The Digital Asset Market Clarity Act, formally H.R. 3633, remains stuck in the US Senate after lawmakers left for the August recess without a vote, despite the bill having passed the House in July 2025. The legislation is meant to define which digital assets are securities and which are commodities, a split that would determine whether the SEC or the CFTC (U.S. derivatives regulator) oversees a token or protocol. Senate Majority Leader John Thune filed for cloture before the break, signaling debate could resume in September, but Polymarket put the implied probability of passage at about 16% in early August. The holdup reflects unresolved disputes over ethics rules tied to decentralized finance (blockchain-based financial services), stablecoin regulation and the need to win enough Democratic support to overcome a possible filibuster. In the absence of legislation, the Trump administration is relying on the SEC and CFTC to craft agency-level rules, including possible exemptions for some token offerings and closer oversight of perpetual futures (crypto derivatives with no expiry) and other derivatives. That route may give the market near-term guidance, but agency policy can be rewritten by a future administration, leaving institutional investors with less certainty than a statute would provide.