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.