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

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

Sec. 405. Expanded securities portfolio margin accounts under the Securities Investor Protection Act of 1970 Added Jun 1

Where this section came from

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

  1. Jun 1, 2026 · Reported to Senate Marked up by Senate Committee on Banking, Housing, and Urban Affairs, May 14 Reported by Senate Committee on Banking, Housing, and Urban Affairs, Jun 1 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) Amendments. The Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.) is amended—

(1) in section 9(a) (15 U.S.C. 78fff–3(a))—

(A) in paragraph (4), by striking and at the end;

(B) in paragraph (5), by striking the period at the end and inserting ; and; and

(C) by adding at the end the following:

Text this section adds to the law

(6) no advance shall be made by SIPC to the trustee to pay or otherwise satisfy any net equity claim of any customer with respect to any digital commodities or swaps held in an expanded securities portfolio margin account.

(2) in section 10(g) (15 U.S.C. 78fff–4(g)), by striking 16(12) and inserting 16(13); and

(3) in section 16 (15 U.S.C. 78lll)—

(A) by redesignating paragraphs (7) through (14) as paragraphs (8) through (15), respectively;

(B) by inserting after paragraph (6) the following:

Text this section adds to the law

(7) Expanded securities portfolio margin account. The term expanded securities portfolio margin account means a customer account—

(A) that is maintained by a broker or dealer registered with the Commission;

(B) that includes positions in securities, security-based swaps, futures contracts, options on futures contracts, swaps, digital commodities, or other financial instruments, or any combination thereof, as permitted by rule jointly issued by the Commission and the Commodity Futures Trading Commission;

(C) that is subject to portfolio margining requirements approved pursuant to section 402 of the Digital Asset Market Clarity Act; and

(D) in which margin requirements are determined on a risk-based, portfolio-wide basis, rather than on an instrument-by-instrument basis.

; and

(C) in paragraph (10), as so redesignated, in the matter following subparagraph (L), by striking a transaction in the portfolio margining account and inserting the portfolio margining account or expanded securities portfolio margin account.

(b) Rules

(1) Definitions. In this subsection:

(A) Expanded securities portfolio margin account. The term expanded securities portfolio margin account has the meaning given the term in section 16 of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll), as amended by this section.

(B) SIPC. The term SIPC means the Securities Investor Protection Corporation.

(2) Issuance of rules. Notwithstanding any provision of the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.), in jointly issuing rules under section 402, the Commission and the Commodity Futures Trading Commission, in consultation with the SIPC and the Secretary of the Treasury, shall issue rules relating to the treatment under that Act of securities (including related extensions of credit), security-based swaps, contracts of sale of a commodity for future delivery, options on contracts of sale of a commodity for future delivery, swaps, digital commodities, cash, or other property (to the extent that such instruments, cash, or other property effectively hedge or collateralize a securities position) held in an account offering portfolio margining carried as a securities account by a registered broker or dealer pursuant to an expanded securities portfolio margin account to facilitate portfolio margining in a manner that protects customers, including portfolio margin customers, which shall include rules relating to—

(A) the transfer of accounts;

(B) the allocation of customer property among customers;

(C) the eligibility of products and positions to be held in an expanded securities portfolio margin account, including any disclosures to and any elections that may need to be performed by customers;

(D) the application of customer protection or segregation requirements as between securities customers who are and are not maintaining positions in an expanded securities portfolio margin account;

(E) further defining the terms, solely as relating to an expanded securities portfolio margin account, customer, customer property, and net equity, as necessary or appropriate to address non-securities and non-cash positions and assets held in an expanded securities portfolio margin account, and in a manner consistent with subparagraphs (A) through (D); and

(F) any interaction between a securities account and an expanded securities portfolio margin account, including any funding of debits in one type of account by credits in the other type of account.

(3) Process for issuance of rules. The requirements of section 402(b) shall apply with respect to the rules issued under this subsection.

(c) Effect of rules. An expanded securities portfolio margin account may not be offered, maintained, or utilized until the final rules required under subsection (b) are issued.

V Responsible regulatory innovation

VI Protecting software developers and software innovation

VII Protecting customer property

VIII Customer protection

IX Other matters