Digital Asset Market Clarity Act

Bill Number: H.R. 3633
Origin Chamber: House
Congress: 119th Congress, Session 1
Policy Area: Finance and Financial Sector
Status: Passed House
Latest Action: 2026-06-01: Placed on Senate Legislative Calendar under General Orders. Calendar No. 423.
Last Updated: 2026-06-11T17:41:36Z

AI-Generated Summary

Purpose The legislation establishes a comprehensive federal framework for regulating the offer, sale, and trading of digital commodities (a defined category of digital assets intrinsically linked to blockchain systems). It aims to clarify jurisdiction between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), provide exemptions for certain primary and secondary transactions, require registration of intermediaries, protect self-custody rights, promote innovation through studies and sandboxes, and prohibit the Federal Reserve from issuing or facilitating central bank digital currencies (CBDCs) for monetary policy or direct individual use.

Key Provisions

Definitions and Rulemakings: Adds detailed definitions for terms such as blockchain, digital commodity, mature blockchain system (a blockchain not under centralized control), permitted payment stablecoin, digital commodity issuer, related person, and affiliated person. Requires joint SEC-CFTC rules on mixed digital asset transactions, self-custody protections, and delisting processes.
Treatment of Transactions: Provides exemptions from securities registration for certain primary offerings of investment contracts involving digital commodities (with disclosure and maturity requirements) and secondary market sales of digital commodities originally sold under investment contracts. End-user distributions (e.g., staking rewards) are generally not treated as securities sales.
Registration and Oversight: Requires registration of digital commodity exchanges, brokers, and dealers with the CFTC (with provisional status and expedited processes); allows dual registration with the SEC. Establishes core principles for exchanges, customer asset segregation, and qualified custodians. Applies Bank Secrecy Act requirements to certain digital asset intermediaries.
Anti-Fraud and Disclosures: Extends anti-fraud authority over digital commodities and permitted payment stablecoins in certain contexts. Requires ongoing disclosures for maturing blockchain systems and restrictions on sales by related persons until maturity certification.
Innovation and Studies: Codifies LabCFTC and creates an SEC innovation hub. Mandates studies on decentralized finance, non-fungible tokens, illicit use, and foreign participation.
Anti-CBDC Measures: Prohibits Federal Reserve banks from offering products/services directly to individuals or issuing CBDCs (directly or indirectly). Includes a sense of Congress on the need for congressional authorization.
Developer Protections: Exempts non-controlling blockchain developers and certain decentralized finance activities from money transmitter or securities registration requirements.
Portfolio Margining and Capital: Directs joint rules for portfolio margining across securities, swaps, futures, and digital commodities, plus capital requirements addressing netting agreements.

Significant Changes to Existing Law

Amends the Securities Act of 1933, Securities Exchange Act of 1934, Commodity Exchange Act, and related statutes to treat most digital commodities as non-securities for secondary transactions while carving out specific regulatory treatment for primary offerings and intermediaries.
Introduces a new “mature blockchain system” certification process that removes certain disclosure and resale restrictions once decentralization criteria are met.
Creates parallel registration regimes at the CFTC for digital commodity entities while preserving existing securities and commodities laws for non-digital assets.
Adds explicit prohibitions on Federal Reserve CBDC activities not previously codified in statute.
Provides safe harbors and exemptions that alter how certain blockchain-related activities are classified under money transmitter, securities, and commodities laws.

Potential Impacts

Government Agencies: Expands CFTC jurisdiction over spot digital commodity markets and intermediaries; requires SEC-CFTC coordination on definitions, margining, and enforcement. Increases compliance and examination burdens for both agencies.
Citizens: Enhances legal clarity and self-custody rights for individuals holding digital assets; may improve investor protections through disclosures and anti-fraud rules, while potentially limiting certain yield-bearing stablecoin products.
International Relations: Could influence global standards for digital asset regulation and cross-border enforcement; includes studies on foreign adversary participation and offshore stablecoins.

