HR3633

1) WHAT HAPPENED AND STATUS: On June 1, 2026, HR3633 — the Digital Asset Market Clarity Act of 2025 — was placed on the Senate Legislative Calendar (Calendar No. 423) after passing the House on a procedural rule (H.Res. 580) with a 217-212 vote. The bill has 21 cosponsors and is sponsored by Rep. French Hill (R-AR), a senior member of the House Financial Services Committee. It has been referred to three committees and reported (amended) by the Agriculture Committee (H. Rept. 119-168, Part I). The bill is now eligible for floor consideration in the Senate after cloture and unanimous consent or floor scheduling. 2) THE MONEY TRAIL: This bill does not authorize or appropriate any government spending — it is a regulatory framework bill. The economic impact flows through REMOVAL OF LEGAL RISK. Currently, the SEC under Chair Gensler has classified most crypto tokens (except Bitcoin and Ethereum) as unregistered securities, creating enforcement risk for exchanges listing them and for companies holding them. The CLARITY Act creates a statutory 'mature blockchain' test: if a blockchain has achieved decentralized control (no single entity controls >50% of mining power or validation), its native asset is a 'digital commodity' regulated by the CFTC — not a security. This removes the single largest regulatory overhang on the US digital asset market, estimated by Coinbase to suppress ~$1T in addressable market value. 3) STRUCTURAL WINNERS AND LOSERS: WINNERS are companies with direct exposure to US-regulated digital asset trading and Bitcoin mining. Coinbase ($COIN) is the primary beneficiary as the dominant US regulated exchange — the bill explicitly provides a registration pathway for digital commodity exchanges under the CFTC, allowing Coinbase to operate under clear rules and potentially list assets currently classified as securities. MicroStrategy ($MSTR) benefits because its entire enterprise value depends on Bitcoin's legal status — the bill codifies Bitcoin as a non-security digital commodity. Mining companies ($CLSK, $MARA, $RIOT) benefit from legal clarity on the status of mined coins and reduced counterparty risk with banks and lenders. 4) TIMELINE: The bill has cleared the House and is now on the Senate Legislative Calendar. With the 119th Congress running through January 2027, there are ~7 months remaining for Senate floor action. The bill would need to pass the Senate, then go to conference committee to reconcile House amendments (the House version was amended via HAMDT48 — the Rules Committee print), then pass both chambers again, and be signed by the President. Passage probability is moderate given the narrow partisan passage in the House (217-212) and the need for 60 votes in the Senate. However, the bill's placement on the Calendar (not just referral) signals active Senate leadership engagement.