H.R. 3633

Digital Asset Market Clarity Act

Sponsor: J. French Hill

21 cosponsors
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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

I Definitions; Rulemaking; Expedited Registration

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

Where this section came from

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

  1. Jun 23, 2025 · Reported in House Marked up by House Committee on Financial Services, Jun 10 Marked up by House Committee on Agriculture, Jun 10 Reported by House Committee on Financial Services, Jun 23 Reported by House Committee on Agriculture, Jun 23 Committee members' individual votes aren't in our records.
What is a markup?

A markup is a committee meeting where members go through a bill and vote on changes before sending it to the full chamber.

(a) In general. Notwithstanding applicable law, a non-controlling blockchain developer or provider of a blockchain service shall not be treated as a money transmitter or as engaged in money transmitting or, following the date of enactment of this Act, be otherwise subject to any new registration requirement that is substantially similar to the requirement that currently applies to money transmitters, solely on the basis of—

(1) creating or publishing software to facilitate the creation of, or provision of maintenance services to, a blockchain or blockchain service;

(2) providing hardware or software to facilitate a customer’s own custody or safekeeping of the customer’s digital assets; or

(3) providing infrastructure support to maintain a blockchain service.

(b) Rule of Construction. Nothing in this section shall be construed to affect whether a blockchain developer or provider of a blockchain service is otherwise subject to classification or treatment as a money transmitter, or as engaged in money transmitting, under applicable State or Federal law, including laws relating to anti-money laundering or countering the financing of terrorism, based on conduct outside the scope of subsection (a). Nothing in this section shall be construed to affect whether a blockchain developer or provider of a blockchain service is otherwise subject to classification or treatment as a financial institution under the Bank Secrecy Act, this Act, or any Act enacted after the date of enactment of this Act.

(c) Effect on other laws

(1) Intellectual property law. Nothing in this section shall be construed to limit or expand any law pertaining to intellectual property.

(2) State law. Nothing in this section shall be construed to prevent any State from enforcing any State law that is consistent with this section. No cause of action may be brought and no liability may be imposed under any State or local law that is inconsistent with this section.

(d) Definitions. In this section:

(1) Blockchain developer. The term blockchain developer means any person or business that creates or publishes software to facilitate the creation of, or provide maintenance to, a blockchain or a blockchain service.

(2) Blockchain service. The term blockchain service means any information, transaction, or computing service or system that provides or enables access to a blockchain network by multiple users, including specifically a service or system that enables users to send, receive, exchange, or store digital assets described by blockchain networks.

(3) Non-controlling blockchain developer or provider of a blockchain service. The term non-controlling blockchain developer or provider of a blockchain service means a blockchain developer or provider of a blockchain service that in the regular course of operations, does not have the legal right or the unilateral and independent ability to control, initiate upon demand, or effectuate transactions involving digital assets that users are entitled to, without the approval, consent, or direction of any other third party.

II Offers and Sales of Digital Commodities

III Registration for Intermediaries at the Securities and Exchange Commission

IV Registration for Digital Commodity Intermediaries at the Commodity Futures Trading Commission

V Innovation and Technology Improvements

VI Anti-CBDC Surveillance State Act

I Responsible securities innovation

II Protecting against illicit finance

III Responsible innovation in decentralized finance

IV Responsible banking innovation

V Responsible regulatory innovation

VI Protecting software developers and software innovation

VII Protecting customer property

VIII Customer protection

IX Other matters