The Senate introduced its own version of a bill regarding the regulation of the crypto market. The Responsible Financial Innovation Act (RFIA) is based on the CLARITY Act, which was approved alongside the GENIUS Act. The bill introduces a definition of digital assets and sets requirements for the SEC to adjust existing regulations. The U.S. Senate Banking Committee has introduced the Responsible Financial Innovation Act of 2025 (RFIA). It sets out a regulatory framework for the cryptocurrency market and introduces asset classification. The initiative was prepared by Committee Chairman Tim Scott, head of the Subcommittee on Digital Assets Cynthia Lummis, and Senators Bernie Moreno and Bill Hagerty. According to the official statement, the RFIA is based on another bill—the ”Digital Asset Market Clarity Act of 2025” (CLARITY). The latter was approved by the House of Representatives in mid-July 2025, after which it went to the Senate for consideration. “ My colleagues and I in the House and Senate share the same goal: to provide clear rules of the road for digital assets that protect investors, foster innovation, and keep the future of digital finance anchored in America ,” Scott said. The RFIA includes several key provisions that form the regulatory framework for the crypto market as a whole. In particular, it specifies which digital assets are not considered securities. The bill also sets out requirements for the U.S. Securities and Exchange Commission (SEC) to implement the legislation and more clearly define an investment contract. Along with the publication of the bill, the authors asked for comments from the public. Currently, the future of this bill remains unclear, as it has not yet passed a committee vote.
