Trump agencies to develop crypto policy as landmark bill stalls in Senate

The Digital Asset Market Clarity Act, known formally as H.R. 3633, has stalled in the US Senate after lawmakers adjourned for their August recess without holding a vote. The bill passed the House back in July 2025, which at the time felt like a breakthrough moment for an industry desperate for clear rules. More than a year later, it’s still waiting for its Senate debut. What happened to the Clarity Act The bill was designed to do something deceptively simple: draw a bright line between which digital assets count as securities and which count as commodities. That distinction matters enormously because it determines whether the SEC or the CFTC has jurisdiction over a given token or protocol. Senate Majority Leader John Thune filed for cloture before the recess, a procedural move that signals debate could resume in September. But the odds aren’t exactly inspiring. Polymarket, the prediction market platform, pegged the implied probability of the bill’s passage at roughly 16% as of early August. Several unresolved issues have kept the legislation stuck. Ethics provisions related to decentralized finance, stablecoin regulations, and the basic math of needing enough Democratic votes to cl...