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. 605. Keep Your Coins Act 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) Short title. This section may be cited as the Keep Your Coins Act.

(b) Definitions. In this section:

(1) Covered user. The term covered user means a United States individual who obtains digital assets to purchase goods or services on behalf of that individual, without regard to the method in which that individual obtained those digital assets.

(2) Self-hosted wallet. The term self-hosted wallet means a digital interface—

(A) that is used to secure and transfer digital assets; and

(B) under which the owner of digital assets secured and transferred under subparagraph (A) retains independent control over those digital assets.

(c) Self-Custody. A Federal agency may not prohibit, restrict, or otherwise impair the ability of a covered user to self-custody digital assets using a self-hosted wallet or other means to conduct transactions for any lawful purpose.

(d) Rule of construction. Nothing in this section may be construed to limit the authority of the Secretary of the Treasury, the Commission, the Commodity Futures Trading Commission, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the National Credit Union Administration to carry out any enforcement action or special measure authorized under applicable law, including—

(1) the Bank Secrecy Act, section 9714 of the Combating Russian Money Laundering Act (31 U.S.C. 5318A note), and section 7213A of the Fentanyl Sanctions Act (21 U.S.C. 2313a); or

(2) any other law relating to illicit finance, money laundering, terrorism financing, or United States sanctions.

VII Protecting customer property

VIII Customer protection

IX Other matters