A New Bill Draft Could Grant XRP, Solana, and Dogecoin the Same Legal Status as Bitcoin
The U.S. Senate Banking Committee's draft of the 'Clarity Act' could significantly impact the regulatory landscape for major cryptocurrencies. The bill, which is still in its early stages, proposes a unique classification for certain tokens, potentially offering them a regulatory status similar to Bitcoin and Ethereum.
The draft text introduces a 'non-ancillary' legal status for crypto assets that were part of a listed exchange-traded product (ETP) as of January 1, 2026. This means that tokens like XRP, Solana, Litecoin, Hedera, Dogecoin, and Chainlink could be treated as non-securities, exempting them from Securities and Exchange Commission (SEC) disclosure requirements.
The key factor determining this status is a token's inclusion in a regulated financial product. If a token was the principal asset of an ETP listed on a national securities exchange on the specified date, it would be classified as non-ancillary.
This provision could have a profound effect on institutional compliance and access rather than short-term price movements. Experts predict that it might encourage wider institutional engagement with these cryptocurrencies.
However, the bill's fate is uncertain due to political considerations. The draft reveals trade-offs, including protections for software developers in the DeFi space and the absence of a contested section on stablecoin yield. The Senate Banking Committee will debate and potentially amend the bill in an upcoming hearing, marking a crucial moment in its progression.
The bill's potential impact on the regulatory environment for cryptocurrencies is significant, and its success could shape the future of crypto regulation in the U.S. The 'Clarity Act' highlights the ongoing efforts to provide clarity and structure to the crypto industry, addressing the challenges of classification and compliance.
