- The Senate’s RFI Act draft places the SEC in charge of regulating most digital assets
- A new “Regulation DA” framework aims to modernize token offerings under US law
- The bill could replace the outdated Howey Test with a clearer investment contract rule
The U.S. Senate Banking Committee just dropped the Responsible Financial Innovation Act (RFI Act), a draft bill that reshapes how crypto is regulated. And no, this isn’t a copy of the House’s CLARITY Act—it’s a whole different beast.
The Senate’s version shifts most of the power to the SEC, sidelining the CFTC, and brings almost every crypto asset under the SEC’s umbrella. Not as securities in the strictest sense, but something new: “ancillary assets.”
While the House preferred splitting crypto oversight, the Senate’s approach is cleaner and arguably more realistic. The SEC is bigger, more experienced, and already battling in the crypto trenches. With all CFTC commissioners having resigned recently, the Senate’s move feels inevitable.
Regulation DA and a New Sandbox
The bill introduces Regulation DA, giving token projects a path to raise funds without facing full-blown securities laws. It also tells the SEC to create a “Micro-Innovation Sandbox” to allow some breathing room for smaller startups to test things out without being crushed by red tape. I
t’s a rare mix of structure and flexibility—a sign Congress is finally taking crypto innovation seriously.
Banks in the Game
The RFI Act also opens the door for banks to get into crypto full throttle—custody, lending, running nodes, you name it. It’s a green light for TradFi to go fully digital.
The SEC’s expanded mission now explicitly includes innovation and market efficiency—a major shift in tone. Whether it can live up to that mission, though, is another story.
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