Digital Asset Market Clarity Act of 2025

Bill: 119-hr-3633
Sponsor: Rep. Hill, J. French [R-AR-2]
Introduced: 2025-05-29 in the House
Policy area: Finance and Financial Sector
Subjects: Advanced technology and technological innovations
Bank accounts, deposits, capital
Banking and financial institutions regulation
Business records
Computers and information technology
Currency
Digital media
Financial services and investments
Fraud offenses and financial crimes
Licensing and registrations
Securities

Summary:
action_date: 2025-05-29
text: 

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 .


Legislative actions:
action_date: 2025-09-18
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2025-07-17
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2025-07-17
text: On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199). (text of amendment in the nature of a substitute: CR H3373-3397)
action_date: 2025-07-17
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199).
action_date: 2025-07-17
text: Considered as unfinished business. (consideration: CR H3449: 1)
action_date: 2025-07-17
text: POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 3633, the Chair put the question on passage of the bill and by voice vote, announced that the ayes had prevailed. Ms. Craig demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
action_date: 2025-07-17
text: The previous question was ordered pursuant to the rule.
action_date: 2025-07-17
text: DEBATE - The House proceeded with one hour of debate on H.R. 3633.
action_date: 2025-07-17
text: Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
action_date: 2025-07-17
text: Considered under the provisions of rule H. Res. 580. (consideration: CR H3373)
action_date: 2025-07-15
text: Rules Committee Resolution H. Res. 580 Reported to House. Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
action_date: 2025-06-23
text: Placed on the Union Calendar, Calendar No. 134.
action_date: 2025-06-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-168, Part II.
action_date: 2025-06-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-168, Part II.
action_date: 2025-06-23
text: Reported (Amended) by the Committee on Agriculture. H. Rept. 119-168, Part I.
action_date: 2025-06-23
text: Reported (Amended) by the Committee on Agriculture. H. Rept. 119-168, Part I.
action_date: 2025-06-10
text: Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 19.
action_date: 2025-06-10
text: Committee Consideration and Mark-up Session Held
action_date: 2025-06-10
text: Ordered to be Reported (Amended) by the Yeas and Nays: 47 - 6.
action_date: 2025-06-10
text: Committee Consideration and Mark-up Session Held
action_date: 2025-05-29
text: Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2025-05-29
text: Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2025-05-29
text: Introduced in House
action_date: 2025-05-29
text: Introduced in House