The U.S. Senate is progressing with its version of the crypto market structure bill, known as the Responsible Financial Innovation Act, which is based on the House-passed CLARITY Act. The Senate Agriculture Committee and the Senate Banking Committee are refining the bill, focusing on CFTC and SEC oversight, respectively. A bipartisan draft from the Agriculture Committee was released last week, and a similar draft from the Banking Committee is anticipated soon. Following the release of the Banking Committee's bipartisan draft, both committees are expected to conduct markups and votes early next month. The two versions will then be consolidated into a single legislative text, which Chairman Tim Scott aims to present to the Senate floor early next year. The bill's passage is expected in 2026, delayed partly due to a 43-day government shutdown.