H.R. 3633

Digital Asset Market Clarity Act

21 cosponsors

Where it stands

Introduced May 29
Committee Jun 10
House of Representatives Jul 17
Senate Now
Law —

Introduced May 29
Committee Jun 10
House of Representatives Jul 17
Senate Now
Law —

Motion by Senator Tillis to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 234) entered in Senate. (Sep 15)

Votes

On Cloture on the Motion to Proceed · Cloture on the Motion to Proceed Rejected, 49–50

To provide for a system of regulation of the offer and sale of digital commodities by the Securities and Exchange Commission and the Commodity Futures Trading Commission, to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.

Senate · Roll Call 234 · Sep 15

What is cloture?

A cloture vote decides whether to end debate on a matter so it can move to a final vote.

Who voted how

On Passage · Passed, 294–134 House of Representatives · Roll Call 199 · Jul 17

Who voted how

Official summary

Written by the Congressional Research Service.

Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025

This bill establishes a regulatory framework for digital commodities, defined by the bill as digital assets that rely upon a blockchain for their value.

The Commodity Futures Trading Commission must generally regulate digital commodities transactions, including digital commodity exchanges, brokers, and dealers. To qualify for trade on an exchange (1) a digital commodity’s blockchain must be mature, or on a blockchain system that has achieved decentralized control as defined by the bill; or (2) the issuer of the digital commodity must file certain reports. The bill establishes requirements for trade monitoring, recordkeeping, and the commingling of customer assets.

The bill exempts digital commodities on mature blockchains (and digital commodities on blockchains expected to mature within certain timeframes) from Securities and Exchange Commission (SEC) registration requirements if annual sales fall under a certain amount and other requirements are met. The bill provides the SEC with jurisdiction over digital commodity activities and transactions engaged in by certain brokers and dealers on alternative trading systems and by national securities exchanges.

Digital commodity exchanges, brokers, and dealers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

The bill also sets forth requirements for alternative trading systems, previously issued digital commodities, and provisional registration until the bill is implemented.

For more information on this bill, see CRS Insight IN12583, Crypto Legislation: An Overview of H.R. 3633, the CLARITY Act.

Text of the bill

Expand all

Sec. 1. Short titles; table of contents Added Jul 17

Where this section came from

Not in the first version (Introduced in House, May 29).

Jul 17, 2025 · Engrossed in House H.Amdt. 48: Pursuant to the provisions of H. Res. 580, in lieu of the amendments in the nature of a substitute recommended by the Committees on Agriculture and Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 119-6, modified by the amendment printed in part B of House Report 119-199 is considered adopted. Official page › H.Res. 580: On Ordering the Previous Question — Passed, 211–210 · Roll Call 194 H.Res. 580: On Agreeing to the Resolution — Failed, 196–223 · Roll Call 195 H.Res. 580: On Motion to Reconsider — Passed, 215–211 · Roll Call 197 H.Res. 580: On Agreeing to the Resolution — Passed, 217–212 · Roll Call 198 On Passage — Passed, 294–134 · Roll Call 199

What does "considered adopted" mean?

When a chamber approves a rule that says a change is "considered adopted", the change becomes part of the bill as soon as the rule passes, without a separate vote on the change itself.

(a) Short titles. This Act may be cited as the Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025 and the Anti-CBDC Surveillance State Act.

