Crypto tokens get clearer rules about which are securities.

What it does

The bill splits power between two agencies. The SEC handles tokens tied to company efforts. The CFTC handles tokens tied to decentralized systems. Issuers can get a certificate saying their token is decentralized. Then they stop giving regular reports to the SEC. The bill says federal rules apply to all states. Token issuers must tell the SEC about finances and operations before they get the certificate.

Who it affects

People who buy and sell crypto tokens gain clear rules. Retail investors lose some state protections that went beyond federal rules.

One thing to notice

Once an issuer gets a certificate, they stop reporting to the SEC. This happens even if their situation changes.

From the analysis of the bill text, linked under Primary records below.

Where it stands

21 cosponsors: 14 Republicans, 7 Democrats.

• May 29, 2025 — Introduced · Congress.gov: “Introduced in House”
• May 29, 2025 — Referred to House Committee on Agriculture and House Committee on Financial Services · Congress.gov: “Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a…”
• Jun 10, 2025 — Markup held in committee · Congress.gov: “Committee Consideration and Mark-up Session Held”
• Jun 10, 2025 — Reported out of committee · Congress.gov: “Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 19”
• Jul 17, 2025 — Passed the House · Congress.gov: “On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199).”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Money around this bill

169 groups reported lobbying about this bill. They filed 231 reports from Sep 2025 to Jun 2026.

Those reports show $55,388,124 in lobbying spending. Each report lists about 3 bills. So that money was not all for this bill.

More groups named this bill than 100% of bills with any report.

J. Hill, who sponsored the bill, received $1,508,689 from PACs for the 2026 election.

• Securities Industry and Financial Markets Association — $5,090,000 in 2 reports
• American Association for Justice — $3,610,000 in 2 reports
• Independent Community Bankers of America — $2,170,000 in 1 report
• Visa, Inc. — $2,150,000 in 1 report
• Investment Company Institute — $2,106,510 in 2 reports

Lobbying is legal. These reports show who lobbied about this bill, not what changed.

Words to know

• decentralized — Run by many people or computers, not by one company or person.
• securities — Investments like stocks that represent ownership or a loan.
• SEC — The Securities and Exchange Commission, a federal agency that watches stock and investment markets.
• CFTC — The Commodity Futures Trading Commission, a federal agency that watches commodity markets.
• lobbying — Trying to influence lawmakers about a bill. Companies and groups pay people to do this.
• PACs — Groups that collect money and give it to candidates for office.