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. 508. Annual report on foreign digital asset trading volume, compliance with United States standards and remediation actions 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) In general. Not later than 1 year after the date of enactment of this Act, and annually thereafter for a period of 4 years, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that—

(1) lists the top 20 foreign jurisdictions by volume of digital asset trading activity on foreign digital asset service providers during the calendar year immediately preceding the year of the report;

(2) assesses the degree to which each foreign jurisdiction listed under paragraph (1) has implemented anti-money laundering, sanctions evasion, and counter-terrorist financing laws, regulations, or standards applicable to digital asset activities consistent with the standards and framework identified under the National Strategy to Combat International Digital Asset Illicit Finance submitted under section 507; and

(3) identifies foreign jurisdictions with—

(A) material deficiencies in the implementation or enforcement of the standards described in paragraph (2); and

(B) trading volumes that present systemic illicit finance risk to the United States.

(b) Form. Each report required under subsection (a) shall be submitted in unclassified form, but may include a classified annex, as appropriate.

(c) Remediation and engagement report. For each foreign jurisdiction identified pursuant to subsection (a)(3), the Secretary of the Treasury shall include in the applicable report—

(1) a description of bilateral diplomatic, regulatory, or law enforcement engagements undertaken during the calendar year immediately preceding the year in which the report is submitted to remedy the deficiencies of the foreign jurisdiction;

(2) a summary of actions taken by the United States individually, or in conjunction with any applicable international body, to identify high-risk or non-cooperative jurisdictions with respect to digital asset illicit finance, including public statements identifying those jurisdictions and measures to support their remediation;

(3) any commitments obtained from the foreign jurisdiction to address identified deficiencies, including timeliness and benchmarks; and

(4) an assessment of progress made toward full implementation of the standards identified under the National Strategy to Combat International Digital Asset Illicit Finance submitted under section 507.

VI Protecting software developers and software innovation

VII Protecting customer property

VIII Customer protection

IX Other matters