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
IV Registration for Digital Commodity Intermediaries at the Commodity Futures Trading Commission
Where this section came from
-
May 29, 2025 · Introduced in House Referred to House Committee on Financial Services, May 29 Referred to House Committee on Agriculture, May 29
-
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
… 19 unchanged passages …
(c) Commission jurisdiction over financing agreements. Section 2(c)(2
)(D
) of the Commodity Exchange Act (7 U.S.C. 2(c)(2
)(D
)) is amended— (1) in
subparagraph
clause
(
D
ii)(I
), by
inserting after paragraph (1) the following: (other than an agreement, contract, or transaction in a permitted payment stablecoin); and (2) by
redesignating clause (iv) as clause (v) and inserting after clause (iii) the following:
[Inserted into the law:
(iv)
Agreements for margin financing.
Notwithstanding clause (iii), a digital commodity broker may, subject to the requirements of section 4u(c)(
3
2
), offer to or enter into an agreement for margin financing with a customer for the purchase or sale of a digital commodity
, provided any purchase or sale made pursuant to the agreement shall result in the delivery of the digital commodity into or from an account carried for the customer by the digital commodity broker, as determined by the Commission by rule or regulation, based on commercial spot market practices
.
]
;
(d) Commission authority over certain digital commodity
and
stablecoin spot transactions. Section 2
(
c)(
2)
of the Commodity Exchange Act (7 U.S.C. 2(c)(2)) is amended
by adding at the end the following:
… 2 unchanged passages …
(i) In general. Subject to sections 6d and 12(e), the Commission shall have exclusive jurisdiction with respect to any account, agreement, contract, or transaction involving a contract of sale of a digital commodity or tradable asset (as defined in section 4x) in interstate commerce, including in a digital commodity or tradable asset (as so defined) cash or spot market, that is offered, solicited, traded, facilitated, executed, cleared, reported, or otherwise dealt in—
… 9 unchanged passages …
(i) Treatment of permitted payment stablecoins on commission-registered entities. Subject to clauses (ii) and (iii), the Commission shall have jurisdiction over a cash or spot agreement, contract, or transaction in a permitted payment stablecoin that is offered, offered to enter into, entered into, executed,
confirmed
solicited, or accepted, or for which
the execution of
, solicited,
is
or accepted
confirmed
—
… 5 unchanged passages …
(
d
e
) Conforming
amendment
amendments
.
Section
The
2
Commodity Exchange Act is amended—
(
a)(
1
)(A
)
of
in
such
section
Act
1a(9)
(7 U.S.C.
1a(9)), as amended by the GENIUS Act, by striking the second sentence; and (
2
) in section 2
(a)(1)(A
))
)
is
(7
amended
U.S.C. 2(a)(1)(A)),
in the 1st sentence
,
by inserting subparagraphs (F) and (G) of subsection (c)(2) of this section or before section 19.
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) Savings clause. Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)) is amended by adding at the end the following:
(J) Except as expressly provided in this Act, nothing in the CLARITY Act of 2025 shall affect or apply to, or be interpreted to affect or apply to—
(i) any agreement, contract, or transaction that is subject to this Act as—
(I) a contract of sale of a commodity for future delivery or an option on such a contract;
(II) a swap;
(III) a security futures product;
(IV) an option authorized under section 4c of this Act;
(V) an agreement, contract, or transaction described in subparagraph (C)(i) or (D)(i) of subsection (c)(2) of this section; or
(VI) a leverage transaction authorized under section 19; or
(ii) the activities of any person with respect to any such an agreement, contract, or transaction.
(b) Limitation on authority over permitted payment stablecoins. Section 2(c)(1) of the Commodity Exchange Act (7 U.S.C. 2(c)(1)) is amended—
(1) in subparagraph (F), by striking or at the end;
(2) in subparagraph (G), by striking the period and inserting ; or; and
(3) by adding at the end the following:
(H) permitted payment stablecoins.
