This source cluster covers the status of H.R. 3633 and related Senate market-structure negotiations, including Congress.gov bill status, Senate Banking and Senate Agriculture activity, and outside reporting on disputes over stablecoin rewards, DeFi treatment, ethics, and calendar pressure.
The cluster now combines Congress.gov bill status, Senate Banking draft texts, the June 24, 2025 Banking hearing page, a direct hearing testimony packet and same-day principles PDF, request-for-information materials, the later committee-hosted negotiated Banking text, an official Banking myth-vs-fact PDF, Senate Agriculture bill text, the Agriculture business-meeting packet index, committee press pages, and secondary reporting. That gives the repository a stronger primary source base for the Senate-side process than the earlier press-release-only pass. Reuters and other secondary coverage remain useful for negotiations that do not always appear in official materials, especially conflicts over stablecoin rewards, White House brokering efforts, and the bill's uncertain legislative path.
- Congress.gov shows H.R. 3633 as passed by the House and received in the Senate on September 18, 2025.
- The bill text, the Senate Banking discussion drafts, and the WilmerHale overview all support the same broad characterization of CLARITY and related Senate work as market-structure legislation that would divide SEC and CFTC responsibilities, define digital commodities, create registration regimes for brokers, dealers, and exchanges, and preserve a separate category for permitted payment stablecoins drawn from GENIUS.
- The June 24, 2025 Senate Banking hearing record is materially stronger now. The hearing page preserves the witness roster for Sarah Hammer, Greg Xethalis, Ryan VanGrack, and Rostin Behnam, and the repo now also retains the direct committee PDFs for all four testimonies plus the same-day market-structure principles PDF, even though a transcript-quality hearing print was not located in this pass.
- The July 2025 Senate Banking request for information and initial discussion draft show that Banking was not only reacting to a finished House product. It was separately soliciting feedback on market-structure questions, including jurisdictional allocation and securities-law treatment.
- The second Senate Banking discussion draft shows a later revised committee-jurisdiction product, which helps explain why January 2026 markup messaging rested on a more developed Senate-side text than the repository previously documented.
- A January 12, 2026 Senate Banking majority page now fixes the negotiated Banking text as a bipartisan manager's amendment released ahead of markup, which turns the repo's January text from a tentative PDF-only inference into a source-backed committee release.
- The Banking-side packet is fuller than before: in addition to the negotiated-text release and the four one-page fact sheets, the repo now also retains the official committee
Myth vs. Fact: The CLARITY Act PDF. The broader amendment collection is still not complete.
- Senate Banking materials now show a tighter January 2026 attempt to move that Banking Committee product forward: markup announced on January 9, negotiated text released on January 12, defended on January 13, and the January 15 executive session officially listed as postponed after Scott's January 14 postponement statement.
- Senate Agriculture materials now include both press coverage, the underlying Digital Commodity Intermediaries Act text, the January 29 business-meeting packet index, and the linked first-degree amendment PDFs themselves. That strengthens the case that Agriculture was moving a parallel committee product with an actual amendment-stage packet rather than merely issuing press statements.
- Reuters, CoinDesk, and FinTech Weekly all describe the stablecoin-yield or rewards issue as one of the main obstacles to Senate progress, though they differ on how close the compromise actually was by March 2026.
- Later reporting also adds unresolved issues around DeFi language, ethics restrictions, anti-money-laundering provisions, and limited floor time before midterm politics harden.
- No new entity page was clearly required for this batch. The sources revolve more around legislative process and jurisdictional structure than one reusable actor not already represented elsewhere.
- 2025-05-29: Congress.gov text versions show H.R. 3633 introduced in the House.
- 2025-06-24: Senate Banking holds a subcommittee hearing on bipartisan legislative frameworks for digital-asset market structure.
- 2025-07-17: Congress.gov text versions show the bill engrossed in the House.
- 2025-07-22: Senate Banking releases an initial market-structure discussion draft and request for information.
- 2025-09: Senate Banking circulates a second discussion draft reflecting post-RFI revision.
- 2025-09-18: Congress.gov shows receipt in the Senate and referral to Senate Banking.
- 2026-01-09 to 2026-01-15: Senate Banking moves from markup announcement to a January 12 negotiated-text release and then to postponement.
