Short titles; table of contents

(a) Short title This Act may be cited as the Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025. (b) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Title I—Definitions; Rulemaking; Provisional 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. 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. International cooperation. Sec. 110. Application of the Bank Secrecy Act. Sec. 111. 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. Sec. 303. Eligibility of alternative trading systems. Sec. 304. Operation of alternative trading systems. Sec. 305. Modernization of recordkeeping requirements. Sec. 306. Exemptive authority. Sec. 307. Additional registrations with the Commodity Futures Trading Commission. 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. Digital commodity activities that are financial in nature. Sec. 312. Effective date; administration. Sec. 313. Studies on foreign adversary participation. Title IV—Registration for Digital Commodity Intermediaries at the Commodity Futures Trading Commission 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 advisors. Sec. 409. Exclusion for decentralized finance activities. Sec. 410. Resources for implementation and enforcement. Sec. 411. Digital commodity activities by SEC-registered entities. Sec. 412. Requirements related to control persons. Sec. 413. Other tradable assets. Sec. 414. Effective date. Sec. 415. Sense of Congress. Title V—Innovation and Technology Improvements Sec. 501. Findings; sense of Congress. Sec. 502. Modernization of the Securities and Exchange Commission mission. Sec. 503. Strategic Hub for Innovation and Financial Technology. Sec. 504. Codification of LabCFTC. Sec. 505. Study on decentralized finance. Sec. 506. Study on non-fungible tokens. Sec. 507. Study on expanding financial literacy amongst digital commodity holders. Sec. 508. Study on financial market infrastructure improvements. Sec. 509. Study on illicit use of digital assets. Sec. 510. Conflict of interest rulemaking.

(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 Surveillance 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. 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 Commission. 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 Intermediaries at the Commodity Futures Trading Commission 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 advisors. 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 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.