On September 5, 2025, Senators Tim Scott (R-SC), Cynthia Lummis (R-WY), Bill Hagerty (R-TN), and Bernie Moreno (R-OH) released an updated discussion draft of the "Responsible Financial Innovation Act of 2025" ("RFIA"), which seeks to modernize U.S. digital asset oversight by clarifying asset classifications as well as disclosure, banking, and compliance rules.

This draft bill not only updates a prior discussion draft of the RFIA, but also appears to update bill S.2281 , introduced in the 118 th Congress, as well as a previous version introduced by the senators in the 117 th Congress , both of which were not previously acted upon. The RFIA follows on the heels of the House of Representatives' passage of the Digital Asset Market Clarity Act of 2025 on July 17, 2025.

Key provision

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