Skip to content
ContentLora

    Tip: press / anywhere to search.

    concept

    CLARITY Act (Digital Asset Market Clarity Act, H.R. 3633)

    Also known as CLARITY Act, Digital Asset Market Clarity Act of 2025, H.R. 3633, Lummis-Gillibrand Responsible Financial Innovation Act of 2026

    The Digital Asset Market Clarity Act (H.R. 3633) is a US bill that would set federal rules for crypto markets, making the CFTC the main regulator of "digital commodity" trading while keeping the SEC in charge of securities.[1][2] It passed the House 294-134 in July 2025,[3] but on September 15, 2026, the Senate fell short of the 60 votes needed to begin debate, voting 49-50.[4][5]

    Editor reviewedStrict sourcingUpdated CryptoTech policy
    Key facts

    The CLARITY Act is the main US bill on how crypto markets should be regulated. Its core idea is to sort digital assets into categories and give each category a regulator: the Commodity Futures Trading Commission for “digital commodity” trading, and the Securities and Exchange Commission for securities.[1][2] This page is for information only and is not financial or investment advice.

    Origins and House passage

    Rep. French Hill, chair of the House Financial Services Committee, introduced the bill on May 29, 2025.[6] It was referred to both the Financial Services and Agriculture committees, which reflects the split between securities and commodities oversight.[7] Both committees ordered it reported on June 10, 2025, by votes of 32-19 and 47-6.[8] The House passed it on July 17, 2025, by 294 to 134.[3] The House took it up under the same rule as the GENIUS Act stablecoin bill.[9] The House-passed version also includes the Anti-CBDC Surveillance State Act, which would bar the Federal Reserve from using a central bank digital currency for monetary policy.[10]

    What the bill does

    • Defines “digital commodity”. In the House text, a digital commodity is a digital asset intrinsically linked to a blockchain system, whose value is derived, or reasonably expected to be derived, from the use of that system.[11] Securities, permitted payment stablecoins and bank deposits are excluded.[12]
    • Gives the CFTC spot-market authority. The CFTC would get exclusive jurisdiction over digital commodity sales on or through its registered entities, including cash or spot markets.[13] Today the agency can police fraud and manipulation in those markets but has no general program to register spot exchanges, brokers and dealers.[14]
    • Sets a “mature blockchain” test. A blockchain counts as mature when no person or group under common control controls it.[15]
    • Creates an offering exemption. Some token sales would be exempt from SEC registration if the issuer has raised no more than $50 million in the past 12 months, among other conditions.[16]
    • Applies anti-money-laundering rules. Digital commodity exchanges, brokers and dealers would be covered by the Bank Secrecy Act.[17]

    For a plain-language walk-through, see What the CLARITY Act does, explained.

    The Senate version

    In the Senate, the bill went to the Banking Committee.[18] The committee’s substitute text includes a title called the Lummis-Gillibrand Responsible Financial Innovation Act of 2026.[19] It introduces “ancillary assets”: network tokens whose value depends on the managerial efforts of the people who launched them.[20] It also bars crypto platforms from paying interest or yield simply for holding stablecoins, while allowing rewards tied to genuine activity.[21][22] Other titles cover illicit finance, decentralized finance, software developers and the treatment of customer property in bankruptcy.[23] The Senate Agriculture Committee advanced a separate CFTC-focused text, the Digital Commodity Intermediaries Act, which would need to be merged with the Banking text.[24][25]

    Status in October 2026

    The Banking Committee reported the bill 15-9 on May 14, 2026, and it reached the Senate calendar on June 1.[26][27] On September 15, 2026, the Senate voted 49-50 on cloture on the motion to proceed.[4] Sen. Thom Tillis then entered a motion to reconsider, which keeps the bill procedurally alive.[28] As of the official record retrieved on October 10, 2026, no later action had been recorded.[29] The SEC and CFTC are now writing crypto rules under their existing powers.[30][31] The dated record is in the CLARITY Act tracker, and the arguments for and against are set out in the CLARITY Act debate.

    Questions readers ask

    What is the CLARITY Act?

    It is H.R. 3633, the Digital Asset Market Clarity Act, a bill to create federal rules for crypto markets. It would make the CFTC the general regulator of digital commodity exchanges, brokers and dealers.[6][1]

    Has the CLARITY Act become law?

