Since the House passed the CLARITY Act on July 17, the U.S. Senate Banking Committee, which has oversight of the Securities and Exchange Commission (SEC), has been busy working on its own version of the U.S. crypto regulatory framework. Chairman Tim Scott (R-SC), along with Senators Cynthia Lummis (R-WY), Bill Hagerty (R-TN), and Bernie Moreno (R-OH), released a discussion draft of the “Responsible Financial Innovation Act of 2025.” This comprehensive legislation aims to provide regulatory clarity, encourage innovation, and address key risks in the rapidly evolving digital asset ecosystem. This blog highlights critical elements of the draft bill, offering an overview of its major provisions and implications. Alongside the draft, the Senate Banking Committee has issued a broad Request for Information (RFI) to solicit feedback from the public, with responses due by August 5, 2025.