bill also exempts airdrops, staking rewards, and DePIN tokens from securities regulations, signaling a shift toward accommodating blockchain innovation.

"The SEC and CFTC must align to reduce regulatory overlap, eliminate unnecessary friction, and support innovation," said SEC Chairman Paul S. Atkins and CFTC Acting Chair Caroline D. Pham in a joint statement. A public roundtable is slated for September to further discuss the implications.