Bill lets most crypto tokens skip SEC rules and blocks Fed money.

What it does

The bill splits crypto rules between two agencies. Most tokens would not need SEC approval if they meet certain rules. Token makers must tell people about their work and how the tech works. The bill stops the Federal Reserve from making electronic money for regular people.

Who it affects

Crypto companies and token makers face fewer rules. Crypto sites and traders get clearer rules. Regular people who buy tokens lose some protections the SEC normally gives, like fraud checks and honest facts.

One thing to notice

Token makers can skip SEC sign-up if they meet certain rules. But the SEC only has 60 days to stop a token before it trades. The bill stops the Federal Reserve from ever making electronic money, even if Congress asks for it later.

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 $1,609,189 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

• tokens — Money or value stored on computers and traded online.
• SEC — The agency that makes sure companies tell the truth about money and stocks.
• Federal Reserve — The nation's central bank that manages money and banking.
• 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.
• sponsored — To sponsor a bill is to introduce it in Congress and put your name on it.