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 nowSix asset classes the rail cannot govern for you.
Tokenisation networks settle the transfer. They do not discharge the originator's fair-lending duty, the fund's valuation governance, the financier's perfection of security interest, the issuer's reserve attestation, the plan sponsor's fiduciary obligation, or the buyer's climate-disclosure assurance. Each asset class below carries an institution-owned control surface — graded, monitored, evidenced.