A draft version of a major US crypto market structure bill is sending ripples through the digital asset industry after revealing a potential pathway for several leading cryptocurrencies to gain the same legal status as Bitcoin. The proposal, contained in the Senate Banking Committee’s forthcoming “Clarity Act,” would classify certain tokens as “non-ancillary” assets, effectively shielding them from being treated as securities under US law.
According to the draft text circulating ahead of its formal release, cryptocurrencies that were the primary underlying asset of a listed exchange-traded product as of January 1, 2026, would qualify for this new designation. In practical terms, this would place assets such as XRP, Solana, Dogecoin, Litecoin, Hedera and Chainlink in a regulatory category already occupied by Bitcoin and Ethereum, exempting them from Securities and Exchange Commission disclosure and registration requirements.
The proposal reflects a notable shift in how lawmakers are approaching crypto regulation. Rather than focusing solely on how a token was originally issued, the bill leans heavily on how digital assets are integrated into regulated financial products. ETF inclusion, under this framework, becomes a gateway to legitimacy, signalling that market maturity and institutional oversight are central to regulatory acceptance.
Market reaction to the draft has been restrained. Major altcoins posted only modest movements following the news, while Bitcoin continued to trade near $93,000. Analysts suggest this muted response is unsurprising, as the bill’s implications are more structural than speculative. The real impact, they argue, lies in institutional access rather than short-term price action.
Industry figures say the proposed “non-ancillary” classification could significantly alter compliance dynamics. By removing long-standing uncertainty around securities status, the bill could allow a broader range of financial institutions to engage with assets like XRP, SOL and DOGE without fear of regulatory backlash. This clarity could eventually expand custody, trading and product offerings, particularly among firms that have so far remained on the sidelines.
Legal experts also view the draft as an attempt to formalise a two-tier system within crypto markets, where ETF eligibility acts as a dividing line between assets considered sufficiently decentralised or established and those that remain in regulatory limbo. While this may accelerate institutional adoption for a select group of tokens, it could also intensify competition among projects to achieve ETF approval as a strategic objective.
However, the bill’s future is far from guaranteed. Its progress will depend heavily on political negotiations in Congress, with the upcoming midterm elections adding another layer of uncertainty. The draft already reflects compromises, including provisions protecting software developers and the exclusion of more contentious measures around stablecoin yields.
The Clarity Act faces its first major test this week, when the Senate Banking Committee is expected to debate and potentially amend the proposal. If the ETF-linked provision survives intact, it could mark one of the most consequential shifts in US crypto regulation to date, reshaping how digital assets are classified, accessed and legitimised in the world’s largest financial market.
