US Senate Reveals Regulatory Proposal… Declare Bitcoin and Ethereum Non-Securities

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The outline of U.S. virtual asset regulation has become clear for the first time as the Senate Banking Committee unveiled the draft of the Digital Asset Market Clarity Act. The key points are effectively classifying Bitcoin (BTC) and Ethereum (ETH) as "non-securities" and expanding the scope of virtual asset services offered by banks to include staking.

According to CoinDesk on the 13th, the U.S. Senate Banking Committee released a 309-page draft on Tuesday morning. Lawmakers can submit amendments until the end of business on Wednesday, and a vote-like "markup" is scheduled to take place at 10:30 a.m. (Eastern Time) on Thursday.

Bitcoin and Ethereum Virtually Escape Regulatory Uncertainty

The most notable aspect of the draft is the confirmation of the legal status of major virtual assets. As of January 1, 2026, tokens that were the underlying assets of spot exchange-traded products (ETPs) will be permanently classified as "non-securities." In effect, Bitcoin (BTC) and Ethereum (ETH) will not be reclassified as securities in the future, regardless of any changes in the leadership of the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

The "regulatory clarity" that the industry has long demanded is effectively directly incorporated into the wording of the bill. The U.S. virtual asset market has long been plagued by uncertainty regarding whether assets are classified as securities, but this draft is designed to significantly reduce that controversy.

Staking protection also lowers the entry barrier for banks

Staking was also excluded from the determination of securities status in this draft. Direct participation using one's own tokens, non-custodial staking utilizing third-party node operators, liquidity staking, and even custodial staking services offered by exchanges were all classified as administrative or bureaucratic activities. Governance rights attached to tokens were also not allowed to overturn the determination that they are not securities.

The entry barriers for banks into the virtual asset business have also been significantly lowered. The draft Section 401 allows national and state banks and credit unions to perform digital asset custody, staking, lending, payments, market making, and underwriting without separate prior approval. This could significantly accelerate the connection between the U.S. financial sector and the virtual asset industry.

Stablecoin returns banned… 'Interest-based' rewards blocked

The most sensitive issue, the profit structure of stablecoins, has been clearly defined. Exchanges and platforms are prohibited from providing interest or returns solely on the holding of stablecoin balances. Compensation economically similar to bank deposits is also not permitted.

However, staking rewards, governance participation incentives, reward programs, and rewards linked to actual platform usage will be maintained. It is highly likely that the stablecoin reward models operated by existing exchanges will need to be restructured. This is interpreted as a compromise that separates and recognizes activity-based rewards on virtual asset platforms from the blocking of 'deposit substitute products' demanded by the banking sector.

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The remaining hurdle is coordination between the Senate plenary session and the House.

Lawmakers must submit amendments by Wednesday, and the bill's passage through the committee will be decided during the markup on Thursday. Even after that, a vote in the Senate plenary session, coordination with the House version, and President Trump's signature remain. The White House aims for a final signature before July 4.

This draft is the document that most concretely shows where U.S. virtual asset regulation is headed. With the simultaneous inclusion of locking the status of Bitcoin (BTC) and Ethereum (ETH), staking protection, allowing bank entry, and limits on stablecoin returns, the market is facing a new framework where 'deregulation' and 'conservative control' coexist.

Article Summary by TokenPost.ai 🔎 Market Analysis: The U.S. Senate has clearly presented the broad framework for virtual asset regulation for the first time, significantly resolving "regulatory uncertainty," which was the market's biggest risk. The fixing of Bitcoin and Ethereum's non-security status is interpreted as a decisive signal that could accelerate institutional capital inflows. On the other hand, the yield cap on stablecoins is a conservative mechanism that requires structural changes to the revenue models of DeFi and exchanges. 💡 Strategy Points: It is necessary to pay attention to the possibility that the preference for "blue-chip assets" centered on Bitcoin and Ethereum will strengthen. Companies related to custody, payment, and staking infrastructure are expected to benefit as banks are allowed to enter the market. The reduction of stablecoin-based interest products will lead to an increased importance of alternative income models (staking and rewards). Securing regulatory clarity could lead to an increase in institutional investment and the mitigation of volatility in the long term. 📘 Glossary Non-Securities: Forms classified as products or assets that are not regulated like stocks. Staking: A structure for participating in the operation of a blockchain network and receiving rewards. ETP: A product traded on an exchange, similar to an ETF. Market Making: The activity of supplying liquidity to the market to facilitate trading.

💡 Frequently Asked Questions (FAQ)

Q. What is the biggest impact this bill will have on the virtual asset market?
The most significant aspect is the permanent designation of Bitcoin and Ethereum as 'non-securities.' This significantly reduces regulatory risk and creates a foundation for institutional investors to participate more actively in the market.
Q. What changes will occur if banks are allowed to engage in virtual asset business?
As banks are able to provide services such as custody, payments, staking, and lending without separate approval, traditional finance and the virtual asset market are rapidly becoming connected. This increases market confidence and raises the possibility of large-scale capital inflows.
Q. How does the ban on stablecoin interest affect investors?
It is highly likely that structures earning interest simply through holding will disappear. Instead, revenue models will shift to rewards based on staking or platform activities, making structural changes inevitable for existing services.
TP AI Note: This article has been summarized using a language model based on TokenPost.ai. Key content of the text may be omitted or inaccurate.
This article is based on market data and chart analysis and does not constitute investment advice for any specific stock.

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#Bitcoin #Ethereum #USSenate #VirtualAssetRegulation #Staking #Stablecoin

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