Key facts
- The SEC granted a temporary exemption for tokenized stock trading venues (TSVs) to offer permissioned trading of tokenized National Market System stocks.
- TSVs must meet requirements including transaction transparency, recordkeeping, and technology safeguards.
- The American Reserve Modernization Act of 2026 passed the House Committee on Financial Services by a 28-21 vote.
- The bill would establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile within the Treasury for forfeited digital assets.
- The Digital Asset Tax Certainty Act, which includes a de minimis exemption for small crypto transaction fees, passed the House Ways and Means Committee by a 38-5 vote.
- The Senate's CLARITY Act, a broader crypto market structure bill, failed to advance.
The US crypto landscape saw significant legislative and regulatory movement this week, with lawmakers advancing bills related to a strategic Bitcoin reserve and tax reform, while the SEC greenlit limited trading of tokenized US stocks on-chain.
The SEC's approval, granted under an innovation exemption, permits Tokenized Securities Venues (TSVs) to offer permissioned trading of tokenized National Market System (NMS) stocks. This exemption, effective Thursday, includes requirements for transaction transparency, recordkeeping, and technology safeguards, according to SEC Commissioner Mark Uyeda. TSVs will also need to regularly publish US dollar-denominated transaction data, including prices, trade sizes, timestamps, and volumes. Uyeda noted that symbol and volume limits will apply, providing the SEC with data to assess onchain securities trading and inform future rulemaking.
On the legislative front, the US House Committee on Financial Services advanced the American Reserve Modernization Act of 2026 (H.R. 8957) by a 28-21 vote. This bill aims to codify President Donald Trump's executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile within the Treasury for forfeited digital assets. Representative Nicholas Begich, the bill's introducer, stated the move addresses cybersecurity risks and accounting concerns related to federally held Bitcoin.
Additionally, the House Ways and Means Committee passed the Digital Asset Tax Certainty Act with bipartisan support, voting 38-5 to send the comprehensive crypto tax reform bill to the full House. Key provisions include new tax treatments for stablecoins and crypto lending, extended wash-sale rules for digital assets, and a de minimis exemption for small transaction fees. This legislative progress contrasts with the Senate's recent failure to advance the CLARITY Act, a broader market structure bill, underscoring the ongoing challenges in establishing a federal framework for digital assets.