H.R. 3633 · Where this bill is now
In the Senate
Passed the House Jul 17, 2025. Received Sep 18, 2025; no Senate vote yet
What this bill does
In plain words · AI-written from the official summaryCreates federal rules for digital asset trading
This bill sets up a clear set of rules for how digital assets like cryptocurrency can be bought and sold. The Commodity Futures Trading Commission would oversee most digital asset exchanges, brokers, and dealers. Digital assets on mature blockchains (basically, established systems with genuinely decentralized control) could skip some registration steps with the Securities and Exchange Commission if they meet certain conditions. All the companies involved would also have to follow anti-money laundering rules.
How it affects you
If you trade digital assets or use cryptocurrency exchanges, this could affect you directly. The rules would require exchanges and brokers to keep better track of customer money and transactions, potentially affecting how you trade and what information these companies collect from you. People involved in the cryptocurrency industry—traders, exchange operators, and others—would face clearer but more formal federal oversight.
Read the official summary (Introduced in House, May 29, 2025)
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 .
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 3633
AN ACT
Digital Asset Market Clarity Act of 2025
Digital Asset Market Clarity Act
Sponsor: Rep. J. French Hill (R-AR-2) · Introduced May 29, 2025 · Finance and Financial Sector · 5 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Sep 15, 2026: “Motion by Senator Tillis to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 234) entered in Senate.”
How Congress voted
Official roll callsHouse · On Passage · Jul 17, 2025
Passage Passed 294–134
| Party | Yes | No | Didn’t vote |
|---|---|---|---|
| Democrats | 78 | 134 | 0 |
| Republicans | 216 | 0 | 4 |
78 members voted against most of their party: 78 Democrats voted Yes.
Congress votes on whole bills and amendments, not on single sections.
Numbers that changed
Dollar amounts, dates and percentages, taken word for word from the text| Section | Where | Before | After |
|---|---|---|---|
| Sec. 202Amount | Exempted primary transactions in digital commodities…received in such offering, is not more than $50,000,000 (as such amount is annually adjusted by the…Committee version → Passed the House | $75,000,000 | $50,000,000 |
Listed only when one value replaced another and the surrounding words stayed the same. Open a section to read the full wording.
Sections
Opens on the most recent version where something changedSections · 1
Title I — Definitions; Rulemaking; Expedited Registration · 5
- Sec. 102Definitions under the Securities Exchange Act of 1934Changed
- Sec. 103Definitions under the Commodity Exchange ActChanged
- Sec. 104Definitions under this ActChanged
- Sec. 105RulemakingsChanged
- Sec. 106Expedited registration for digital commodity exchanges, brokers, and dealers; provisional statusChanged
Title II — Offers and Sales of Digital Commodities · 4
- Sec. 202Exempted primary transactions in digital commoditiesChanged
- Sec. 203Treatment of secondary transactions in digital commodities that originally involved investment contractsChanged
- Sec. 204Requirements for offers and sales of digital commodities by digital commodity related persons and digital commodity affiliated personsChanged
- Sec. 205Mature blockchain system requirementsChanged
Title III — Registration for Intermediaries at the Securities and Exchange Commission · 8
- Sec. 301Treatment of digital commodities and permitted payment stablecoinsChanged
- Sec. 302Anti-fraud authority over permitted payment stablecoins and certain digital commodity transactionsChanged
- Sec. 303Eligibility of alternative trading systemsChanged
- Sec. 305Modernization of recordkeeping requirementsChanged
- Sec. 307Additional registrations with the Commodity Futures Trading CommissionChanged
- Sec. 308Exempting digital commodities from State securities lawsChanged
- Sec. 309Exclusion for decentralized finance activitiesChanged
- Sec. 310Treatment of custody activities by banking institutionsChanged
Title V — Innovation and Technology Improvements · 2
Title IV — Registration for Digital Commodity Intermediaries at the Commodity Futures Trading Commission · 6
- Sec. 401Commission jurisdiction over digital commodity transactionsChanged
- Sec. 404Registration of digital commodity exchangesChanged
- Sec. 405Qualified digital asset custodiansChanged
- Sec. 406Registration and regulation of digital commodity brokers and dealersChanged
- Sec. 409Exclusion for decentralized finance activitiesChanged
- Sec. 510Conflict of interest rulemakingChanged
4 more sections may have moved or been renamed, but the match wasn’t strong enough to confirm. They are not counted above.