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. 603. Study on 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) Definition. In this section, the term nonfungible token has the meaning given the term in section 602.

(b) Study. The Comptroller General of the United States shall carry out a study of nonfungible tokens that analyzes—

(1) the nature, size, role, purpose, and use of nonfungible tokens;

(2) the similarities and differences between nonfungible tokens and other digital commodities, including digital commodities and payment stablecoins, and how the markets for those digital commodities intersect;

(3) how nonfungible tokens are minted by issuers and subsequently distributed to purchasers;

(4) how nonfungible tokens are stored after being purchased by a consumer;

(5) the interoperability of nonfungible tokens between different distributed ledger systems;

(6) the scalability of different nonfungible token marketplaces;

(7) the benefits of nonfungible tokens, including verifiable digital ownership;

(8) the risks of nonfungible tokens, including—

(A) the infringement of intellectual property rights;

(B) cybersecurity risks; and

(C) market risks;

(9) whether and how nonfungible tokens have been, or could be, integrated with traditional marketplaces, including marketplaces for music, real estate, gaming, events, and travel;

(10) whether and how nonfungible tokens have been, or could be, used to facilitate commerce or other activities through the representation of documents, identification, contracts, licenses, and other commercial, governmental, or personal records;

(11) any risks to traditional markets from the integration described in paragraph (9); and

(12) the levels and types of illicit activity in nonfungible token markets.

(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 required under subsection (b).

VII Protecting customer property

VIII Customer protection

IX Other matters