A particularly noteworthy clause in the draft Market Structure Act of the U.S. Senate Banking Committee clarifies the legal status of network tokens.

The core rule is this: if a network token, by January 1, 2026, has been functioning as a primary asset in a compliant exchange-traded product (such as an ETF or ETP), then legally, this token will be explicitly excluded from the definition of a "security."

In other words, two conditions need to be met—timing by early 2026 and already being listed through legitimate channels as a mainstream trading product. This is an important policy signal for many network token projects, indicating that compliant tokens will have clearer legal protections.