Real bill currently in Congress c/o HR/119/3633
Digital Asset Market Clarity Act
Latest action (2026-08-08): Cloture motion on the motion to proceed to the measure presented in Senate. (CR S4557)
Official summary
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.
The Framers
“Founders’ Verdict”
Confidence 0.75
Synthesis
The bill is constitutional as a valid exercise of Congress's power to regulate interstate commerce under Article I, Section 8, Clause 3, and the Necessary and Proper Clause (Clause 18). The regulatory framework for digital commodities, including CFTC/SEC oversight and Bank Secrecy Act obligations, is an appropriate means to prevent fraud and maintain market integrity. The delegation of rulemaking authority to expert agencies with defined standards is permissible, provided definitions such as 'mature blockchain' are clear to avoid arbitrary enforcement.
The bill's division of regulatory authority between the CFTC and SEC is consistent with the constitutional vesting of legislative power in Congress to regulate interstate commerce (Article I, Section 8, Clause 3) and to define the jurisdiction of federal courts and agencies. However, the exemption of certain digital commodities from SEC registration may undermine the uniformity of securities laws and the protection of investors, which the Constitution's Necessary and Proper Clause (Article I, Section 8, Clause 18) empowers Congress to secure. The bill must ensure that any exemption does not cr…
This bill proposes to create a vast new federal regulatory apparatus over digital commodities, granting the Commodity Futures Trading Commission and the Securities and Exchange Commission powers to license, monitor, and enforce rules on exchanges, brokers, and dealers. Such an extension of federal authority is not enumerated in the Constitution. The Tenth Amendment reserves to the States or to the people all powers not delegated to the United States. The regulation of internal commerce and property—including digital assets—falls within the police powers of the several States, unless the activi…
The bill regulates digital commodities, which are instruments of interstate commerce. Congress possesses the authority to regulate such commerce under Article I, Section 8, Clause 3, and may enact all laws necessary and proper for executing that power under Clause 18. The establishment of a federal regulatory framework for digital commodity exchanges, brokers, and dealers, and the imposition of anti-money laundering requirements, are appropriate means to prevent fraud and maintain market integrity, consistent with the principles of controlling faction and promoting the general welfare as discu…
The Constitution vests in Congress the power to regulate commerce among the several states. This power, as expounded in Gibbons v. Ogden, is plenary and extends to all commercial intercourse. Digital commodities, by their very nature, are instruments of interstate and international commerce, and their regulation by the federal government is both necessary and proper. The establishment of a regulatory framework through the Commodity Futures Trading Commission and the Securities and Exchange Commission, coupled with requirements under the Bank Secrecy Act, constitutes a legitimate means to execu…
What should pass
“AI Consensus Solution”
Digital Asset Market Clarity and Consumer Protection Act of 2025
To establish a clear federal regulatory framework for digital commodities that allocates jurisdiction between the CFTC and SEC, imposes anti-money laundering obligations, and provides market integrity protections, while allowing innovation.
Bipartisan rationale: Honors Democratic priorities: strong consumer protections, anti-money laundering safeguards, and market integrity through clear rules and enforcement. Honors Republican priorities: regulatory clarity, reduced uncertainty for innovators, a sunset provision to prevent permanent overreach, and a fee-based funding mechanism that does not rely on general tax revenue.
Vote-count path: ~260 House votes: 180 Democrats + 80 Republicans; ~65 Senate votes: 50 Democrats + 15 Republicans from oversight-minded caucus.