A joint classification named sixteen assets as digital commodities outside securities law. It resolved a long-running fight for those tokens and left the harder question completely open.
The bill meant to divide SEC and CFTC authority cleared the House and a Senate committee, then stopped. No floor vote, no cloture motion, no date, and firms are compliance planning into a vacuum.
Tokenized securities promise faster settlement and wider access, but custody, redemption, voting rights and bankruptcy treatment determine what an investor actually owns.
