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

VII Protecting customer property

Sec. 701. Customer property protections for ancillary assets and digital commodities in bankruptcy 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 for stockbroker liquidation

(1) In general. Section 741 of title 11, United States Code, is amended—

(A) by redesignating paragraphs (5) through (9) as paragraphs (7) through (11), respectively;

(B) by redesignating paragraphs (1) through (4) as paragraphs (2) through (5), respectively;

(C) by inserting before paragraph (2), as so redesignated, the following:

Text this section adds to the law

(1) ancillary asset has the meaning given that term in section 2 of the Digital Asset Market Clarity Act;

(D) in paragraph (3), as so redesignated—

(i) in subparagraph (A)(vi), by striking and at the end;

(ii) by redesignating subparagraph (B) as subparagraph (C);

(iii) by inserting after subparagraph (A) the following:

Text this section adds to the law

(B) entity with whom a person deals as principal or agent and that has a claim against such person on account of a digital commodity or an ancillary asset received, acquired, or held by such person from or for the securities account or accounts of such entity for 1 or more of the purposes identified in clauses (i) through (vi) of subparagraph (A) of this paragraph; and

; and

(iv) in subparagraph (C), as so redesignated—

(I) in clause (i)—

(aa) by inserting , ancillary asset, or digital commodity after security; and

(bb) by inserting or (B) after subparagraph (A); and

(II) in clause (ii), by inserting an ancillary asset, a digital commodity, after a security,;

(E) in paragraph (5), as so redesignated, in the matter preceding subparagraph (A), by inserting ancillary asset, digital commodity, after cash, security, each place it appears;

(F) by inserting after paragraph (5), as so redesignated, the following:

Text this section adds to the law

(6) digital commodity has the meaning given that term in section 2 of the Digital Asset Market Clarity Act;

; and

(G) in paragraph (8), as so redesignated, in subparagraph (A)(i), by inserting , ancillary asset positions, and digital commodities positions after securities positions.

(b) Extent of customer claims. Section 746(b) of title 11, United States Code, is amended, in the matter preceding paragraph (1), by striking cash or a security and inserting cash, a security, an ancillary asset, or a digital commodity.

(c) Technical and conforming amendments

(1) Section 546(e) of title 11, United States Code, is amended—

(A) by striking section 741(7) and inserting section 741; and

(B) by striking section 761(4) and inserting section 761.

(2) Section 561(a) of title 11, United States Code, is amended—

(A) in paragraph (1), by striking section 741(7) and inserting section 741; and

(B) in paragraph (2), by striking section 761(4) and inserting section 761.

(3) Section 752(c) of title 11, United States Code, is amended by striking section 741(4)(B) and inserting section 741(5)(B).

(d) Clarifications. For the avoidance of doubt—

(1) nothing in this section or an amendment made by this section may be construed to apply to securities or cash held by a broker-dealer and such assets and related claims shall be governed exclusively by the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.);

(2) nothing in this section or an amendment made by this section may be construed to apply to deposits held by a bank or commodity contracts, which shall be governed by the relevant applicable law; and

(3) in any liquidation proceeding under subchapter III or IV of chapter 7 of title 11, United States Code, those provisions shall be construed to treat ancillary assets and digital commodities held for customers as customer property governed by title 11, United States Code, and required to be distributed according to such title.

VIII Customer protection

IX Other matters