H.R. 3633
Digital Asset Market Clarity Act
Sponsor: J. French Hill
21 cosponsors
- Josh Gottheimer
- Bill Huizenga
- Daniel Meuser
- Earl L. "Buddy" Carter
- Kristen McDonald Rivet
- Mark B. Messmer
- Michael Lawler
- Nicholas J. Begich III
- Riley M. Moore
- Robert P. Bresnahan, Jr.
- Shri Thanedar
- Zachary Nunn
- Haley M. Stevens
- Angie Craig
- Bryan Steil
- Donald G. Davis
- Dusty Johnson
- Glenn Thompson
- Ritchie Torres
- Tom Emmer
- Warren Davidson
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
I Definitions; Rulemaking; Expedited Registration
II Offers and Sales of Digital Commodities
III Registration for Intermediaries at the Securities and Exchange Commission
Where this section came from
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May 29, 2025 · Introduced in House Referred to House Committee on Financial Services, May 29 Referred to House Committee on Agriculture, May 29
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Jul 17, 2025 · Engrossed in House H.Amdt. 48: Pursuant to the provisions of H. Res. 580, in lieu of the amendments in the nature of a substitute recommended by the Committees on Agriculture and Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 119-6, modified by the amendment printed in part B of House Report 119-199 is considered adopted. Official page › H.Res. 580: On Ordering the Previous Question — Passed, 211–210 · Roll Call 194 H.Res. 580: On Agreeing to the Resolution — Failed, 196–223 · Roll Call 195 H.Res. 580: On Motion to Reconsider — Passed, 215–211 · Roll Call 197 H.Res. 580: On Agreeing to the Resolution — Passed, 217–212 · Roll Call 198 On Passage — Passed, 294–134 · Roll Call 199
(a) Securities Act of 1933. Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1
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(c) Investment Advisers Act of 1940. Section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)) is amended—
(1) in paragraph (18),
as amended
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GENIUS Act, by striking
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end
final sentence and inserting
the following: The term does not include a digital commodity or permitted payment stablecoin.;
… 6 unchanged passages …
(1) in paragraph (36),
as amended
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at
GENIUS Act, by striking
the
end
final sentence and inserting
the following: The term does not include a digital commodity or permitted payment stablecoin.; and
… 4 unchanged passages …
(e) Securities Investor Protection Act of 1970. Section 16
(14)
of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll
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14
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GENIUS Act, by striking
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the following: The term does not include a digital commodity or permitted payment stablecoin, as such terms are defined, respectively, under section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a
)).
)); and (2) by adding at the end the following: [Inserted into the law: (15) Treatment of permitted payment stablecoins. A permitted payment stablecoin, as defined in section 2(a) of the Securities Act of 1933, shall not qualify as cash and a claim for a permitted payment stablecoin shall not qualify as a claim for cash. ]
What does "considered adopted" mean?
When a chamber approves a rule that says a change is "considered adopted", the change becomes part of the bill as soon as the rule passes, without a separate vote on the change itself.
(a) Securities Act of 1933. Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1)), as amended by the GENIUS Act, is amended by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin..
(b) Securities Exchange Act of 1934. Section 3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)), as amended by the GENIUS Act, is amended by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin..
(c) Investment Advisers Act of 1940. Section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)) is amended—
(1) in paragraph (18), as amended by the GENIUS Act, by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin.;
(2) by redesignating the second paragraph (29) (relating to commodity pools) as paragraph (31); and
(3) by adding at the end, the following:
(32) Digital commodity-related terms. The terms digital commodity and permitted payment stablecoin have the meaning given those terms, respectively, under section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)).
(d) Investment Company Act of 1940. Section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2) is amended—
(1) in paragraph (36), as amended by the GENIUS Act, by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin.; and
(2) by adding at the end, the following:
(55) Digital commodity-related terms. The terms digital commodity and permitted payment stablecoin have the meaning given those terms, respectively, under section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)).
(e) Securities Investor Protection Act of 1970. Section 16 of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll) is amended—
(1) in paragraph (14), as amended by the GENIUS Act, by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin, as such terms are defined, respectively, under section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)); and
(2) by adding at the end the following:
(15) Treatment of permitted payment stablecoins. A permitted payment stablecoin, as defined in section 2(a) of the Securities Act of 1933, shall not qualify as cash and a claim for a permitted payment stablecoin shall not qualify as a claim for cash.
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
VIII Customer protection
IX Other matters