U.S. Senate proposes 'joint SEC·CFTC oversight framework'... Final draft to be prepared by September

The United States Senate Committee on Banking, Housing, and Urban Affairs has unveiled a new regulatory framework for digital asset oversight. It is a 'hybrid supervision' system jointly overseen by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

According to Forbes, on the 29th, Committee Chair Tim Scott and Digital Assets Subcommittee Chair Cynthia Lummis presented the draft of the '2025 Responsible Financial Innovation Act (RFIA)' on the 22nd. The draft defines virtual assets as 'ancillary assets,' with the SEC in charge of registration exemptions and disclosure requirements, and the CFTC maintaining commodity oversight, thus proposing a dual oversight system.

However, the legislative timetable remains uncertain. Chair Scott intends to prepare the final version by September, but with Congress focused on the Agricultural Appropriations Act, the National Defense Authorization Act, and government budget bills, the possibility of passage within the year is considered low. Forbes reported, "Actual legislation could be delayed until 2026."

This draft is also interpreted as partly accommodating concerns from the Democratic Party. Senator Elizabeth Warren has pointed out that "if digital assets are simply classified as commodities, some companies could evade investor protection regulations." This draft is viewed as an attempt to both recognize such issues and institutionally reflect the unique characteristics of blockchain-based assets.