Legislation piece (successor to FIT21): partly realized, but not yet law.

• The House’s Digital Asset Market Clarity Act of 2025 (H.R. 3633), explicitly described by press and law firms as a successor building on the prior FIT21 market‑structure effort, was introduced May 29, 2025 and passed the House on July 17, 2025. It is now sitting in the Senate Banking Committee and has not become law as of Nov. 30, 2025.
  • Congress.gov shows H.R. 3633 passed the House (294–134) and was then “Received in the Senate and read twice and referred” on Sept. 18, 2025, with no further action yet. (congress.gov)
• Substantively, the CLARITY Act does contain the kind of disclosure regime Sacks described:
  • It adds a new Securities Act §4B that requires digital commodity issuers relying on an offering exemption to file offering statements with detailed issuer information, business operations, financial condition, distribution plans, and development plans for the blockchain system – effectively covering issuance mechanics. (congress.gov)
  • Later sections and committee materials describe "transaction reporting and beneficial ownership disclosure obligations" for digital commodity related persons and affiliated persons (i.e., founders, executives and other insiders) and impose limits and reporting on their token sales, which tracks the idea of insider token‑holding disclosure. (congress.gov)
  • Earlier FIT21 committee reports (which CLARITY builds on) also spelled out enhanced disclosures specific to digital assets, including the launch and supply process, governance regime, development plan, and material risks of the token – again, issuance mechanics in substance. (congress.gov)
• So on the content dimension, Sacks’s claim that the next market‑structure bill after FIT21 would bake in these disclosure concepts is accurate; on the enactment dimension, that bill exists but has not yet cleared the Senate or been signed, so we cannot say the legislative prediction is fully realized.

SEC framework piece: still in development, not yet established.

• The SEC created a Crypto Task Force in January 2025 to develop a comprehensive framework, and under new Chair Paul Atkins it launched “Project Crypto” in July 2025 to modernize securities rules for digital assets. These initiatives explicitly aim to craft “clear and simple rules of the road for crypto asset distributions, custody, and trading,” including tailored disclosures and safe harbors. (sec.gov)
• However, the SEC’s own regulatory agenda released in September 2025 lists “Crypto Assets” and “Crypto Market Structure Amendments” only at the proposed rule stage with target dates in 2026; market commentary notes that Project Crypto is in Phase 1 and final rules are expected around 2026, not yet adopted. (jdsupra.com)
• Recent speeches by Atkins outline a conceptual token taxonomy and intentions to offer purpose‑built disclosure regimes for ICOs, airdrops, and network rewards, but these remain policy blueprints and draft initiatives rather than completed, binding frameworks. (sec.gov)

Net assessment:

• Sacks predicted (a) that the next FIT21‑style market‑structure legislation would contain robust disclosure terms (including insider and issuance‑mechanics style disclosures), and (b) that the SEC would, in parallel, create its own disclosure/market‑structure frameworks after its rule review.
• As of Nov. 30, 2025: (a) is substantively borne out in the House‑passed CLARITY Act, but that bill is not yet law; (b) is clearly underway via the Crypto Task Force and Project Crypto, but the SEC has not yet finalized the promised frameworks in rule form.

Because the core SEC rulemaking is still in progress and the key market‑structure statute has not yet been enacted, the prediction cannot yet be judged clearly right or wrong. The most accurate rating as of today is "inconclusive (too early)."