WASHINGTON, D.C. — Stand With Crypto, America’s leading crypto advocacy organization, today applauded leaders of the U.S. Senate Committee on Banking for moving forward with draft legislation that would provide the regulatory clarity that cryptocurrency developers, users, and advocates need to continue innovating. The bill’s unveiling comes on the heels of the passage of the CLARITY Act by the U.S. House, which is similar in scope to the Senate discussion draft, aimed at providing market structure and rules of the road for cryptocurrency regulation. Today’s discussion draft will likely serve as the basis for the Senate's companion bill to the House's CLARITY Act and ensure there are clear “rules of the road” for the U.S. crypto industry. 

Following the draft bill’s release, Mason Lynaugh, Stand with Crypto community director, released the below statement:

“Stand With Crypto welcomes the circulation of the Responsible Financial Innovation Act of 2025, which would provide the clarity crypto developers and owners need without stifling innovation. By aiming to establish clear ‘rules of the road,’ Senators Tim Scott, Cynthia Lummis, Bill Hagerty, and Bernie Moreno are taking the initial steps to open doors for greater American participation in the blockchain economy, millions of new jobs, and stronger protections for the 52 million crypto owners across the U.S. We urge leaders in the Senate to formally introduce legislation that will establish a clear and constructive regulatory framework for digital assets in the U.S. We cannot afford to delay — the Senate must take swift action to secure America’s global leadership in the blockchain economy.”

Crypto developers, users, and advocates need “clear rules of the road” that provide regulatory clarity and further innovation. A lack of a regulatory framework is limiting innovation and hindering the U.S. crypto industry’s potential: The U.S. share of global blockchain developers has decreased by approximately 14% since 2018, dropping to 26% in 2023. By passing market structure legislation, Congress will help solidify America’s leadership in blockchain technology and the global digital economy. 

Stand With Crypto is harnessing its vast network of more than 2.3 million grassroots advocates to urge lawmakers to support market structure legislation. Last week, Stand With Crypto hosted a fly-in on Capitol Hill, during which state chapter presidents and top advocates met with their senators, urging them to support a common-sense regulatory framework for America’s crypto industry. 

Over the past two years, Stand With Crypto has built a community-led movement to mobilize and harness the voice of America’s 52 million crypto owners to engage as a powerful and unified voting bloc, championing clear, common-sense regulations for the crypto industry and unlocking crypto’s innovation potential while fostering greater economic opportunity and freedom.