- 2026-01-21 and 2026-01-29: Senate Agriculture releases updated text, exposes an amendment-stage business-meeting packet, and the repo now preserves the linked first-degree amendment PDFs individually.
- 2026-02-03 and 2026-03-05: Reuters reports White House mediation efforts and then a renewed impasse.
- 2026-03-19: CoinDesk and FinTech Weekly both describe the bill as still active but entangled with unresolved trades and timing pressure.
- Official committee messaging emphasizes innovation, clarity, and national security, while outside coverage emphasizes stakeholder deadlock and political bargaining.
- The same bill is repeatedly described as both close to resolution and still vulnerable to derailment.
- Stablecoin rewards became a hinge issue even though CLARITY is nominally a broader market-structure bill.
- The recurring rewards fight shows a deeper competitive struggle between banks worried about deposit flight and crypto firms arguing that bank-protective limits would lock in incumbent advantage.
¶ Evidence limits and open questions
- The Agriculture and Banking committee tracks are related but not identical, and the current corpus does not fully resolve how or when they would be reconciled.
- FinTech Weekly and CoinDesk add useful negotiation detail, but they are less authoritative than Congress.gov or committee pages for procedural status.
- The new Banking hearing page, hearing testimony packet, principles PDF, negotiated-text release page, myth-vs-fact PDF, and Agriculture amendment PDFs improve process traceability, but the repository still lacks a transcript-quality Senate Banking hearing print and still lacks the rest of the Banking market-structure markup packet.
- The Agriculture packet is now materially better grounded than before, but clause-level comparison and reconciliation with Senate Banking still remain incomplete.
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- H.R.3633 - 119th Congress (2025-2026): Digital Asset Market Clarity Act of 2025 | Congress.gov | Library of Congress
- Text - H.R.3633 - 119th Congress (2025-2026): Digital Asset Market Clarity Act of 2025 | Congress.gov | Library of Congress
- BILLS-119hr3633rfs.xml
- Senate Banking Committee Digital Asset Market Structure Legislation Discussion Draft
- Senate Banking Committee Market Structure Discussion Draft 2
- Senate Banking Committee Digital Asset Market Structure Request for Information
- Senate Banking hearing on bipartisan legislative frameworks for digital asset market structure
- Senate Banking Committee manager's amendment to digital asset market structure legislation
- Senate Banking GENIUS and CLARITY markup documents, 2025-2026
- Chairman Scott Releases Bipartisan Negotiated Market Structure Bill Text
- Chairman Scott Announces Digital Asset Market Structure Markup | United States Committee on Banking, Housing, and Urban Affairs
- hearing | Hearings | United States Committee on Banking, Housing, and Urban Affairs
- Scott Statement on Market Structure Markup | United States Committee on Banking, Housing, and Urban Affairs
- Myth vs. Fact: The CLARITY Act | United States Committee on Banking, Housing, and Urban Affairs
- The Facts: The CLARITY Act | United States Committee on Banking, Housing, and Urban Affairs
- [2026-01-21] Chairman Boozman Unveils Updated Market Structure...
- [2026-01-29] Boozman Leads Ag Committee in Advancing Crypto Market...
- Digital Commodity Intermediaries Act
- Senate Agriculture business meeting on the Digital Commodity Intermediaries Act
- Bennet first-degree amendment 1
- Bennet first-degree amendment 2
- Bennet first-degree amendment 3
- Durbin first-degree amendment 1
- Durbin first-degree amendment 2
- Klobuchar first-degree amendment 1
- Klobuchar first-degree amendment 2
- Marshall first-degree amendment 1
- Moran first-degree amendment 1
- Tuberville first-degree amendment 1
- Tuberville first-degree amendment 2
- US senators introduce long-awaited bill to define crypto market rules
- White House meeting fails to resolve US crypto legislation stalemate
- Crypto bill hits new impasse, raising doubts over its future
- CLARITY Act: Stablecoin Yield Is 99% Resolved. A New Political Trade Just Complicated Everything Else. - FinTech Weekly
- Crypto Clarity Act inches toward Senate hearing as lawmakers weigh legislative trades X icon X icon
- Congress Set to Bring CLARITY to Digital Asset Market Structure