Legislative status · verified 26 July 2026
H.R.3633 (Digital Asset Market Clarity Act) passed the House 294–134 on 17 July 2025 and sits on the Senate Legislative Calendar (General Orders, Calendar No. 423) after the Banking Committee reported a substitute on 1 June 2026. Updated merged Banking/Agriculture text was released on 22 July 2026. Senate leadership expects the pre-recess floor window to be missed, and the draft still requires 60 votes. Cabier plans on the operative regimes — state trust charters and money-transmitter licensing, OCC, FRB and FDIC prudential guidance, and EU MiCA Titles III and IV for cross-border cohorts — binding through at least 2027. Legislation is the label on the control, not the control.
Source: congress.gov, H.R.3633 (119th Congress) — legislative actions and Senate Legislative Calendar, General Orders No. 423.
What governs tokenised dollars nowBill status
14 May 2026
Senate Banking Committee clears CLARITY 15–9 (bipartisan).
Markup window
44 amendments filed; none passed. 60-vote floor threshold required.
Live
Senator Mark Warner identified as the swing — conditional on stronger investor and DeFi protections.
Comment cycle
FDIC tokenised-deposit rulemaking — open.
Three poles
Dimon · ABA · BPI · CBA · FSF · ICBA · NBA
Functional equivalence — deposit-like funds carry bank-grade rules (AML, capital, liquidity, transparency, consumer protection).
Concrete ask · Strengthen stablecoin yield guardrails to prevent deposit flight; tighten Section 404.
Senator Warren and aligned Democrats
The bill carves a hole in securities law, lets issuers opt out of SEC oversight by going on-chain, and exposes consumers to fraud.
Concrete ask · Substantive investor- and consumer-protection amendments; restore SEC reach.
Senator Scott (sponsor) · Senator Warner (swing)
Jurisdictional split between SEC and CFTC is the core function of the bill; Warner indicated support contingent on stronger investor and DeFi protections.
Concrete ask · Targeted yield-guardrail strengthening; functional-equivalence framing on conduct.
Enforcement-equivalence framing
CLARITY §110 already designates digital-commodity brokers, dealers and exchanges as financial institutions under the BSA. GENIUS already brings payment stablecoins under the BSA. The residual is enforcement-equivalence and deposit-substitute risk — not a literal absence of AML text.
Cabier positions Layer 5 as enforcement-equivalence attestation, not "AML is absent". Overstating the gap is attackable.
Stated demand · Current six · Conduct gap
| Stated demand | Coverage in the current six | Verdict |
|---|---|---|
| Asset segregation | Obligation 02 — Custody & segregation | Covered |
| Redemption / orderly wind-down | Obligation 05 — Recovery & wind-down | Covered |
| Sanctions / list screening | Obligation 06 — Cross-border conduct | Partial |
| Disclosure adequacy | Obligation 04 — Disclosure & lineage | Partial |
| Reserves, capital, liquidity supporting yield | Implied — not attested | Gap → 09 |
| Full AML / BSA programme effectiveness | Not in the integrity spine | Gap → 07 |
| On-chain illicit-flow tracing & consumer fraud | Not in the integrity spine | Gap → 08 |
| Yield classification & consumer fairness | Not in the integrity spine | Gap → 09 |
The strength sits where the fight is not; the silence sits exactly where it is. The parallel conduct spine — obligations 07–09 — is the institution-owned answer.
The three obligations that close the gap
Read the flagship
Functional-Equivalence Assurance — CLARITY / GENIUS Layer 5.
OpenConduct & Financial-Crime Spine
The vertical landing — two clusters, bindings, phasing.