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

V Responsible regulatory innovation

Sec. 503. Automated regulatory compliance study 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) Definitions. In this section:

(1) Automated regulatory compliance. The term automated regulatory compliance means the use of technology, including data standards, automation, and distributed ledger or smart contract functionality, to automate, tag, or otherwise streamline regulatory reporting, disclosure, supervisory, or other compliance obligations.

(2) Innovative. The term innovative has the meaning given the term in section 501(a).

(b) Study required. The Comptroller General of the United States shall, in consultation with the Department of the Treasury (including the Financial Crimes Enforcement Network, the Office of Foreign Assets Control, and the Office of Financial Research), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Commission, the Commodity Futures Trading Commission, the Bureau of Consumer Financial Protection, and the Federal Housing Finance Agency, carry out a study of distributed ledger-based compliance tools that—

(1) to the extent feasible, identifies and evaluates—

(A) the landscape of existing (as of the day before the date of enactment of this Act) distributed ledger-based compliance tools for—

(i) statutory and regulatory disclosures;

(ii) real-time reporting and audit-trail logging; and

(iii) anti-money-laundering practices, sanctions screening, and customer-identification checks;

(B) the feasibility, benefits, and risks of allowing regulated entities to satisfy applicable regulatory obligations through on-chain, code-based, or other automated mechanisms;

(C) the potential for interoperability with automated regulatory compliance mechanisms across and among each of those agencies;

(D) the data collection systems of each of those agencies; and

(E) standards or taxonomies, or other common data elements, if any, that those agencies could publish or adopt to support the interoperability described in subparagraph (C) in order to ensure consistency and regulatory access;

(2) recommends pilot programs, guidance, rule changes, or amendments to statutes that would be needed to implement effective automated regulatory compliance approaches and any other related approaches addressed in the study;

(3) identifies the costs and benefits to issuers of different sizes, secondary market intermediaries, regulators, investors, and other applicable parties, including differential impacts on smaller entities and options to reduce those burdens;

(4) benchmarks international efforts with respect to automated regulatory compliance mechanisms and consults with any appropriate State, Federal, or foreign regulators; and

(5) evaluates whether existing (as of the day before the date of enactment of this Act) oversight, enforcement, and liability frameworks are sufficient to—

(A) ensure accountability, transparency, fairness, and consumer protection; and

(B) prevent misuse of distributed ledger-based compliance tools.

(c) Report. Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall make publicly available a report that includes the results of the study conducted under subsection (b).

VI Protecting software developers and software innovation

VII Protecting customer property

VIII Customer protection

IX Other matters