What does Digital Asset Market Clarity Act of 2025 do?

The Digital Asset Market Clarity Act of 2025 (CLARITY Act of 2025), H.R. 3633, establishes a comprehensive dual-agency regulatory framework for digital commodities in the United States. The bill's central objective is to bring legal clarity to the offer, sale, and trading of digital commodities by dividing regulatory jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission based on the nature of the asset and the stage of its development. The legislation recognizes that blockchain-based digital assets occupy a unique position in existing financial law and creates new statutory categories—digital commodity exchanges, digital commodity brokers, and digital commodity dealers—each subject to tailored registration and compliance regimes. Beyond market structure, the bill addresses customer protection, asset segregation, anti-fraud enforcement, and the treatment of decentralized finance activities. It also mandates studies on non-fungible tokens, financial literacy among digital commodity holders, and the risks of foreign adversary participation in digital commodity markets. The bill amends the Securities Exchange Act of 1934, the Securities Act of 1933, the Commodity Exchange Act, and the Investment Advisers Act of 1940, among other statutes, to integrate digital commodities into the existing federal financial regulatory architecture while creating new provisions specifically tailored to the technological realities of blockchain systems.

Who sponsored HR3633?

French Hill, Glenn Thompson, Angela Craig, Tom Emmer, Dusty Johnson, Donald Davis, Bryan Steil, Ritchie Torres, Warren Davidson, Josh Gottheimer, Bill Huizenga, Zachary Nunn, Michael Lawler, Dan Meuser, Earl Carter, Riley Moore, Nicholas Begich, Kristen McDonald Rivet, Shri Thanedar, Mark Messmer, Robert Bresnahan, Haley Stevens

What is the status of HR3633?

Engrossed as of September 18, 2025.

HR3633: Digital Asset Market Clarity Act of 2025 (Engrossed)

Engrossed

H. R. 3633

May 29, 2025

Mr. Hill of Arkansas (for himself, Mr. Thompson of Pennsylvania, Ms. Craig, Mr. Emmer, Mr. Johnson of South Dakota, Mr. Davis of North Carolina, Mr. Steil, Mr. Torres of New York, and Mr. Davidson) introduced the following bill; which was 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

A BILL

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 Commission, and for other purposes.

1. Short title; table of contents; TITLE I—DEFINITIONS; RULEMAKING; PROVISIONAL REGISTRATION; 101. Definitions under the Securities Act of 1933; 102. Definitions under the Securities Exchange Act of 1934; 103. Definitions under the Commodity Exchange Act; 104. Definitions under this Act; 105. Rulemakings; 106. Provisional registration for digital commodity exchanges, brokers, and dealers; 107. Commodity Exchange Act and securities laws savings provisions; 108. Administrative requirements; 109. International cooperation; 110. Implementation; 111. Application of the Bank Secrecy Act; TITLE II—OFFERS AND SALES OF DIGITAL COMMODITIES; 201. Treatment of investment contract assets; 202. Exempted primary transactions in digital commodities; 203. Treatment of secondary transactions in digital commodities that originally involved investment contracts; 204. Requirements for offers and sales of digital commodities by digital commodity related persons and digital commodity affiliated persons; 205. Mature blockchain system requirements; 206. Effective date; TITLE III—REGISTRATION FOR INTERMEDIARIES AT THE SECURITIES AND EXCHANGE COMMISSION; 301. Treatment of digital commodities and permitted payment stablecoins; 302. Anti-fraud authority over permitted payment stablecoins and certain digital commodity transactions; 303. Eligibility of alternative trading systems; 304. Operation of alternative trading systems; 305. Modernization of recordkeeping requirements; 306. Exemptive authority; 307. Additional registrations with the Commodity Futures Trading Commission; 308. Exempting digital commodities from State securities laws; 309. Exclusion for decentralized finance activities; 310. Treatment of custody activities by banking institutions; 311. Digital commodity activities that are financial in nature; 312. Effective date; administration; 313. Studies on foreign adversary participation; TITLE IV—REGISTRATION FOR DIGITAL COMMODITY INTERMEDIARIES AT THE COMMODITY FUTURES TRADING COMMISSION; 401. Commission jurisdiction over digital commodity transactions; 402. Requiring futures commission merchants to use qualified digital asset custodians; 403. Trading certification and approval for digital commodities; 404. Registration of digital commodity exchanges; 405. Qualified digital asset custodians; 406. Registration and regulation of digital commodity brokers and dealers; 407. Registration of associated persons; 408. Registration of commodity pool operators and commodity trading advisors; 409. Exclusion for decentralized finance activities; 410. Resources for implementation and enforcement; 411. Digital commodity activities by SEC-registered entities; 412. Requirements related to control persons; 413. Effective date; 414. Sense of Congress; TITLE V—INNOVATION AND TECHNOLOGY IMPROVEMENTS; 501. Findings; sense of Congress; 502. Modernization of the Securities and Exchange Commission mission; 503. Strategic Hub for Innovation and Financial Technology; 504. Codification of LabCFTC; 505. Study on decentralized finance; 506. Study on non-fungible tokens; 507. Study on expanding financial literacy amongst digital commodity holders; 508. Study on financial market infrastructure improvements

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

H.R.3633