March 2026 marked a turning point for US digital asset regulation, with the SEC and CFTC jointly classifying XRP and certain blockchain assets as digital commodities, removing them from securities oversight. This decision, alongside progress on the CLARITY Act, has generated significant momentum. The CLARITY Act, which codifies XRP’s commodity status under CFTC jurisdiction, passed the House in July 2025 and advanced in the Senate Agriculture Committee. However, its passage now hinges on a Senate Banking Committee markup targeted for late April 2026, with Senator Bernie Moreno warning that failure to act by May will likely delay the bill until after the midterm elections. The SEC, anticipating legislative delays, is also pursuing its own regulatory framework, including a 'Reg Crypto' exemption for token fundraising and an innovation exemption for DeFi. While the commodity classification provides some clarity, analysts believe full legislative approval of the CLARITY Act is crucial to attract institutional investment. A compromise on stablecoin yield disputes is easing a key roadblock to the bill's progress.
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