The Digital Asset Market Clarity Act (H.R. 3633) remains stalled in the US Senate after lawmakers left for their August recess without voting. The bill, which passed the House in July 2025, aims to clarify which digital assets are securities versus commodities and which regulator—SEC or CFTC—has jurisdiction. With its passage probability now at 16% according to Polymarket, the Trump administration is turning to SEC Chair Paul Atkins and CFTC Chair Michael Selig to fill the regulatory void through agency-level regulations, including exemptions for certain token offerings and enhanced oversight of perpetual futures and derivatives.
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