From the journal

US Crypto Associations Urge Senate Floor Vote on Digital Asset Clarity Act, July 2026

Three major US crypto industry bodies, the Crypto Council for Innovation, the Blockchain Association, and the Digital Chamber, formally urged the US Senate to bring the Digital Asset Market Clarity Act (H.R. 3633) to a floor vote. The Act passed the Senate Banking Committee on a bipartisan 15-9 vote in May 2026 and would establish statutory market structure rules for digital assets.

2 min read

The Crypto Council for Innovation, the Blockchain Association, and the Digital Chamber jointly issued formal calls in late July 2026 urging the US Senate to schedule a floor vote on the Digital Asset Market Clarity Act (H.R. 3633). The bill passed the Senate Banking, Housing, and Urban Affairs Committee by a bipartisan 15-9 vote in May 2026, chaired by Senator Tim Scott. It consolidates separate working drafts from the Banking and Agriculture Committees into a single legislative text.

H.R. 3633 would create a statutory test for classifying a digital asset as a security under the Securities Exchange Act of 1934, a commodity under the Commodity Exchange Act, or a new category designated 'digital commodity.' The bill establishes conditions under which a token may transition from security to commodity status as a blockchain network achieves sufficient decentralisation, as assessed against criteria written into the statute. Primary supervisory jurisdiction over decentralised digital assets would transfer to the Commodity Futures Trading Commission, with the Securities and Exchange Commission retaining authority over assets that remain securities.

US-based and international crypto exchanges, token issuers, DeFi protocols, and stablecoin operators face direct structural implications if the bill advances. Exchanges would register under the applicable commodity or securities regime. Issuers of tokens currently occupying legal grey areas would gain a statutory classification basis for their instruments. International platforms serving US users would be subject to the same registration and disclosure obligations as domestic operators under the relevant regulatory authority.

As of late July 2026, no Senate floor vote date has been scheduled. The updated bill text reflects work by both the Banking and Agriculture Committees, and further amendments remain possible before a floor vote. Separate stablecoin legislation, the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), has advanced further in the legislative calendar and may reach the Senate floor first.

We advise on US and cross-border digital asset regulatory classification, token issuance structuring, and exchange compliance obligations, and have a partner network with US regulatory counsel available to assist. Contact us to discuss how the bill's current text may affect your operations. Work we undertake includes digital asset classification analysis, exchange registration planning, DeFi compliance review, token offering regulatory assessment, and cross-border licensing coordination.

Source: US Senate Banking, Housing, and Urban Affairs Committee, Digital Asset Market Clarity Act Committee Approval, May 2026

Crypto Regulatory

More from the journal

See all

Hong Kong SFC and FSTB Conclude Consultation on Virtual Asset Advisory and Management Regimes, 26 May 2026

On 26 May 2026, Hong Kong's Securities and Futures Commission and Financial Services and the Treasury Bureau published consultation conclusions on proposed licensing regimes for virtual asset advisory and management service providers. The regimes apply the same business, same risks, same rules principle and align SFC licensing requirements with those for securities advisory and management businesses. A bill implementing the regimes is planned for introduction into the Legislative Council in 2026.

OCC Grants Circle Final Charter for First National Digital Currency Bank N.A., 9 July 2026

The Office of the Comptroller of the Currency granted final approval on 9 July 2026 for Circle Internet Group to establish First National Digital Currency Bank, N.A., operating as Circle National Trust. The bank opened 24 July 2026 under direct OCC oversight and will manage USDC reserves on a directed basis, act as collateral trustee for USDC holders, and provide digital asset custody services to Circle affiliates.

Manitoba Enacts Public Sector AI and Cybersecurity Governance Act June 2026

On 1 June 2026, Bill 51, The Public Sector Artificial Intelligence and Cybersecurity Governance Act (S.M. 2026, c. 43), received Royal Assent in Manitoba, Canada. The Act mandates transparency, accountability structures, and cybersecurity incident reporting for public sector entities using AI systems. Substantive obligations take effect only through regulations yet to be made.