365Crypto
Tokenized stocks stay securities
The US Senate added a clause to its crypto bill confirming tokenized stocks will still count as securities. The goal is to prevent confusion and keep them under existing trading and broker rules.
Why it matters
Stocks are already securities, even if moved onto a blockchain. The update helps digital asset firms by making sure tokenized versions fit neatly into current systems.
Timeline for the bill
Wyoming Senator Cynthia Lummis said she wants the bill on the president’s desk before year-end. The Senate Banking Committee will vote on SEC parts this month, while the Agriculture Committee takes up CFTC oversight in October. A full Senate vote could happen by November.
SEC vs CFTC split
The Responsible Financial Innovation Act of 2025 aims to clarify which agency regulates what. The SEC would oversee securities, while the CFTC handles commodities.
Pushback and lobbying
The draft still lacks full Democratic support, though talks continue. Meanwhile, 112 crypto firms and advocates urged senators to protect developers and non-custodial providers from being misclassified under old rules.
Developers leaving the US
Big names like Coinbase, Kraken, Ripple, a16z, and Uniswap Labs warned that unclear rules are pushing developers abroad. Data shows the US share of open-source blockchain devs fell from 25% in 2021 to just 18% in 2025.
