Securities Clarity Act of 2025 excludes investment contract assets from the definition of a security.
The Securities Clarity Act of 2025 amends several securities laws to exclude investment contract assets from the definition of a security. Investment contract assets are defined as fungible digital representations of value that can be transferred directly between parties without an intermediary and are recorded on a cryptographically secured public distributed ledger. This change applies to the Securities Act of 1933, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Exchange Act of 1934, and the Securities Investor Protection Act of 1970.
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