On July 22, 2026, Senate Republicans released their latest version of the Digital Asset Market Clarity Act (“Senate version”), marking another step in Congress’s effort to establish a comprehensive federal regulatory framework for digital assets. The Senate version merges the work of the Senate Banking Committee substitute text and the Senate Agriculture Committee’s Digital Commodity Intermediaries Act, and largely preserves the core frameworks from both committees. This note sets forth the notable changes and additions from the committee bills. The Senate version largely preserves the Senate Banking Committee framework while adding new provisions on ancillary assets, AI innovation labs, law enforcement, and…