H.R. 3633

Digital Asset Market Clarity Act

Sponsor: J. French Hill

21 cosponsors
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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

Expand all

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

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

Sec. 304. Offshore stablecoin report Added Jun 1

Where this section came from

Not in the first version (Introduced in House, May 29).

  1. Jun 1, 2026 · Reported to Senate Marked up by Senate Committee on Banking, Housing, and Urban Affairs, May 14 Reported by Senate Committee on Banking, Housing, and Urban Affairs, Jun 1 Committee members' individual votes aren't in our records.
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.

(a) Definitions. In this section:

(1) Material volume of transactions. The term material volume of transactions means a sustained level of transaction activity that is—

(A) publicly observable;

(B) exceeds de minimis usage over a 12-month period; and

(C) is reasonably likely to affect the illicit finance or national security risk exposure of the United States.

(2) Payment stablecoin. The term payment stablecoin has the meaning given the term in section 2 of the GENIUS Act (12 U.S.C. 5901).

(3) United states-dependent offshore stablecoin. The term United States-dependent offshore stablecoin means a payment stablecoin—

(A) that is not issued by a permitted payment stablecoin issuer or any foreign payment stablecoin issuer registered with the Comptroller (as those terms are defined in section 2 of the GENIUS Act (12 U.S.C. 5901));

(B) that is issued by a person operating outside of the United States; and

(C) the value of which is supported or backed by a reserve of assets that has a substantial nexus to the United States, which may include—

(i) obligations of the United States, including United States Treasury securities and repurchase agreements backed by United States Treasury securities and funds held as deposits at any bank subject to the jurisdiction of the United States;

(ii) deposits maintained at a banking entity or insured depository institution located in the United States, including correspondent or payable-through accounts;

(iii) securities issued or guaranteed by the United States or any agency or instrumentality thereof; or

(iv) assets custodied, cleared, or settled through payment, clearing, or settlement systems located in the United States.

(b) Report. Not later than June 30 of the second calendar year that begins after the date of enactment of this Act, and every 4 years thereafter for not more than 3 reports, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and make available on the website of the Department of the Treasury, a report assessing whether there is credible, articulable, and publicly supportable evidence of significant illicit finance threats or vulnerabilities associated with any United States-dependent offshore stablecoin employed in a material volume of transactions.

(c) Contents. Each report required under subsection (b) shall include—

(1) an assessment of the illicit finance risk of each United States-dependent offshore stablecoin employed in a material volume of transactions;

(2) an assessment of the controls employed by the issuers of United States-dependent offshore stablecoins to address the use of such stablecoins in illicit finance, as available;

(3) data and information regarding the volume of United States-dependent offshore stablecoins assessed to be employed in connection with illicit finance, as available;

(4) a general description of the relationships between United States-dependent offshore stablecoins and the financial system of the United States, including principal channels of interaction; and

(5) such other information or analysis as the Secretary of the Treasury deems relevant to assessing the illicit finance risks of United States-dependent offshore stablecoins.

(d) Classified annex. Each report required under subsection (b) shall be submitted in unclassified form, but may contain a classified annex.

(e) National strategy. The reporting requirement under subsection (b) may be met as part of the national strategy for combating terrorist and other illicit financing required under sections 261 and 262 of the Countering America’s Adversaries Through Sanctions Act (Public Law 115–44; 131 Stat. 934) for the reporting years.

(f) Rule of construction. Nothing in this section may be construed to authorize—

(1) the disclosure of any information that is protected from disclosure under Federal law; and

(2) the collection or use of any information other than publicly available data or information lawfully obtained by the Department of the Treasury under existing authorities, as of the day before the date of enactment of this Act.

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