Overview

• The Senate Banking Committee released its securities section draft this week, carving digital tokens out of New Deal–era laws and shifting oversight from the SEC to the CFTC.
• The discussion draft establishes a four-year window for token issuers to raise up to $75 million annually under a non-security “ancillary asset” framework.
• The Senate Agriculture Committee is preparing a complementary commodities and CFTC proposal to complete the market structure bill in the coming months.
• House Majority Whip Tom Emmer predicts the Senate will adopt the CLARITY Act, with possible tweaks, to meet the September 30 deadline.
• This push builds on the GENIUS Act stablecoin rules and reflects bipartisan consensus on defining digital assets’ legal status.