★
119TH CONGRESS 
1ST SESSION H. R. 3633 
AN ACT 
To provide for a system of regulation of the offer and sale 
of digital commodities by the Securities and Exchange 
Commission and the Commodity Futures Trading Com-
mission, to amend the Federal Reserve Act to prohibit 
the Federal reserve banks from offering certain products 
or services directly to an individual, to prohibit the use 
of central bank digital currency for monetary policy, 
and for other purposes.
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLES; TABLE OF CONTENTS. 
(a) SHORT TITLES.—This Act may be cited as the 
‘‘Digital Asset Market Clarity Act of 2025’’ or the 
‘‘CLARITY Act of 2025’’ and the ‘‘Anti-CBDC Surveil-
lance State Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short titles; table of contents. 
TITLE I—DEFINITIONS; RULEMAKING; EXPEDITED 
REGISTRATION 
Sec. 101. Definitions under the Securities Act of 1933. 
Sec. 102. Definitions under the Securities Exchange Act of 1934. 
Sec. 103. Definitions under the Commodity Exchange Act. 
Sec. 104. Definitions under this Act. 
Sec. 105. Rulemakings. 
Sec. 106. Expedited registration for digital commodity exchanges, brokers, and 
dealers; provisional status. 
Sec. 107. Commodity Exchange Act and securities laws savings provisions. 
Sec. 108. Administrative requirements. 
Sec. 109. Treatment of certain non-controlling blockchain developers. 
Sec. 110. Application of the Bank Secrecy Act. 
Sec. 111. Rule of construction. 
Sec. 112. Implementation. 
TITLE II—OFFERS AND SALES OF DIGITAL COMMODITIES 
Sec. 201. Treatment of investment contract assets. 
Sec. 202. Exempted primary transactions in digital commodities. 
Sec. 203. Treatment of secondary transactions in digital commodities that 
originally involved investment contracts. 
Sec. 204. Requirements for offers and sales of digital commodities by digital 
commodity related persons and digital commodity affiliated 
persons. 
Sec. 205. Mature blockchain system requirements. 
Sec. 206. Effective date. 
TITLE III—REGISTRATION FOR INTERMEDIARIES AT THE 
SECURITIES AND EXCHANGE COMMISSION 
Sec. 301. Treatment of digital commodities and permitted payment stablecoins. 
Sec. 302. Anti-fraud authority over permitted payment stablecoins and certain 
digital commodity transactions.
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Sec. 303. Eligibility of alternative trading systems. 
Sec. 304. Rulemaking for dual-registered entities. 
Sec. 305. Modernization of recordkeeping requirements. 
Sec. 306. Exemptive authority. 
Sec. 307. Additional registrations with the Commodity Futures Trading Com-
mission. 
Sec. 308. Exempting digital commodities from State securities laws. 
Sec. 309. Exclusion for decentralized finance activities. 
Sec. 310. Treatment of custody activities by banking institutions. 
Sec. 311. Broker and dealer disclosures regarding the treatment of assets. 
Sec. 312. Digital commodity activities that are financial in nature. 
Sec. 313. Effective date; administration. 
Sec. 314. Educational material requirements. 
Sec. 315. Discretionary Surplus Fund. 
TITLE IV—REGISTRATION FOR DIGITAL COMMODITY INTER-
MEDIARIES AT THE COMMODITY FUTURES TRADING COMMIS-
SION 
Sec. 401. Commission jurisdiction over digital commodity transactions. 
Sec. 402. Requiring futures commission merchants to use qualified digital asset 
custodians. 
Sec. 403. Trading certification and approval for digital commodities. 
Sec. 404. Registration of digital commodity exchanges. 
Sec. 405. Qualified digital asset custodians. 
Sec. 406. Registration and regulation of digital commodity brokers and dealers. 
Sec. 407. Registration of associated persons. 
Sec. 408. Registration of commodity pool operators and commodity trading ad-
visors. 
Sec. 409. Exclusion for decentralized finance activities. 
Sec. 410. Resources for implementation and enforcement. 
Sec. 411. Requirements related to control persons. 
Sec. 412. Other tradable assets. 
Sec. 413. Conflict of interest rulemaking. 
Sec. 414. Effective date. 
Sec. 415. Sense of Congress. 
TITLE V—INNOVATION AND TECHNOLOGY IMPROVEMENTS 
Sec. 501. Findings; sense of Congress. 
