Digital Asset Market Clarity Act

(7) Digital asset service provider. The term digital asset service provider means any entity registered or required to be registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission.

(3) Monthly certification; examination of reports by registered public accounting firm

(A) In general. A permitted payment stablecoin issuer shall, each month, have the information disclosed in the previous month-end report required under paragraph (1)(C) examined by a registered public accounting firm and such examination shall be performed in accordance with standards for attestation engagements issued or adopted by the primary Federal payment stablecoin regulator or, in the case of a State qualified payment stablecoin issuer, the State payment stablecoin regulator.

(B) Certification. Each month, the Chief Executive Officer and Chief Financial Officer of a permitted payment stablecoin issuer shall submit to, as applicable, the primary Federal payment stablecoin regulator or, in the case of a State qualified payment stablecoin issuer, the State payment stablecoin regulator, a certification that, based on such officers’ knowledge, the previous monthly report required under paragraph (1)(C)—

(i) does not contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading; and

(ii) fairly presented in all material respects the information required under paragraph (1)(C) for the period presented in such report.

(C) Criminal penalty. Any person who submits a certification required under subparagraph (B) knowing that such certification is false shall be subject to the same criminal penalties as those set forth under section 1350(c) of title 18, United States Code.

(D) Internal controls over permitted payment stablecoin issuer’s requirements

(i) In general. Management of a permitted payment stablecoin issuer shall establish and maintain an adequate internal control structure and procedures for the requirements under this paragraph and paragraphs (1) and (2) in accordance with a framework determined acceptable by the primary Federal payment stablecoin regulator or, in the case of a State qualified payment stablecoin issuer, the State payment stablecoin regulator.

(ii) Attestation report. A permitted payment stablecoin issuer shall obtain an annual attestation report by an independent registered public accounting firm attesting to management’s assertions concerning the effectiveness of the internal control structure and procedures for compliance with the requirements described in this paragraph and paragraphs (1) and (2). Such attestation shall be made in accordance with standards for attestation engagements issued or adopted by the primary Federal payment stablecoin regulator or, in the case of a State qualified payment stablecoin issuer, the State payment stablecoin regulator.

(12) Non-financial companies

(A) Prohibition on non-financial company ownership. It shall be unlawful for a company that derives a majority of its revenues from activities that are not financial activities to retain or acquire control of a nonbank entity that is—

(i) a Federal qualified payment stablecoin issuer; or

(ii) a State qualified payment stablecoin issuer.

(B) Financial activities defined

(i) In general. In this paragraph, the term financial activities means—

(I) a financial activity, within the meaning of section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k));

(II) issuing, redeeming, providing custodial or safekeeping services for, buying, selling, making a market in, or managing a reserve for payment stablecoins;

(III) providing electronic wallet services for payment stablecoins; or

(IV) an activity determined by the Board to be a financial activity pursuant to clause (ii).

(ii) Establishing additional financial activities. Not later than 180 days after the date of enactment of the CLARITY Act of 2025, the Board, in consultation with the Secretary of the Treasury and the Comptroller, shall issue rules, consistent with the purposes of this Act, to establish—

(I) a list of additional activities that are financial activities for purposes of clause (i), including applicable digital asset activities that are financial activities; and

(II) a streamlined procedure for a nonbank entity to submit an activity to the Board for purposes of the Board determining whether such activity should be added to the list of additional activities that are financial activities for purposes of clause (i).

21. Commodity-backed payment stablecoins

(a) Rule of construction. Nothing in this Act shall be construed to prohibit or limit a commodity-backed payment stablecoin issuer from issuing a commodity-backed payment stablecoin in accordance with regulations established by a State commodity-backed payment stablecoin regulator.

(b) Preservation of Federal authority. Nothing in this section shall be construed to alter or limit the jurisdiction of the Commodity Futures Trading Commission over any matter within the Commission’s authority under applicable law.

(c) Definitions. For purposes of this section:

(1) Commodity-backed payment stablecoin. The term commodity-backed payment stablecoin means a digital asset—

(A) that is, or is designed to be, used as a means of payment or settlement;

(B) that is denominated in a highly liquid, publicly traded physical commodity, such as gold;

(C) the issuer of which is obligated to—

(i) convert, redeem, or repurchase for a fixed amount of the denominated highly liquid, publicly traded physical commodity; and

(ii) custody or cause to be custodied, for the benefit of the holders of the payment stablecoin, an amount of the physical commodity equal to or greater than the total amount of outstanding payment stablecoins, for the purpose of converting, redeeming, or repurchasing the digital asset; and

(D) that is not—

(i) a security issued by—

(I) an investment company registered under section 8(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–8(a)); or

(II) a person that would be an investment company under the Investment Company Act of 1940 but for paragraphs (1) and (7) of section 3(c) of that Act (15 U.S.C. 80a-3(c));

(ii) a deposit (as defined under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)), regardless of the technology used to record such deposit;

(iii) an account (as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)), regardless of the technology used to record such account; or

(iv) an interest or participation in a commodity pool (as defined in section 1a(10) of the Commodity Exchange Act (7 U.S.C. 1a)).

(2) Commodity-backed payment stablecoin issuer. The term commodity-backed payment stablecoin issuer means—

(A) an entity that issues a commodity-backed payment stablecoin; and

(B) an entity that is approved to issue such commodity-backed payment stablecoins by a State commodity-backed payment stablecoin regulator.

(3) Physical commodity. The term physical commodity means any exempt commodity (as defined in section 1a(21) of the Commodity Exchange Act (7 U.S.C. 1a)) which can be physically delivered.

(4) State commodity-backed payment stablecoin regulator. The term State commodity-backed payment stablecoin regulator means a State agency that has primary regulatory and supervisory authority over entities that issue commodity-backed payment stablecoins in such State.

22. Protection of self-custody

(a) In general. A United States individual shall retain the right to—

(1) maintain a hardware wallet or software wallet for the purpose of facilitating the individual’s own lawful custody of digital assets; and

(2) engage in direct, peer-to-peer transactions in digital assets with another individual or entity for the individual’s own lawful purposes using a hardware wallet or software wallet, if—

(A) such other individual or entity is not a financial institution (as defined in section 5312 of title 31, United States Code); and

(B) the transactions do not involve any property or interests in property that are blocked pursuant to, or are otherwise prohibited by, United States sanctions.

(b) Application. This section—

(1) applies solely to personal use by individuals; and

(2) does not apply to individuals acting in a custodial or fiduciary capacity for others.

(c) Rule of construction. Nothing in this section shall be construed to limit the authority of the Secretary of the Treasury, the Securities and Exchange Commission, the Commodity Futures Trading Commission, or the primary Federal payment stablecoin regulators 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.