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

VI Protecting software developers and software innovation

Sec. 602. Safe harbor for nonfungible tokens 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) Nonfungible token. The term nonfungible token means a digital asset recorded on a distributed ledger that—

(A) is individually identifiable and distinguishable from any other digital asset;

(B) represents ownership of, or rights in, a work of authorship, art, a collectible, a membership, an access credential, a certificate of authenticity, an in-game or in-application item, or another similar specific item or discrete digital or physical good, service, or benefit;

(C) is not interchangeable on a 1-to-1 basis with any other token or digital asset; and

(D) may be bought, sold, or transferred for consideration.

(2) Promoter. The term promoter means a person or group that manages, controls, or operates an enterprise in which capital is invested, or any person or group acting on behalf of such a person or group with respect to such an enterprise, including an affiliate, agent, or coordinated actor that contributes to the capital raising efforts of the enterprise.

(b) Safe harbor

(1) In general. Except as provided in paragraph (3), the offer, sale, resale, transfer, or conveyance of a nonfungible token shall not be deemed to constitute an offer, sale, or distribution of a security or investment contract under the Securities Act of 1933 (15 U.S.C. 77a et seq.), the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), or any equivalent State law, unless the transaction, in substance, involves all of the elements of an investment contract.

(2) Rules of construction. Neither of the following shall be considered to be a security under the Securities Act of 1933 (15 U.S.C. 77a et seq.) or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.):

(A) The resale or secondary market transfer of a nonfungible token, where the payment for that resale or transfer does not flow to a promoter or is not used to raise new capital for an enterprise.

(B) A nonfungible token that serves as a collectible, membership right, event ticket, access credential, or other non-investment-based use case solely because the nonfungible token may appreciate in value or depend in part on the continued efforts or the reputation of the creator or issuer of the nonfungible token.

(3) Exceptions. The safe harbor under paragraph (1) shall not apply to—

(A) a mass-minted series of items with substantially similar or nearly identical traits that are marketed or sold interchangeably;

(B) a fractionalized interest in a nonfungible token; or

(C) an interest representing a beneficial or economic claim on a nonfungible token or an asset that a nonfungible token represents.

(4) Reliance; prospective effect

(A) Reliance. A person, other than an originator or related person, that reasonably and in good faith relies on the safe harbor under this subsection shall not be subject to any civil or administrative penalties.

(B) Prospective effect. Any determination by the Commission that the safe harbor under this subsection does not apply to a particular circumstance shall—

(i) be prospective only; and

(ii) take effect not earlier than 60 days after the date on which the Commission publicly posts that determination.

VII Protecting customer property

VIII Customer protection

IX Other matters