In a significant move for the cryptocurrency sector, representatives from various digital asset companies are set to converge on Washington, D.C. this week. Their primary focus will be on engaging with lawmakers regarding the Responsible Financial Innovation Act (RFIA), a crucial piece of legislation aimed at establishing a clearer market structure for digital assets.
Cody Carbone, the CEO of the Digital Chamber, a prominent crypto advocacy organization, indicated in a conversation with Cointelegraph that a markup event for the RFIA is likely to take place soon. It is anticipated that the Senate Agriculture Committee will consider its version of the bill concurrently with the Senate Banking Committee, chaired by Senator Tim Scott, who confirmed that a vote is scheduled for January 15.
The Digital Chamber has played an active role in shaping the RFIA, having been invited by lawmakers to offer insights on various drafts of the legislation. Carbone mentioned that over 50 member companies will join the discussions on Thursday, aiming to educate Senate offices about the necessity of the bill and address any questions lawmakers may have.
In his remarks, Carbone emphasized the importance of diverse representation from the digital asset ecosystem, which includes exchanges, token issuers, banks, Bitcoin miners, infrastructure providers, and decentralized finance (DeFi) protocols. This collaborative effort reflects a broader push within the industry to advocate for regulatory clarity.
Initial drafts of the RFIA suggest that it will empower the U.S. Commodity Futures Trading Commission (CFTC) with increased regulatory authority over digital assets. Historically, the Securities and Exchange Commission (SEC) has taken the lead in enforcing regulations affecting the crypto industry. This shift could signal a significant change in how digital assets are overseen in the United States.
However, the timing of the bill”s passage may be influenced by the upcoming 2026 midterm elections. Reports from investment bank TD Cowen indicated that the RFIA could face delays, with potential approval pushed to 2027 and implementation possibly extending to 2029. Concerns have been raised that shifts in Senate control could affect bipartisan support for the bill.
Senator Thom Tillis, a Republican member of the Banking Committee, has urged for swift action on the legislation, suggesting that lawmakers should aim to finalize it before entering the campaign season for the midterms. “Given the momentum of where we”re at and the progress that has been done between Republicans and Democrats over the last even just three weeks, through the holidays and the new year, it”s hard to bet against that this bill is going to get done early this year,” Carbone noted, expressing optimism about the bill”s prospects.
Recent political dynamics, including a temporary funding agreement reached by Congress to avert a government shutdown, may have contributed to the delays in advancing the RFIA. With the government funded until January 31, the path forward for the market structure bill remains uncertain, especially with looming potential political disruptions.
The upcoming discussions in Washington could prove pivotal in shaping the regulatory landscape for cryptocurrencies, as industry stakeholders seek to address critical issues impacting market structure and oversight.
