I. Legal Process and Institutional Evolution Fact Check

According to congressional legislative tracking records and the latest gaming dynamics as of January 14, 2026, the legislative path of H.R.3633 is as follows:

1. House Stage: On July 17, 2025, the House passed the original draft with a vote of 294:134, establishing a preliminary division of functions between the SEC and CFTC.

2. Senate Gaming: After being transferred to the Senate on September 18, 2025, the bill became stalled due to the impact of stablecoins on traditional banking reserves.

3. Revised Consensus: On January 12, 2026, Senate Banking Committee Chairman Tim Scott released the latest revised text following bipartisan negotiations.

4. Key Milestone: Tomorrow (January 15) at 10:00 AM, the committee's "mark-up" vote will determine whether the revision has the legal qualification to be submitted for a full Senate vote.

Institutional Observation: Compared to the original version from the House, the Senate revision further strengthens the criminal liability constraints on issuers of "licensed payment stablecoins" and refines the verification procedures regarding "blockchain maturity."

II. KYA's Technical Hard Constraints: Section 205 "Mature Blockchain" Determination Criteria

Section 205 of the bill serves as the "logical anchor" of the entire legislation, replacing the highly controversial Howey test with computable indicators.

1. Penetration Analysis of the 20% Control Power Red Line

The revised draft proposes that for a system to obtain the designation of "digital commodity" under CFTC jurisdiction, it must demonstrate that it meets the following power distribution indicators within the past 12 months:

• Governance Concentration: The total "Voting Power" held by issuers, related parties, and concerted actors must not exceed 20%.

• Code Control: No entity should possess "Unilateral Authority" to make substantial changes to the protocol logic.

Expert Opinion: This provision places significant audit pressure on VASPs' asset pools. When conducting KYA (Know Your Asset), VASPs cannot rely solely on white paper descriptions but must possess "governance penetration" capabilities. If a Layer 2 protocol or DeFi application’s founding team holds key governance rights through multisig, even if its token distribution is decentralized, it may legally be classified as a "non-mature system," and thus regarded as a security.

2. Independent Verification of Source Code and Transaction History

The draft requires that mature systems must have "publicly available source code" and "independently verifiable complete history." This means that any opaque private chains or strongly managed side chains will find it extremely difficult to gain entry to mainstream compliant exchanges after 2026.

III. Institutional Accountability for Stablecoins: Section 512 and Audit Level Transition

For "Permitted Payment Stablecoins," the bill establishes a regulatory fortress comparable to traditional banking.

1. Transition from "Attestation" to "Examination"

Section 512(2)(A) of the bill specifies that issuers must submit "Examination" level financial reports monthly.

• Rigorous Analysis: In the context of professional auditing, Examination represents the highest level of assurance. It requires auditors to directly penetrate the underlying assets of reserve assets (such as government bonds or cash reserves), rather than merely verifying the reports provided by the issuer.

2. Loss of Criminal Immunity for Executives

The draft proposes to introduce 18 U.S.C. 1350(c), requiring CEOs and CFOs to confirm the authenticity of monthly reports. If reserve shortfalls are concealed, executives will face federal criminal charges. This "accountability mechanism" aims to end the algorithmic decoupling and reserve fraud in the stablecoin sector.

IV. Legalization of KYT: Section 110 and Mandatory Integration with the Bank Secrecy Act

The amendment to the Bank Secrecy Act (BSA) 31 U.S.C. 5312 represents the most substantive "legal endorsement" of technical compliance tools to date.

1. Legalization of "Appropriate Analysis Tools"

The draft explicitly requires digital commodity brokers and exchanges to use:

"…appropriate distributed ledger analytics tools to monitor and report suspicious activities."

Compliance Practice Analysis: This statement transforms "on-chain analysis software" from an operational cost item for VASPs into a compliance entry requirement. Failure to integrate federally recognized analytical tools will be viewed as a BSA compliance deficiency, directly affecting the registration status of VASPs.

2. The Game of Self-Custody Wallet Protection and Anti-Money Laundering Monitoring

Section 105(c) of the bill clearly protects the rights of U.S. individuals to own self-custody wallets and engage in P2P transactions.

• Challenge: The law prohibits regulatory agencies from restricting individuals' use of hardware wallets while requiring VASPs to identify illegal flows. This forces KYT logic to evolve from "address label matching" to "multi-hop behavioral topology analysis." VASPs need to demonstrate that deposited funds have not passed through illegal mixers or sanctioned entities without crossing privacy red lines.

