Project 2025 Tracker / What’s done, what’s next

27. Financial Regulatory Agencies · Notable

Amend the definitions of commodity and security to cover digital assets

Attempted

835 27. Financial Regulatory Agencies

“Amend the definition of commodity to include digital assets that are not a security as so defined and amend the definition of security to make it clear that a certificate (digital, electronic, or otherwise) that represents ownership of commodities and is convertible into a physical commodity on demand is not a security but a commodity.”

What has happened

  1. Attempted

    The House passed H.R. 3633, the Digital Asset Market Clarity Act, 294-134 (Roll no. 199), and the bill does the first half of this ask. Section 103 amends section 1a of the Commodity Exchange Act to make "digital commodity" a commodity interest and to exclude custody, commercial inventory management and blockchain validation from "trading in commodity interests"; sections 101 and 102 add the digital-asset definitions to the Securities Act and the Exchange Act; and section 201 provides that "The term `investment contract' does not include an investment contract asset" in the Securities Act, the Exchange Act, the Investment Advisers Act, the Investment Company Act and the Securities Investor Protection Act, an "investment contract asset" being a digital commodity that can be possessed and transferred person to person without an intermediary and is recorded on a blockchain. The second half is untouched: the words "convertible" and "warehouse receipt" do not appear in the bill, and nothing in it says that a certificate representing ownership of commodities and convertible into a physical commodity on demand is a commodity rather than a security. The Senate has not passed it — Banking reported it with a substitute on 2026-06-01 and a cloture motion on the motion to proceed was made on 2026-08-08, neither of which is a rung.

Research log

What was searched, and what didn’t count as evidence

Research notes

  • Action history read at https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr/BILLSTATUS-119hr3633.xml: introduced 2025-05-29; reported by Agriculture and by Financial Services 2025-06-23 (H. Rept. 119-168, Parts I and II); H. Res. 580 agreed 217-212 on 2025-07-16; passed the House 294-134 on 2025-07-17; reported by Senate Banking with an amendment in the nature of a substitute 2026-06-01; Calendar No. 423; motion to proceed and cloture motion on that motion 2026-08-08.
  • What the definitions do, in the engrossed text. “digital commodity” appears 607 times; §103(a) inserts it into CEA §1a paragraphs (10), (11) and (12); §401(e)(1) strikes the second sentence of 7 U.S.C. 1a(9), the definition of “commodity”, as amended by the GENIUS Act; §201 inserts the investment-contract-asset carve-out into five statutes. Searched and absent: “convertible” (0), “warehouse receipt” (0), “ancillary asset” (0).
  • The administrative route, and why it is not the Status. On 2026-03-23 the SEC and CFTC jointly issued an interpretation holding that digital commodities, digital collectibles and digital tools “are not themselves securities” and that a non-security crypto asset “could meet the definition of `commodity’ under the Commodity Exchange Act” (https://www.federalregister.gov/documents/2026/03/23/2026-05635/application-of-the-federal-securities-laws-to-certain-types-of-crypto-assets-and-certain). That interprets the two definitions; this Quote asks that they be amended, and the interpretation leaves both statutory texts as they were. It is Evidence on #2164.
  • Two other definitional bills of the window were referred and never moved: the Securities Clarity Act of 2025 (H.R. 2365, 2025-03-26) and the Blockchain Regulatory Certainty Act (H.R. 3533, 2025-05-21; S. 3611, 2026-01-12). The Digital Commodity Intermediaries Act (S. 3755 and S. 4064) sits on the Senate calendar without a vote. All leads.
  • Enacted law in the window changes neither definition in the way asked: the GENIUS Act (P.L. 119-27, 2025-07-18) regulates payment stablecoins, and no other public law of the 119th Congress amends the Securities Act or the Commodity Exchange Act definitions.
Action
other
Object
the definitions of “commodity” and “security” as applied to digital assets
ID
2165