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.
What governs tokenised dollars nowLive coverage
SpaceX (SPCX)
~$1.77tn ask · $135 fixed
Founder-control structure, fixed-price mechanic, ~5% float, retail allocation up to ~30%.
Read the flagshipOpenAI
~$730–850bn reported (some refs >$1tn)
Public-benefit corporation, Microsoft ~27%, ARR ~$25–30bn against projected ~$14bn 2026 loss.
Read the analysisAnthropic
~$965bn reported
Public-benefit corporation, 2026 ARR target ~$20–26bn, loss-making, governance and mission-vs-return tension.
Read the analysisThe standing questions Cabier asks of every mega-IPO
The framework is deliberately not novel. Sum-of-the-parts with a real-options overlay is the disciplined valuation method allocators have used for decades. The institutional move is to name each layer explicitly, refuse to let optionality masquerade as base-case enterprise value, and apply the same questions to every issuer regardless of brand.
Question 1
Sum-of-the-parts walk
How much of the ask is supported by disclosed cash-generating businesses? How much is discounted optionality on platforms that do not yet generate revenue? How much is residual narrative premium — named, not absorbed?
Question 2
Founder / mission control discount
What voting structure is conferred at listing? Does control persist independent of milestones, mission attainment, or any operational target? What discount does a disciplined minority shareholder apply?
Question 3
Disclosure regime
Does the S-1 disclose segmental economics at the granularity required for a credible re-rating? Is the milestone-attestation cadence auditable or self-reported?
Question 4
Offering mechanics
Is the price discovered or fixed? How thin is the initial float, and what does that imply for first-week volatility? Is the retail allocation outsized relative to the standard 5–10%?
Question 5
Suitability and distribution
Can the distributing intermediaries defend the retail allocation under a suitability review? Are concentrated underwriting exposures stress-tested against a single-issuer market-cap shock?
Question 6
Operational-resilience read-through
If the listing draws or sheds market value at the implied scale, what does the propagation look like through clearing, custody, prime-brokerage and lending books at the supervised institutions involved?
Methodology
Cabier publishes the shape of the framework. It does not publish the weights, the grade rubric, the dependency-graph internals, or the institutional control library.
The category map is public so that allocators and counterparties can locate the work. The operating disclosure is released under signed terms.
Pricing the Founder — the SpaceX framework
The load-bearing flagship. Methodology, governance, precedent.
ReadThe Reversal and the Rulebook — PARITY, CLARITY, GENIUS
The 2026 crypto rulebook and what it means for treasuries, funds and custodians.