Sec. 502. Strategic Hub for Innovation and Financial Technology. 
Sec. 503. Codification of LabCFTC. 
Sec. 504. Study on decentralized finance. 
Sec. 505. Study on non-fungible tokens. 
Sec. 506. Study on expanding financial literacy amongst digital commodity 
holders. 
Sec. 507. Study on financial market infrastructure improvements. 
Sec. 508. Study on blockchain in payments. 
Sec. 509. Study on illicit use of digital assets. 
Sec. 510. GAO study on certain centralized intermediaries that are primarily 
located in foreign jurisdictions. 
Sec. 511. Studies on foreign adversary participation. 
Sec. 512. Conforming amendments. 
TITLE VI—ANTI-CBDC SURVEILLANCE STATE ACT
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Sec. 601. Short title. 
Sec. 602. Prohibition on Federal reserve banks relating to certain products or 
services for individuals and prohibition on directly issuing a 
central bank digital currency. 
Sec. 603. Prohibition on Federal reserve banks indirectly issuing a central bank 
digital currency. 
Sec. 604. Prohibition with respect to central bank digital currency. 
Sec. 605. Sense of Congress. 
TITLE 
I—DEFINITIONS; 
RULE-
MAKING; 
EXPEDITED 
REG-
ISTRATION 
SEC. 101. DEFINITIONS UNDER THE SECURITIES ACT OF 
1933. 
Section 2(a) of the Securities Act of 1933 (15 U.S.C. 
77b(a)) is amended by adding at the end the following: 
‘‘(20) BLOCKCHAIN.—The term ‘blockchain’ 
means— 
‘‘(A) any technology— 
‘‘(i) where data is— 
‘‘(I) shared across a network to 
create a distributed ledger of inde-
pendently verifiable transactions or in-
formation among network partici-
pants; 
‘‘(II) linked using cryptography 
to maintain the integrity of the dis-
tributed ledger and to execute other 
functions; and
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‘‘(III) propagated among network 
participants to reach consensus on the 
state of the distributed ledger and any 
other functions; and 
‘‘(ii) composed of source code that is 
publicly available; and 
‘‘(B) any similar technology to the tech-
nology described in subparagraph (A). 
‘‘(21) BLOCKCHAIN
APPLICATION.—The term 
‘blockchain application’ means any executable soft-
ware that is deployed to a blockchain and composed 
of source code that is publicly available, including a 
smart contract or any network of smart contracts, or 
other similar technology. 
‘‘(22) 
BLOCKCHAIN
PROTOCOL.—The 
term 
‘blockchain protocol’ means publicly available source 
code of a blockchain that is executed by the network 
participants of a blockchain to facilitate its func-
tioning, or other similar technology. 
‘‘(23) 
BLOCKCHAIN
SYSTEM.—The 
term 
‘blockchain system’ means any blockchain, together 
with its blockchain protocol or any blockchain appli-
cation or network of blockchain applications. 
‘‘(24) 
DECENTRALIZED
GOVERNANCE
SYS-
TEM.—
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‘‘(A) IN GENERAL.—The term ‘decentral-
ized governance system’ means, with respect to 
a blockchain system, any transparent, rules- 
based system permitting persons to form con-
sensus or reach agreement in the development, 
provision, publication, maintenance, or adminis-
tration of such blockchain system, where par-
ticipation is not limited to, or under the effec-
tive control of, any person or group of persons 
under common control. 
‘‘(B) RELATIONSHIP OF PERSONS TO DE-
CENTRALIZED
GOVERNANCE
SYSTEMS.—With 
respect to a decentralized governance system, 
the decentralized governance system and any 
persons participating in the decentralized gov-
ernance system shall be treated as separate per-
sons unless such persons are under common 
control or acting pursuant to an agreement to 
act in concert. 
‘‘(C) LEGAL
ENTITIES
FOR
DECENTRAL-
IZED
GOVERNANCE
SYSTEMS.—The term ‘de-
centralized governance system’ shall include a 
legal entity used to implement the rules-based 
system described in subparagraph (A), provided 
that the legal entity does not operate pursuant
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to centralized management. For the purposes of 
this subparagraph, the delegation of ministerial 
or administrative authority at the direction of 
the participants in a decentralized governance 
system shall not be construed to be centralized 
management. 
‘‘(25) DIGITAL ASSET.—The term ‘digital asset’ 
means any digital representation of value which is 
recorded on a cryptographically-secured distributed 
ledger or other similar technology. 
