Key U.S. Senate Democrats, led by Senator Ruben Gallego of Arizona, have publicly urged Republican colleagues to engage in "true bipartisan collaboration" to advance the comprehensive crypto market structure bill. In a September 19 statement, the Democrats emphasized that the $4 trillion cryptocurrency market requires a "considered and bipartisan approach to regulation" and expressed hope that Republicans would agree to a collaborative authorship process typical for legislation of this scale.
The Republicans, through aides like Katie Warbinton (working for Senator Cynthia Lummis), indicated openness to accepting Democratic input by late October to mark up the bill and advance it from the Senate Committee. However, internal GOP divisions exist, with some members like Senator John Kennedy noting they were not ready to push the bill forward by the end of September. The Senate Banking Committee Chair, Tim Scott, had previously targeted a September 30 deadline for advancement.
The proposed bill, known as the Responsible Financial Innovation Act of 2025, aims to clarify regulatory oversight by differentiating between digital asset securities and commodities, setting new rules for exchanges, disclosures, and consumer protection, and addressing stablecoin regulations—including potential restrictions on high-yield offerings. The House already passed its version (the CLARITY Act) in July, but any Senate amendments would require reconciliation before reaching President Trump's desk.
Despite the GOP's goal of delivering the bill to Trump by December 2025, the probability of meeting this deadline is currently below 40%, owing to potential delays from bipartisan negotiations and Senate-House reconciliation. Industry experts like Justin Slaughter of Paradigm support bipartisan efforts, arguing that lasting regulatory clarity depends on cross-party support.