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

27. Financial Regulatory Agencies · Notable · Needs Congress

Legislate digital asset classification if regulators fail to act

Attempted

835 27. Financial Regulatory Agencies

“In the absence of regulatory action, Congress should enact legislation that achieves these goals.”

What has happened

  1. Attempted

    The House passed H.R. 3633, the Digital Asset Market Clarity Act, 294-134 (Roll no. 199) — legislation that classifies digital assets between the two regimes, defining "digital commodity" in the Commodity Exchange Act, placing digital commodity exchanges, brokers and dealers under CFTC registration, and excluding "investment contract assets" from the definition of investment contract in the Securities Act, the Exchange Act, the Investment Advisers Act, the Investment Company Act and SIPA. It has not been enacted. The Senate Banking Committee reported it with an amendment in the nature of a substitute on 2026-06-01 and it was placed on the calendar; a motion to proceed and a cloture motion on that motion were made on 2026-08-08. Committee action and floor consideration short of a passage vote are not rungs, so the ask stays at one-chamber passage.

Research log

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

Research notes

  • The Quote is conditional — “In the absence of regulatory action, Congress should enact legislation that achieves these goals” — and both halves of the condition are live: the regulators acted on 2026-03-23 with a joint interpretation (#2164), and Congress is moving a bill. We track the action taken on the ask, which is the legislation, and the regulatory action is recorded on #2164.
  • Action history at https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr/BILLSTATUS-119hr3633.xml. The agencies themselves treat the bill as the endpoint: in CFTC release 9198-26 the SEC Chairman calls the joint interpretation “an important bridge for entrepreneurs and investors as Congress works to advance bipartisan market structure legislation” (https://www.cftc.gov/PressRoom/PressReleases/9198-26).
  • No public law of the 119th Congress classifies digital assets between the SEC and the CFTC. public-laws.ndjson was read in full (102 laws): the GENIUS Act (P.L. 119-27, 2025-07-18) covers payment stablecoins only, and P.L. 119-5 is a Congressional Review Act disapproval of an IRS digital-asset broker reporting rule.
  • Leads, all referred or calendared without a vote: Securities Clarity Act of 2025 (H.R. 2365), Blockchain Regulatory Certainty Act (H.R. 3533; S. 3611), Digital Commodity Intermediaries Act (S. 3755, Calendar No. 312; S. 4064, Calendar No. 355), Deploying American Blockchains Act of 2025 (H.R. 1664, received in the Senate 2025-06-24; S. 1492, Calendar No. 195).
Action
other
Object
legislation classifying digital assets as securities or commodities
ID
2166