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rio: extract from 2026-03-00-digital-asset-market-clarity-act-token-classification.md

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- Source: inbox/archive/2026-03-00-digital-asset-market-clarity-act-token-classification.md
- Domain: internet-finance
- Extracted by: headless extraction cron (worker 2)

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inbox/archive/2026-03-00-digital-asset-market-clarity-act-token-classification.md
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@ -7,9 +7,14 @@ date: 2026-03-00
domain: internet-finance domain: internet-finance
secondary_domains: [grand-strategy] secondary_domains: [grand-strategy]
format: legislation format: legislation
status: unprocessed status: null-result
priority: high priority: high
tags: [regulation, CLARITY-Act, token-classification, securities, CFTC, SEC, digital-commodities] tags: [regulation, CLARITY-Act, token-classification, securities, CFTC, SEC, digital-commodities]
processed_by: rio
processed_date: 2026-03-11
enrichments_applied: ["Living Capital vehicles likely fail the Howey test for securities classification because the structural separation of capital raise from investment decision eliminates the efforts of others prong.md", "futarchy-governed entities are structurally not securities because prediction market participation replaces the concentrated promoter effort that the Howey test requires.md", "the DAO Reports rejection of voting as active management is the central legal hurdle for futarchy because prediction market trading must prove fundamentally more meaningful than token voting.md", "MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md"]
extraction_model: "anthropic/claude-sonnet-4.5"
extraction_notes: "Major legislative development that fundamentally changes the token classification landscape. The secondary market transition provision is the most significant innovation — it creates a lifecycle model where tokens can start as securities and become commodities. This directly impacts the Living Capital regulatory strategy by providing a statutory pathway that may be simpler than arguing futarchy structurally defeats Howey. Four enrichments applied to existing regulatory claims, connecting the new lifecycle framework to existing structural arguments. NASAA entity updated with opposition stance. Two new claims extracted covering the transition mechanism and the three-category framework."
--- ---
## Content ## Content
@ -52,3 +57,11 @@ The North American Securities Administrators Association (state securities regul
PRIMARY CONNECTION: [[Living Capital vehicles likely fail the Howey test for securities classification because the structural separation of capital raise from investment decision eliminates the efforts of others prong]] PRIMARY CONNECTION: [[Living Capital vehicles likely fail the Howey test for securities classification because the structural separation of capital raise from investment decision eliminates the efforts of others prong]]
WHY ARCHIVED: Secondary market transition provision fundamentally changes the token classification landscape — lifecycle reclassification model not captured in existing KB WHY ARCHIVED: Secondary market transition provision fundamentally changes the token classification landscape — lifecycle reclassification model not captured in existing KB
EXTRACTION HINT: Focus on the lifecycle reclassification concept as a NEW framework that supplements (possibly supersedes) the static Howey test analysis for ownership coins EXTRACTION HINT: Focus on the lifecycle reclassification concept as a NEW framework that supplements (possibly supersedes) the static Howey test analysis for ownership coins
## Key Facts
- Digital Asset Market Clarity Act (H.R. 3633) passed House late 2025
- Act under Senate committee review as of March 2026
- Delayed by debates over DeFi provisions and ethics rules
- JPMorgan identified 8 catalysts from the Act
- Stablecoin yield compromise being negotiated alongside the Act