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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Jun 23, 2025 · Reported in House Marked up by House Committee on Financial Services, Jun 10 Marked up by House Committee on Agriculture, Jun 10 Reported by House Committee on Financial Services, Jun 23 Reported by House Committee on Agriculture, Jun 23 Committee members' individual votes aren't in our records.
… 8 unchanged passages …
(5) Developing, publishing, constituting, administering, maintaining, or otherwise distributing a decentralized finance messaging system, or operating or participating in a liquidity pool, for the purpose of executing a
spot
contract
of
for the purchase or
sale of a digital commodity
in relation to a decentralized finance trading protocol
.
… 3 unchanged passages …
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.
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by inserting after section 15G the following:
15H. Decentralized finance activities not subject to this Act
(a) In general. Notwithstanding any other provision of this Act, a person shall not be subject to this Act and the regulations promulgated under this Act based on the person directly or indirectly engaging in any of the following activities, whether singly or in combination, in relation to the operation of a blockchain system or in relation to a decentralized finance trading protocol:
(1) Compiling network transactions or relaying, searching, sequencing, validating, or acting in a similar capacity.
(2) Providing computational work, operating a node or oracle service, or procuring, offering, or utilizing network bandwidth, or providing other similar incidental services.
(3) Providing a user-interface that enables a user to read and access data about a blockchain system.
(4) Developing, publishing, constituting, administering, maintaining, or otherwise distributing a blockchain system or a decentralized finance trading protocol.
(5) Developing, publishing, constituting, administering, maintaining, or otherwise distributing a decentralized finance messaging system, or operating or participating in a liquidity pool, for the purpose of executing a spot contract for the purchase or sale of a digital commodity in relation to a decentralized finance trading protocol.
(6) Developing, publishing, constituting, administering, maintaining, or otherwise distributing software or systems that create or deploy hardware or software, including wallets or other systems, facilitating an individual user’s own personal ability to keep, safeguard, or custody the user’s digital assets or related private keys.
(b) Exceptions. Subsection (a) shall not apply to the anti-fraud and anti-manipulation authorities of the 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
VIII Customer protection
IX Other matters