There is an important piece of information in the draft of the Senate Banking Committee's Market Structure Bill, which clarifies that a certain category of "Network Tokens" will not be considered securities under specific conditions.

If a Network Token is the "primary asset" of a compliant exchange-traded product (such as an ETF or ETP) as of January 1, 2026, then that Network Token will be explicitly excluded from the legal definition of "securities."

Interpretation: This mainly refers to the spot ETFs that have successfully launched. The ETFs that have successfully launched before January 1, 2026, include the three assets $BTC, $ETH, and $SOL, as well as CME futures.

It also includes $DOGE, $HBAR, $LTC, and $XRP (not sure if I missed any).

If this bill passes, it means that these cryptocurrencies will no longer be considered securities.

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