(c) Commission jurisdiction over financing agreements. Section 2(c)(2)(D) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)(D)) is amended—
(1) in clause (ii)(I), by inserting after paragraph (1) the following: (other than an agreement, contract, or transaction in a permitted payment stablecoin); and
(2) by redesignating clause (iv) as clause (v) and inserting after clause (iii) the following:
(iv) Agreements for margin financing. Notwithstanding clause (iii), a digital commodity broker may, subject to the requirements of section 4u(c)(2), offer to or enter into an agreement for margin financing with a customer for the purchase or sale of a digital commodity, provided any purchase or sale made pursuant to the agreement shall result in the delivery of the digital commodity into or from an account carried for the customer by the digital commodity broker, as determined by the Commission by rule or regulation, based on commercial spot market practices.
(d) Commission authority over certain digital commodity and stablecoin spot transactions. Section 2(c)(2) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)) is amended by adding at the end the following:
(F) Commission jurisdiction with respect to digital commodity transactions
(i) In general. Subject to sections 6d and 12(e), the Commission shall have exclusive jurisdiction with respect to any account, agreement, contract, or transaction involving a contract of sale of a digital commodity or tradable asset (as defined in section 4x) in interstate commerce, including in a digital commodity or tradable asset (as so defined) cash or spot market, that is offered, solicited, traded, facilitated, executed, cleared, reported, or otherwise dealt in—
(I) on or subject to the rules of a registered entity or an entity that is required to be registered as a registered entity; or
(II) by any other entity registered, or required to be registered, with the Commission.
(ii) Limitations. Clause (i) shall not apply with respect to—
(I) custodial or depository activities for a digital commodity of an entity regulated by an appropriate Federal banking agency or a State bank supervisor (within the meaning of section 3 of the Federal Deposit Insurance Act); or
(II) an offer or sale of an investment contract involving a digital commodity or of a securities offer or sale involving a digital commodity.
(iii) Mixed digital asset transactions
(I) In general. Clause (i) shall not apply to a mixed digital asset transaction.
(II) Reports on mixed digital asset transactions. A digital commodity issuer, digital commodity related person, digital commodity affiliated person, or other person registered with the Securities and Exchange Commission that engages in a mixed digital asset transaction, shall, on request of the Commission, open to inspection and examination by the Commission all books and records relating to the mixed digital asset transaction, subject to the confidentiality and disclosure requirements of section 8.
(G) Agreements, contracts, and transactions in stablecoins
(i) Treatment of permitted payment stablecoins on commission-registered entities. Subject to clauses (ii) and (iii), the Commission shall have jurisdiction over a cash or spot agreement, contract, or transaction in a permitted payment stablecoin that is offered, offered to enter into, entered into, executed, solicited, or accepted, or for which the execution of is confirmed—
(I) on or subject to the rules of a registered entity; or
(II) by any other entity registered with the Commission.
(ii) Permitted payment stablecoin transaction rules. This Act shall apply to a transaction described in clause (i) only for the purpose of regulating the offer, execution, solicitation, or acceptance of a cash or spot permitted payment stablecoin transaction on a registered entity or by any other entity registered with the Commission, as if the permitted payment stablecoin were a digital commodity.
(iii) No authority over permitted payment stablecoins. Notwithstanding clauses (i) and (ii), the Commission shall not make a rule or regulation, impose a requirement or obligation on a registered entity or other entity registered with the Commission, or impose a requirement or obligation on a permitted payment stablecoin issuer, regarding the operation of a permitted payment stablecoin issuer or a permitted payment stablecoin.
(e) Conforming amendments. The Commodity Exchange Act is amended—
(1) in section 1a(9) (7 U.S.C. 1a(9)), as amended by the GENIUS Act, by striking the second sentence; and
(2) in section 2(a)(1)(A) (7 U.S.C. 2(a)(1)(A)), in the 1st sentence, by inserting subparagraphs (F) and (G) of subsection (c)(2) of this section or before section 19.
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