V. Legislative Recommendations and Industry Conclusions

Based on the study of the Senate revision draft of H.R.3633, we draw the following conclusions:

1. Jurisdictional Prediction: The identification of asset nature has shifted from "qualitative narrative" to "quantitative characteristics." VASPs must establish an automated compliance review process based on Section 205 standards.

2. Compliance Infrastructure Upgrade: Entities with only basic KYC capabilities will be unable to meet the mandatory requirements of Section 110. Establishing a technical infrastructure capable of identifying "cross-chain jumps" and "attribution analysis" is urgent.

3. Compatibility of Self-Custody Rights: VASPs must reassess their self-custody wallet strategies to ensure that their risk control logic can intercept high-risk assets in real-time while satisfying the protections of Section 105(c) for citizens' rights.

VI. Practical Application of Technical Assistance Tools: The Case of TrustIn

Under the "quantitative regulation" new order established by H.R.3633, technical tools play a core role in bridging the gap between legal texts and practical implementation. Although the bill has not yet been finalized, its established direction for "technical compliance" is already clear.

In response to the aforementioned bill provisions, TrustIn, as a compliance infrastructure for stablecoins, can provide VASPs with the following practical technical support:

1. Entity Association Penetration for Section 205 (KYA Pro)

The bill sets a quantitative red line of 20% control power for "mature systems," requiring VASPs to possess deep audit capabilities to identify "associated entities."

• Technical Benchmark: TrustIn's KYA Pro (Institutional-Level Deep Due Diligence) module offers configurable 3-5-9 layer multi-layer penetration analysis. Through its "white-box" engine, compliance teams can penetrate surface addresses and deeply explore the entity association paths behind different addresses. This can assist VASPs in accurately assessing the actual governance concentration of assets to be launched, determining whether they trigger the bill's red line regarding "issuers and related parties holding no more than 20%," thus providing solid entity association evidence for CFTC maturity certification.

2. Dynamic Defense of Reserve Addresses for Section 512 (Monitoring)

The bill requires stablecoin issuers to conduct monthly "Examination" audits and imposes criminal accountability on executives, necessitating VASPs to maintain real-time vigilance over the underlying risks of the stablecoins they integrate.

• Technical Benchmark: TrustIn's Monitoring (Continuous Risk Radar) module provides 24/7 dynamic defense. Utilizing its "contamination prevention" mechanism, VASPs can continuously scan for risks associated with core reserve addresses of stablecoins. Once interactions with sanctioned entities are detected, the system will issue real-time risk alerts and implement risk isolation. This not only fills the "time gap" of monthly audit reports but also provides clear audit tracking flows for VASPs through "white-box" records, meeting the bill's stringent requirements for compliance records.

3. Complex Link Restoration for Section 110 (TraceForce)

The bill mandates the use of "appropriate analysis tools" to monitor suspicious activities (SAR), making the accuracy of link tracing crucial, especially in environments active with P2P and self-custody wallets.

• Technical Benchmark: In response to the bill's legal requirement for "distributed ledger analysis capabilities," TrustIn's TraceForce (Law Enforcement-Level Fund Tracking) module demonstrates core competitiveness. This module focuses on penetrating mixing protocols and cross-chain technologies, capable of visualizing and restoring complex funding links, particularly filling data intelligence gaps in Asia and the Middle East. Through TraceForce's case snapshots and team collaboration features, VASPs can efficiently gather evidence for P2P recharge funds protected under Section 105(c), ensuring compliance with federal law enforcement standards while identifying money laundering risks.

Conclusion

H.R.3633 is not the final draft for digital asset regulation, but it has established a clear technical theme for 2026: decentralized quantitative monitoring, penetrating audits of stablecoins, and the legal status of on-chain analysis tools.

Report Statement: This research report is based on publicly available legislative drafts and revision suggestions prior to January 14, 2026. As the bill is still under review, the final text may undergo minor adjustments during the voting process. The technical applications mentioned in this report are for VASP compliance reference only and do not constitute official collaboration endorsement or legal advice.

Trustin — Intelligent risk management, deep insights, safeguarding regional compliance.

• References: https://www.congress.gov/bill/119th-congress/house-bill/3633/text

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