Digital Asset Market Clarity Act

(a) Short title. This Act may be cited as the Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025 . (b) Table of contents. The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Title Sec. 2. Definitions.TITLE I— Definitions; Responsible Rulemaking; securities Provisional registrationSec innovationSec . 101. Definitions Short under the Securities Act of 1933 title .Sec. 102. Definitions Disclosure under requirements the for Securities certain Exchange transactions Act involving of ancillary 1934 assets .Sec. 103. Definitions Exemption under and the rulemaking Commodity for Exchange certain Act transactions involving ancillary assets .Sec. 104. Definitions Special under disposition this restrictions Act by related persons .Sec. 105. Rulemakings Characteristics of network tokens .Sec. 106. Provisional Exemptive registration authority.Sec. for 107. digital Modernization commodity of exchanges, recordkeeping brokers, and dealers requirements .Sec. 107 108 . Commodity Modernization Exchange of Act securities and regulations securities for laws digital savings asset provisions activities .Sec. 108 109 . Administrative Insider requirements.Sec. trading 109. with International respect cooperation to ancillary asset transactions .Sec. 110. Implementation Securities Investor Protection Corporation applicability .Sec. 111. Application Investor of and the consumer Bank protection Secrecy Act enforcement . Title TITLE II— Offers Protecting and against Sales illicit of Digital CommoditiesSec financeSec . 201. Treatment of under investment the contract Bank assets Secrecy Act and sanctions laws .Sec. 202. Exempted Digital primary asset transactions examination in digital commodities standards .Sec. 203. Treatment Preventing of Illicit secondary Finance transactions Through in Partnership digital commodities that originally involved investment contracts Act .Sec. 204. Requirements Financial for Technology offers Protection and Act.Sec. sales 205. of Digital digital asset commodities kiosks.Sec. by 206. digital Study commodity on related illicit persons use and of digital commodity affiliated persons assets . Sec. TITLE 205. III—Responsible Mature innovation blockchain in system decentralized requirements financeSec . Sec. 206 301 . Effective Rulemaking date.Title on III—Registration application for of Intermediaries existing at securities the intermediary Securities requirements and Exchange existing CommissionSec. Bank 301. Secrecy Treatment Act of requirements digital to commodities non-decentralized and finance permitted trading payment stablecoins protocols .Sec. 302. Anti-fraud Illicit authority finance over obligations permitted for payment distributed stablecoins ledger and messaging certain digital commodity transactions systems .Sec. 303. Eligibility Special of measure alternative relating trading to systems certain transmittals of funds .Sec. 304. Operation Offshore of stablecoin alternative trading systems report .Sec. 305. Modernization Temporary of hold recordkeeping for requirements certain digital asset transactions .Sec. 306. Exemptive Voluntary authority cybersecurity program for decentralized finance trading protocols .Sec. 307. Additional Amendments registrations to with monetary the instrument Commodity Futures Trading Commission definition .Sec. 308. Exempting Risk digital management commodities standards from for State digital securities asset laws intermediaries .Sec. 309. Exclusion Study for on decentralized digital finance asset activities mixers and tumblers .Sec. 310. Treatment GAO of study custody on activities intermediaries by in banking foreign institutions jurisdictions .Sec. 311. Digital Studies commodity on activities foreign that adversary are financial in nature activities .Sec. 312. Effective Treasury date; study administration on cybersecurity standards .Sec. 313. Studies on foreign financial adversary stability participation.Title risks IV—Registration of for decentralized Digital finance Commodity trading Intermediaries and at credit the in Commodity digital Futures commodity Trading markets.TITLE CommissionSec IV—Responsible banking innovationSec . 401. Commission Permissibility jurisdiction of over digital commodity asset transactions activities .Sec. 402. Requiring Joint futures rules commission for merchants portfolio to margining use determinations.Sec. qualified 403. digital Capital asset requirements custodians to address netting agreements .Sec. 403 404 . Trading Prohibiting certification interest and approval yield for on digital payment commodities stablecoins .Sec. 404 405 . Registration Expanded securities portfolio margin accounts under the Securities Investor Protection Act of digital 1970.TITLE commodity V—Responsible exchanges regulatory innovationSec . Sec. 405 501 . Qualified CFTC-SEC digital Micro-Innovation asset Sandbox.Sec. custodians 502 . International cooperation. Sec. 406 503 . Registration Automated and regulatory regulation compliance of study.Sec. digital 504. commodity Report brokers on and legislative dealers recommendations .Sec. 407 505 . Registration Tokenization of associated persons securities .Sec. 408 506 . Registration Voluntary adoption of commodity National pool Institute operators of Standards and commodity Technology trading post-quantum advisors cryptography standards .Sec. 409 507 . Exclusion International for coordination decentralized to finance combat activities digital asset illicit finance .Sec. 410 508 . Resources Annual for report implementation on foreign digital asset trading volume, compliance with United States standards and enforcement remediation actions .Sec. 411 509 . Digital AI commodity innovation activities labs.TITLE by VI—Protecting SEC-registered software entities developers and software innovationSec . 601. Protecting software developers. Sec. 412 602 . Requirements Safe related harbor to for control nonfungible persons tokens .Sec. 413 603 . Effective Study date on nonfungible tokens .Sec. 414 604 . Sense Blockchain of Regulatory Congress Certainty Act . Title Sec. V—Innovation 605. and Keep Technology Your ImprovementsSec. Coins 501 Act . TITLE Findings; VII—Protecting sense customer of Congress propertySec . Sec. 502 701 . Modernization Customer of property the protections Securities for ancillary assets and Exchange digital Commission commodities mission in bankruptcy .Sec. 503 702 . Strategic Insolvency Hub safe for harbor.TITLE Innovation VIII—Customer and protectionSec. Financial 801. Technology Educational materials .Sec. 504 802 . Codification Savings of LabCFTC clauses .Sec. 505 803 . Study on decentralized expanding finance financial literacy .Sec. 506 804 . Study Consultation on with non SIPC regarding mandatory broker - fungible dealer tokens disclosures to investors concerning the status of payment stablecoins and digital commodities . Sec TITLE IX—Other mattersSec . 507 901 . Study Joint Advisory Committee on expanding Digital financial Assets.Sec. literacy 902. amongst Memorandum digital of commodity understanding.Sec. holders 903 . FinCEN appropriations. Sec. 508 904 . Study Build on Now financial Act.Sec. market 905. infrastructure Rulemakings.Sec. improvements 906 . Effective date.