The United States Senate Committee on Banking, Housing, and Urban Affairs voted 15-9 to advance H.R. 3633, the Digital Asset Market CLARITY Act of 2025, on 14 May 2026. Senators Angela Alsobrooks of Maryland and Ruben Gallego of Arizona joined committee Republicans in support. Chairman Tim Scott of South Carolina led the markup. The committee approved the bill text after nearly a year of staff negotiations. The bill now sits with the full Senate.
H.R. 3633 amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Commodity Exchange Act, and adjacent statutes. Title I of the bill draws regulatory lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission for digital asset spot markets. The text defines a digital commodity and gives the CFTC primary spot market authority over those assets. The text leaves digital asset securities, including most token offerings, with the SEC. The bill creates a registration path for digital commodity exchanges, brokers, and dealers with the CFTC.
US-facing centralised exchanges, brokers, and custodians of digital commodities face a defined CFTC registration regime if H.R. 3633 reaches the President. Issuers of tokens that meet the digital commodity definition gain a path out of the persistent SEC enforcement risk that has shaped US listing decisions since 2022. Issuers of digital asset securities, including most yield-bearing and revenue-share tokens, remain inside SEC jurisdiction and must use existing registration or exemption paths. Banks, broker-dealers, and asset managers must update their digital asset onboarding and disclosure programs to account for the SEC and CFTC perimeter the bill draws.
The bill faces a 60-vote threshold on the Senate floor due to filibuster rules. Republicans hold 53 Senate seats, so passage needs continued and expanded Democratic support beyond Senators Alsobrooks and Gallego. The House passed H.R. 3633 earlier in the 119th Congress. The Senate committee text differs from the House text on certain perimeter points. A conference or further amendment will likely be needed before the bill reaches the President's desk.
Licentium advises crypto, AI, and digital asset clients on US digital asset law, with a partner network for US local counsel. Work we undertake includes token classification reviews, SEC and CFTC registration analysis, exchange and broker dealer regulatory mapping, stablecoin issuer regulatory diligence, and legislative engagement on digital asset bills. Contact us to scope your US digital asset readiness under the CLARITY Act path.
Source: United States Senate Committee on Banking, Housing, and Urban Affairs, Chairman Scott, Senate Banking Committee Advance CLARITY Act in Historic Bipartisan Vote, 14 May 2026, https://www.banking.senate.gov/newsroom/majority/chairman-scott-senate-banking-committee-advance-clarity-act-in-historic-bipartisan-vote
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