Key Points
- Advocacy groups urge Senate floor vote on Digital Asset Market Clarity Act.
- Bill would expand federal framework for digital assets and payment stablecoins.
Digital asset advocacy group Stand With Crypto has called on supporters to contact U.S. senators and push for a floor vote on the Digital Asset Market Clarity Act (H.R. 3633).
The appeal follows a 15-9 bipartisan vote in the Senate Banking Committee advancing the market structure legislation.
The organization’s campaign is focused on maintaining momentum between committee approval and a full Senate vote, a stage where bills often stall due to procedural hurdles and lobbying pressure.
The Senate’s 60-vote threshold and broader political negotiations could shape whether the measure reaches final consideration.
The substitute version of the bill addresses illicit finance, decentralized finance activity, tokenization standards, developer protections, customer property rights, bankruptcy safeguards, and yield limits on stablecoins.
If passed, the measure would represent one of the most comprehensive federal frameworks for digital assets to reach the Senate floor.
Legislative Background and Market Structure Framework
The House approved H.R. 3633 in July 2025 with a 294-134 bipartisan vote, signaling cross-party support for clearer digital asset regulations.
The proposal is widely viewed as complementary to the GENIUS Act, which established a federal structure for U.S. dollar-pegged payment stablecoins.
The GENIUS Act set reserve requirements, audit obligations, and anti-money-laundering standards for issuers of payment stablecoins.
The White House has indicated support for broader federal stablecoin policy coordination alongside market structure legislation.
Token Classification and Regulatory Oversight
Under CLARITY, digital assets would be divided into three categories: digital commodities overseen by the Commodity Futures Trading Commission, investment contract assets regulated by the Securities and Exchange Commission, and payment stablecoins supervised by banking regulators.
The framework aims to clarify oversight boundaries between agencies in the evolving digital asset market.
A proposed “mature blockchain” pathway would allow certain tokens to transition from securities classification to commodities status once decentralization criteria are met.
Draft provisions indicate that no single entity controlling approximately 20% or more of a token’s supply would qualify as sufficiently decentralized for reclassification.
Projects meeting these conditions could apply to the Securities and Exchange Commission to exit securities oversight and transition to Commodity Futures Trading Commission supervision.
Supporters argue that such a mechanism could reduce regulatory uncertainty that has affected token issuance within the United States.
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