Overview

• The Senate Banking Committee is reviewing the Responsible Financial Innovation Act of 2025, which could broaden SEC authority over digital tokens and leave established assets subject to ongoing oversight.
• In an August 5 submission, Ripple urged lawmakers to tighten the draft’s “ancillary asset” definition, grant five-year exemptions for long-standing tokens like XRP, ETH and SOL, and clearly delineate SEC and CFTC jurisdiction.
• On July 31, SEC Chair Paul Atkins launched Project Crypto, directing staff to develop technology-neutral rules on token classification, custody and trading, and host roundtables through December.
• Acting CFTC Chair Caroline Pham has kicked off a “crypto sprint,” including plans to allow spot crypto trading on registered futures platforms as part of coordinated efforts with the SEC.
• Asset managers such as Bitwise describe the regulatory pivot as a generational opportunity for layer-1 blockchains and DeFi, with formal industry feedback shaping detailed proposals later this year.