Catenaa, Friday, July 24, 2026- The US Senate Banking Committee’s Digital Assets Subcommittee has released updated legislative text for the Digital Asset Market Clarity Act (H.R. 3633), marking another step toward establishing a comprehensive federal regulatory framework for digital assets while exposing continuing divisions over the bill’s consumer protections, banking provisions and ethics safeguards.
A press release regarding the release of the merged text can be seen here.
The revised text incorporates work from both the Senate Banking and Agriculture Committees and is accompanied by a section-by-section summary, a “Myth vs. Fact” document and several supporting fact sheets outlining key provisions of the proposed legislation.
According to the Senate committees, the updated legislation is designed to establish clear regulatory guardrails for digital asset markets, strengthen national security, enhance investor and customer protections and support responsible innovation in the United States.
The bill allocates regulatory oversight between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing greater clarity over the supervision of digital commodities and securities.
Beyond market structure, the legislation addresses anti-money laundering measures, illicit finance, decentralized finance, cybersecurity, customer protection, software development, responsible banking innovation, stablecoin regulation, bankruptcy treatment for digital assets and enhanced cooperation between the SEC and CFTC.
If enacted, most provisions would take effect 360 days after the legislation becomes law, while rulemaking provisions would become effective after the later of 360 days following enactment or 60 days after publication of the final rules in the Federal Register.
Supporters argue the legislation would replace years of regulatory uncertainty with a comprehensive legal framework for digital asset markets.
The Senate committees said the revised bill establishes enforceable standards that strengthen oversight while supporting innovation and protecting consumers.
The committees also released multiple supporting documents addressing topics including market integrity, anti-money laundering, law enforcement, customer protection, stablecoin yield restrictions, disclosure requirements and ethics provisions.
The Blockchain Association welcomed the updated text, describing it as an important step toward providing clear rules, stronger consumer protections and continued US leadership in digital assets.
The updated proposal continues to face opposition from several major banking organizations and Democratic lawmakers.
A coalition comprising the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, Independent Community Bankers of America and National Bankers Association said the revised bill could put community lending at risk, although they reiterated support for developing clear regulatory rules for digital assets.
Meanwhile, Democratic members of the Senate Banking Committee raised concerns that the revised ethics provisions contain loopholes that could allow President Donald Trump to continue benefiting financially from cryptocurrency ventures while limiting enforcement options.
Sen. Elizabeth Warren argued that the legislation fails to adequately address conflicts of interest, investor protection and national security concerns, while a group of seven Democratic senators said additional work is needed to strengthen provisions relating to ethics, consumer protection, illicit finance and market integrity.
The release of the updated text represents another milestone in Congress’ efforts to establish long-awaited federal rules governing digital asset markets.
If enacted, the legislation would create one of the most comprehensive US regulatory frameworks for cryptocurrencies by defining agency responsibilities, setting standards for market participants and addressing emerging sectors such as decentralized finance and stablecoins.
However, the competing views expressed by industry groups, banks and lawmakers suggest the bill is likely to remain the subject of extensive debate as it advances through the legislative process.
The Digital Asset Market Clarity Act seeks to provide regulatory certainty for the US digital asset industry by establishing clear jurisdictional boundaries between the SEC and CFTC while introducing safeguards covering investor protection, financial stability, anti-money laundering compliance and responsible innovation. The House previously advanced its version of the legislation, while the Senate Banking and Agriculture Committees have been working to develop a unified framework. The newly released text reflects those combined efforts and forms the basis for further Senate consideration before any final legislation can be sent to the House and ultimately to the President.
