Introduced by Rep. French Hill, the bipartisan H.R. 3633 divides oversight between the SEC and CFTC, with the CFTC regulating digital commodities like Bitcoin on mature blockchains and the SEC handling investment-related tokens. It clarifies definitions for terms like “digital commodity” and “blockchain,” exempts certain decentralized assets from SEC registration, and sets rules for trading platforms, brokers, and stablecoins. Despite support, the Act faced opposition from Democrats like Rep. Maxine Waters, who criticized it for weak consumer protections and potential conflicts with President Trump’s crypto ventures. The bill H.R. 3633 passed the House with a majority of 294 yeas to 134 nays.

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