‘‘(26) DIGITAL COMMODITY.—The term ‘digital 
commodity’ has the meaning given that term under 
section 1a of the Commodity Exchange Act (7 
U.S.C. 1a). 
‘‘(27) DIGITAL COMMODITY AFFILIATED PER-
SON.—The term ‘digital commodity affiliated per-
son’— 
‘‘(A) means a person (including a digital 
commodity related person) that, with respect to 
any digital commodity— 
‘‘(i) acquires or has any right to ac-
quire 5 percent or more of the total out-
standing units of such digital commodity 
from a digital commodity issuer or an 
agent or underwriter thereof;
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‘‘(ii) is a founder of the digital com-
modity issuer; or 
‘‘(iii) is an executive officer, director, 
trustee, general partner, or person serving 
in a similar capacity of the digital com-
modity issuer or held such role at any 
point in the previous 12-month period; and 
‘‘(B) does not include a decentralized gov-
ernance system. 
‘‘(28) DIGITAL COMMODITY ISSUER.— 
‘‘(A) IN GENERAL.—With respect to a dig-
ital commodity, the term ‘digital commodity 
issuer’ means any person that— 
‘‘(i) issues or causes to be issued, or 
proposes to issue or cause to be issued, a 
unit of such digital commodity to a person; 
or 
‘‘(ii) offers or sells a right to a future 
issuance of a unit of such digital com-
modity to a person. 
‘‘(B) PROHIBITION ON EVASION.—It shall 
be unlawful for any person to knowingly evade 
classification as a ‘digital commodity issuer’ 
and facilitate an arrangement for the primary 
purpose of effecting an offer, sale, distribution,
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or other issuance of a digital commodity, in-
cluding via any arrangement involving the 
transfer of intellectual property associated with 
the blockchain system to which the digital com-
modity relates. 
‘‘(29) DIGITAL
COMMODITY
RELATED
PER-
SON.— 
‘‘(A) IN GENERAL.—With respect to a dig-
ital commodity issuer, the term ‘digital com-
modity related person’— 
‘‘(i) means a person— 
‘‘(I) that is or was in the pre-
vious 6-month period a promoter, sen-
ior employee, advisory board member, 
consultant, advisor, or person serving 
in a similar capacity; or 
‘‘(II) that acquires or has any 
right to acquire 1 percent or more of 
the total outstanding units of such 
digital commodity from a digital com-
modity issuer or an agent or under-
writer thereof; and 
‘‘(ii) does not include a decentralized 
governance system.
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‘‘(B) SENIOR
EMPLOYEE
DEFINED.—In 
this paragraph and with respect to a digital 
commodity issuer, the term ‘senior employee’ 
means any employee materially involved in the 
management of the digital commodity issuer, 
including management of the development of 
the blockchain system to which the digital com-
modity relates. 
‘‘(30) END USER DISTRIBUTION.— 
‘‘(A) IN GENERAL.—The term ‘end user 
distribution’ means a distribution of a unit of 
a digital commodity that— 
‘‘(i) does not involve an exchange of 
more than a nominal value of cash, prop-
erty, or other assets; and 
‘‘(ii) is distributed in a broad and eq-
uitable manner based on conditions capable 
of being satisfied by any participant in the 
blockchain system, including, as incentive- 
based rewards— 
‘‘(I) to users of the digital com-
modity or any blockchain system to 
which the digital commodity relates; 
‘‘(II) for activities directly related 
to the operation of the blockchain sys-
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tem, such as mining, validating, stak-
ing, or other activity directly tied to 
the operation of the blockchain sys-
tem; or 
‘‘(III) to the existing holders of 
another digital commodity, in propor-
tion to the total units of such other 
digital commodity as are held by each 
person. 
‘‘(B) PROTOCOL
CONSENSUS
PARTICIPA-
TION.—The term ‘end user distribution’ in-
cludes the following: 
‘‘(i) SELF STAKING.—The distribution 
of a unit of a digital commodity as a pro-
grammatic result of validating or staking 
activity for a blockchain system’s con-
sensus mechanism, including the staking of 
a digital commodity and the operation of a 
node or validator for such activity where 
the owner of the staked digital commodity 
and operator of the node or validator are 
the same person or entity. 
‘‘(ii) SELF-CUSTODIAL STAKING WITH 
A
THIRD
PARTY.—The distribution of a 
unit of a digital commodity as a pro-