The U.S. Senate updated the cryptocurrency market structure bill on Friday, adding key provisions to further clarify the regulatory jurisdiction of tokenized assets.
The new provisions stipulate that stocks and other securities, even when tokenized on a blockchain, are still classified as securities, thereby avoiding confusion over whether they should fall under commodity regulation.
This clear definition is crucial for digital asset companies focused on asset tokenization. Stocks, as securities, are already regulated, and continuing to classify them as securities after tokenization ensures their compatibility with the brokerage framework, clearing systems, and trading platforms.
Wyoming Senator Cynthia Lummis, a primary sponsor of the bill, stated in an interview with CNBC that she hopes to submit the bill for presidential signature by the end of this year.
The Senate bill, titled the "2025 Responsible Financial Innovation Act," clearly outlines the circumstances under which digital assets are regulated by the U.S. Securities and Exchange Commission (SEC) and when they fall under the Commodity Futures Trading Commission (CFTC).
Lummis told CNBC that she expects the Senate Banking Committee to vote on the SEC-related provisions this month. The Agriculture Committee will vote on CFTC regulation in October. The full Senate could hold a final vote as early as November.
Although the draft has not yet received support from Democrats, Lummis stated that negotiations are ongoing between the two parties. "We are working to encourage cooperation between Democrats and Republicans on certain issues of the bill," she noted, hoping to push for bipartisan progress.
Last month, 112 cryptocurrency companies, investors, and advocacy organizations jointly called on the U.S. Senate to establish protective provisions for software developers and non-custodial service providers in the upcoming cryptocurrency market structure legislation.
The coalition warned in a letter to the Senate Banking and Agriculture Committees that outdated financial rules could mistakenly classify these participants as intermediaries.
Major companies such as Coinbase, Kraken, Ripple, a16z, and Uniswap Labs also joined the call, arguing that regulatory uncertainty has led to a loss of developers. The letter cited data from Electric Capital, indicating that the share of U.S. open-source blockchain developers has dropped from 25% in 2021 to 18% in 2025.
Related: U.S. Congress Requests Treasury Report on Strategic Bitcoin (BTC) Reserve Details
Original: “Senate Cryptocurrency Bill Adds Provisions Confirming Tokenized Stocks Remain Securities”
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