(b) Table of contents. The table of contents for this Act is as follows: Sec. 1. Short titles; table of contents.Title I—Definitions; Rulemaking; Expedited RegistrationSec. 101. Definitions under the Securities Act of 1933.Sec. 102. Definitions under the Securities Exchange Act of 1934.Sec. 103. Definitions under the Commodity Exchange Act.Sec. 104. Definitions under this Act.Sec. 105. Rulemakings.Sec. 106. Expedited registration for digital commodity exchanges, brokers, and dealers; provisional status.Sec. 107. Commodity Exchange Act and securities laws savings provisions.Sec. 108. Administrative requirements.Sec. 109. Treatment of certain non-controlling blockchain developers.Sec. 110. Application of the Bank Secrecy Act.Sec. 111. Rule of construction.Sec. 112. Implementation.Title II—Offers and Sales of Digital CommoditiesSec. 201. Treatment of investment contract assets.Sec. 202. Exempted primary transactions in digital commodities.Sec. 203. Treatment of secondary transactions in digital commodities that originally involved investment contracts.Sec. 204. Requirements for offers and sales of digital commodities by digital commodity related persons and digital commodity affiliated persons.Sec. 205. Mature blockchain system requirements.Sec. 206. Effective date.Title III—Registration for Intermediaries at the Securities and Exchange CommissionSec. 301. Treatment of digital commodities and permitted payment stablecoins.Sec. 302. Anti-fraud authority over permitted payment stablecoins and certain digital commodity transactions.Sec. 303. Eligibility of alternative trading systems.Sec. 304. Rulemaking for dual-registered entities.Sec. 305. Modernization of recordkeeping requirements.Sec. 306. Exemptive authority.Sec. 307. Additional registrations with the Commodity Futures Trading Commission.Sec. 308. Exempting digital commodities from State securities laws.Sec. 309. Exclusion for decentralized finance activities.Sec. 310. Treatment of custody activities by banking institutions.Sec. 311. Broker and dealer disclosures regarding the treatment of assets.Sec. 312. Digital commodity activities that are financial in nature.Sec. 313. Effective date; administration.Sec. 314. Educational material requirements.Sec. 315. Discretionary Surplus Fund.Title IV—Registration for Digital Commodity Intermediaries at the Commodity Futures Trading CommissionSec. 401. Commission jurisdiction over digital commodity transactions.Sec. 402. Requiring futures commission merchants to use qualified digital asset custodians.Sec. 403. Trading certification and approval for digital commodities.Sec. 404. Registration of digital commodity exchanges.Sec. 405. Qualified digital asset custodians.Sec. 406. Registration and regulation of digital commodity brokers and dealers.Sec. 407. Registration of associated persons.Sec. 408. Registration of commodity pool operators and commodity trading advisors.Sec. 409. Exclusion for decentralized finance activities.Sec. 410. Resources for implementation and enforcement.Sec. 411. Requirements related to control persons.Sec. 412. Other tradable assets.Sec. 413. Conflict of interest rulemaking.Sec. 414. Effective date.Sec. 415. Sense of Congress.Title V—Innovation and Technology ImprovementsSec. 501. Findings; sense of Congress.Sec. 502. Strategic Hub for Innovation and Financial Technology.Sec. 503. Codification of LabCFTC.Sec. 504. Study on decentralized finance.Sec. 505. Study on non-fungible tokens.Sec. 506. Study on expanding financial literacy amongst digital commodity holders.Sec. 507. Study on financial market infrastructure improvements.Sec. 508. Study on blockchain in payments.Sec. 509. Study on illicit use of digital assets.Sec. 510. GAO study on certain centralized intermediaries that are primarily located in foreign jurisdictions.Sec. 511. Studies on foreign adversary participation.Sec. 512. Conforming amendments.Title VI—Anti-CBDC Surveillance State ActSec. 601. Short title.Sec. 602. Prohibition on Federal reserve banks relating to certain products or services for individuals and prohibition on directly issuing a central bank digital currency.Sec. 603. Prohibition on Federal reserve banks indirectly issuing a central bank digital currency.Sec. 604. Prohibition with respect to central bank digital currency.Sec. 605. Sense of Congress.

I Definitions; Rulemaking; Expedited Registration

Sec. 101. Definitions under the Securities Act of 1933 Changed · Jul 17

Sec. 102. Definitions under the Securities Exchange Act of 1934 Changed · Jul 17

Sec. 103. Definitions under the Commodity Exchange Act Changed · Jul 17

Sec. 104. Definitions under this Act Changed · Jul 17

Sec. 105. Rulemakings Changed · Jul 17

Sec. 106. Expedited registration for digital commodity exchanges, brokers, and dealers; provisional status Added Jul 17

Sec. 107. Commodity Exchange Act and securities laws savings provisions Changed · Jul 17

Sec. 108. Administrative requirements Since introduced

Sec. 109. Treatment of certain non-controlling blockchain developers Added Jun 23

Sec. 110. Application of the Bank Secrecy Act Changed · Jul 17

Sec. 111. Rule of construction Added Jul 17