Senate Updates Digital Asset Clarity Act; SEC, CFTC Push 24-Hour Trading
Digital asset issuers, trading platforms, and broker-dealers must track a merged Senate market-structure bill, new SEC guidance on tokenized securities, and federal momentum toward round-the-clock trading.
Senate Republicans released a 616-page updated Digital Asset Market Clarity Act merging Banking and Agriculture Committee texts, adding a federal-ethics title barring officials from issuing or sponsoring digital assets during public service. Seven Democrats raised concerns, and Majority Leader Thune cast doubt on passage before August recess, signaling continued negotiation risk. The SEC's Division of Corporation Finance confirmed that issuers conducting Rule 506(c) offerings of tokenized securities may collect accredited-investor representations via digital attestation, easing compliance for tokenized offerings. Commissioner Peirce reiterated that onchain activity remains within federal securities laws. The SEC will hold a September roundtable on 24-hour equity trading, and the CFTC extended its comment period on 24/7 futures trading, indicating likely regulatory accommodation. A Washington state court enjoined a prediction-markets platform, rejecting CEA preemption of state gambling law. In-house counsel should monitor bill text changes, prepare for tokenized-offering workflows, and assess trading-hour operational impacts.