The Senate Banking Committee has scheduled the markup session of its market structure bill—currently known as the Responsible Financial Innovation Act—for January 15th (the House version, known as the CLARITY Act, passed that chamber on a bipartisan basis in July 2025). Scheduling the bill’s markup is a signal of progress toward a full committee vote. The legislation aims to define roles for the SEC and CFTC, to clarify crypto asset classification, and address various DeFi and stablecoin issues. If it moves beyond Banking, it will need to be merged with the Senate Agriculture version of the bill.
In practice, a more complete regulatory framework for crypto assets across the U.S. and other major economies could mean that regulated financial services firms report digital assets on balance sheet and begin transacting on the blockchain. It may also allow for on-chain capital formation, with both startups and mature firms issuing regulated tokens. By further unlocking the full potential of blockchain technology, regulatory clarity may help lift the crypto asset class in general.
Key Takeaway: This is going to be bigger than the GENIUS bill. We believe it may be more favorable for Ethereum than Bitcoin due to the implications for Decentralized Finance (DeFi), but a rising tide could lift all boats.
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