Despite the ongoing federal government shutdown, the U.S. Senate is pressing ahead with landmark legislation designed to bring long-awaited regulatory clarity to the cryptocurrency industry.
Republican lawmakers are determined to see the bill approved by the end of 2025, sticking to their original timeline. According to Bloomberg, Senate Agriculture Committee Chair John Boozman is currently in active talks with Democrats to craft a bipartisan version of the measure, which could be finalized “very soon.”
The proposal — known as the Responsible Financial Innovation Act — builds upon the House-passed CLARITY Act from July. Together, these initiatives aim to establish a unified regulatory framework for digital assets, clearly delineating oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Even as thousands of federal employees remain on unpaid leave due to the shutdown, legislative work has not halted. Lawmakers continue to hold sessions, debates, and closed-door negotiations, signaling strong momentum behind the crypto regulation effort.
“Around 90% of the core provisions have already been agreed upon,” said Coinbase CEO Brian Armstrong, calling the bill a “turning point” that could finally provide the clarity investors and innovators have been waiting for.
Senator Cynthia Lummis of Wyoming — one of the bill’s chief architects — had earlier expressed optimism that the measure would move through key committees by fall 2025. However, she acknowledged that partisan gridlock could still delay the final vote.
Meanwhile, alternative proposals are emerging. Congressman Ro Khanna, for example, has introduced a bill that would prohibit members of Congress from holding cryptocurrencies to prevent potential conflicts of interest.
If passed, the Senate’s initiative could become a defining moment for the U.S. crypto sector — one that shapes the balance between innovation, investor protection, and regulatory oversight for years to come.
