H.R. 3633 · 119th Congress · Finance and Financial Sector
Digital Asset Market Clarity Act
Establishes regulatory framework for digital commodities under CFTC and SEC jurisdiction. AI-read
What it does
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.
Summary by the Congressional Research Service, May 29, 2025 (Introduced in House). CRS summarizes bills impartially; it does not take positions.
Roll call votes
| Date | Question | Party split (yea) | Result |
|---|---|---|---|
| Jul 17, 2025 House roll 198 |
On PassageCLARITY Act | D 78–134 · R 216–0 |
Passed 294–134 |
| Sep 15, 2026 Senate roll 893 |
On Cloture on the Motion to ProceedTo 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, to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes. | D 0–44 · R 49–4 · I 0–2 |
Failed 49–50 |
What members said about it
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Warnock Statement on Clarity Act Vote
Senator Reverend Raphael Warnock (D-GA) released the following statement after voting “NO” on the motion to invoke cloture on the motion to proceed to H.R.3633, the Clarity Act.
“Senate Republicans’ insistence on protecting this president’s rampant corruption killed the Clarity Act. Like many of my Democratic colleagues, I was ready to continue negotiations and make reasonable compromises to provide much-needed regulatory certainty. But I will never look away when it comes to the President…”
Latest 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.