SENATE DRAFT BILL PROPOSES SEC-CFTC JOINT COMMITTEE, DEFI PROTECTIONS

Summary from the TLDR Crypto newsletter

The latest draft of the Responsible Financial Innovation Act calls for a joint SEC-CFTC advisory committee to clarify crypto regulation and its treatment of tokenized RWAs. The bill explicitly protects DeFi developers and users from being treated as broker-dealers for running DEXs, validators, or wallets; exempts Decentralized Physical Infrastructure Networks (DePINs) from securities laws if sufficiently decentralized; and clarifies that staking rewards and airdrops are not securities offerings. Lawmakers aim to reconcile the bill with the House's Clarity Act and put it on President Trump's desk by year-end.