Main Stakeholders Affected

Digital asset issuers, exchanges, brokers, dealers, and custodians (new registration and disclosure obligations).
Investors and retail users of digital commodities and stablecoins.
Blockchain developers and operators of decentralized finance protocols (new safe harbors and exemptions).
Traditional financial institutions and banks seeking to engage in digital asset activities.
Federal regulators (SEC, CFTC, Treasury, Federal Reserve) and state regulators.
Payment stablecoin issuers and users.

Notable Legal, Constitutional, or Political Implications

Raises questions of federal preemption over state securities and money transmitter laws for covered digital assets.
Includes explicit constitutional and ethics provisions (e.g., restrictions on members of Congress and executive branch officials issuing digital commodities).
The anti-CBDC title reflects ongoing debates over monetary policy, privacy, and surveillance.
Creates a dual-regulator model that attempts to balance innovation with consumer protection, with potential for future litigation over jurisdictional boundaries or the scope of exemptions.
Emphasizes technology-neutral definitions while requiring ongoing joint rulemaking, which may affect the speed and consistency of implementation.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Hill, J. French [R-AR-2]

Cosponsors (21)

Rep. Thompson, Glenn [R-PA-15], Rep. Craig, Angie [D-MN-2], Rep. Emmer, Tom [R-MN-6], Rep. Johnson, Dusty [R-SD-At Large], Rep. Davis, Donald G. [D-NC-1], Rep. Steil, Bryan [R-WI-1], Rep. Torres, Ritchie [D-NY-15], Rep. Davidson, Warren [R-OH-8], Rep. Gottheimer, Josh [D-NJ-5], Rep. Huizenga, Bill [R-MI-4], Rep. Nunn, Zachary [R-IA-3], Rep. Lawler, Michael [R-NY-17], Rep. Meuser, Daniel [R-PA-9], Rep. Carter, Earl L. "Buddy" [R-GA-1], Rep. Moore, Riley M. [R-WV-2], Rep. Begich, Nicholas J. [R-AK-At Large], Rep. McDonald Rivet, Kristen [D-MI-8], Rep. Thanedar, Shri [D-MI-13], Rep. Messmer, Mark B. [R-IN-8], Rep. Bresnahan, Robert P. [R-PA-8], Rep. Stevens, Haley M. [D-MI-11]

Recent Actions

2026-06-01: Placed on Senate Legislative Calendar under General Orders. Calendar No. 423.
2026-06-01: Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, with an amendment in the nature of a substitute. Without written report.
2026-06-01: Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, with an amendment in the nature of a substitute. Without written report.
2026-05-14: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
2025-09-18: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-07-17: Motion to reconsider laid on the table Agreed to without objection.
2025-07-17: 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) (Roll call 199)
2025-07-17: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199). (Roll call 199)
2025-07-17: Considered as unfinished business. (consideration: CR H3449)
2025-07-17: 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.
2025-07-17: The previous question was ordered pursuant to the rule.
2025-07-17: DEBATE - The House proceeded with one hour of debate on H.R. 3633.
2025-07-17: 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.
2025-07-17: Considered under the provisions of rule H. Res. 580. (consideration: CR H3373)
2025-07-15: 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.

Bill Versions

Digital Asset Market Clarity Act of 2025 — issued 2025-07-17 — PDF (258 pages)
Digital Asset Market Clarity Act of 2025 — issued 2025-07-17 — PDF (258 pages)
Digital Asset Market Clarity Act of 2025 — issued 2025-05-29 — PDF (236 pages)
Digital Asset Market Clarity Act of 2025 — issued 2025-09-18 — PDF (257 pages)
Digital Asset Market Clarity Act of 2025 — issued 2025-06-23 — PDF (536 pages)
Digital Asset Market Clarity Act — issued 2026-06-01 — PDF (594 pages)