Senate Democrats are trying to kill the market structure bill.

[Senate Democrats are trying to kill the market structure bill] Variant's Chief Legal Officer Jake Chervinsky posted on X that a certain group has just submitted a counter-proposal regarding the Responsible Financial Innovation Act (RFIA), but the proposal is extremely unserious. These senators claim to support Crypto Assets, but what they have proposed is essentially equivalent to a complete ban on Crypto Assets. It is currently difficult to reach a reasonable consensus if you have not previously followed the legislative framework regarding market structure; it is important to note that current key developments are focused in the Senate. Looking back, the House of Representatives passed the House version of the bill – the Crypto Assets Clarity Act (CLARITY Act) – with a significant majority of 294 votes in favor and 134 votes against in July. The Senate has decided to draft its own version of the bill, which requires 60 votes for passage. Republican members of the Senate Banking Committee have been working to advance the portion of the bill related to securities regulation (i.e., the Responsible Financial Innovation Act RFIA) and have released two drafts for public discussion. The draft released on September 9, 2025, is solid in content and has the potential to advance value. The positioning of this version of the RFIA draft on several key issues is very accurate, with the most important point being: it will protect software developers from unreasonable regulation (and criminal prosecution), preventing the government from returning to the regulatory era led by Gary Gensler in the future. Without this core provision, the bill would lose its meaning for existence.