    No. It passed the House in July 2025, but on September 15, 2026 the Senate voted 49-50 on cloture, short of the 60 votes needed to begin debate.[3][4][5]

    Is the bill dead?

    Not formally. Sen. Thom Tillis entered a motion to reconsider the failed vote, and the bill remains on the Senate calendar. Several law firms tracking it assessed it as effectively dead in the near term.[28][27][33]

    What is a digital commodity under the bill?

    In the House text, a digital asset intrinsically linked to a blockchain system whose value comes, or is expected to come, from the use of that system. Securities, permitted payment stablecoins and bank deposits are excluded.[11][12]

    Sources

    Each numbered claim is a statement we checked against the sources listed with it. Status shows how well established it is.

    1. [1]

      According to the Congressional Research Service summary, the bill would make the CFTC the general regulator of digital commodity transactions, including digital commodity exchanges, brokers and dealers. confirmedas of 2026-10-10

    2. [2]

      According to the CRS summary, the bill gives the SEC jurisdiction over digital commodity activity by certain brokers and dealers on alternative trading systems and by national securities exchanges. confirmedas of 2026-10-10

    3. [3]

      The House passed H.R. 3633 on July 17, 2025, by a vote of 294 to 134 (Roll no. 199). confirmedas of 2026-10-10

    4. [4]

      On September 15, 2026, the Senate rejected cloture on the motion to proceed to H.R. 3633 by 49 to 50 (Rollcall Vote No. 234), with Sen. Chris Coons not voting. confirmedas of 2026-10-10

    5. [5]

      Invoking cloture on the motion to proceed required 60 votes, three-fifths of the Senate, and would not itself have passed the bill. confirmedas of 2026-10-10

    6. [6]

      Rep. French Hill (R-Ark.), chair of the House Financial Services Committee, introduced H.R. 3633, the Digital Asset Market Clarity Act, on May 29, 2025. confirmedas of 2026-10-10

    7. [7]

      H.R. 3633 was referred to both the House Financial Services Committee and the House Agriculture Committee. confirmedas of 2026-10-10

    8. [8]

      On June 10, 2025, the House Financial Services and Agriculture committees each held markups and ordered the bill reported, by recorded votes of 32-19 and 47-6. confirmedas of 2026-10-10

    9. [9]

      The House took up the CLARITY Act and the Senate-passed GENIUS Act stablecoin bill (S. 1582) under the same rule, H. Res. 580, in July 2025. confirmedas of 2026-10-10

    10. [10]

      The House-passed bill also carries the Anti-CBDC Surveillance State Act, which bars the Federal Reserve from issuing a central bank digital currency. confirmedas of 2026-10-10

    11. [11]

      The House-passed text defines a digital commodity as a digital asset intrinsically linked to a blockchain system whose value is derived, or reasonably expected to be derived, from the use of that blockchain system. confirmedas of 2026-10-10

    12. [12]

      The House text's digital commodity definition excludes securities, security derivatives, permitted payment stablecoins and bank deposits. confirmedas of 2026-10-10

    13. [13]

      The House text gives the CFTC exclusive jurisdiction over contracts of sale of digital commodities, including in cash or spot markets, conducted on or through CFTC-registered entities. confirmedas of 2026-10-10

    14. [14]

      Under current law the CFTC can police fraud and manipulation in spot crypto commodity markets but has no general program to register or supervise spot exchanges, brokers and dealers; the CLARITY Act would have created one. confirmedas of 2026-10-10

    15. [15]

      The House text defines a mature blockchain system as one that, together with its digital commodity, is not controlled by any person or group of persons under common control. confirmedas of 2026-10-10

    16. [16]

      The House text exempts certain primary sales of digital commodities from SEC registration where the issuer has raised no more than $50 million (inflation-adjusted) in the preceding 12 months, subject to other conditions. confirmedas of 2026-10-10

    17. [17]

      Under the bill, digital commodity exchanges, brokers and dealers would be subject to the Bank Secrecy Act's anti-money-laundering rules. confirmedas of 2026-10-10

    18. [18]

      The Senate received H.R. 3633 on September 18, 2025, and referred it to the Senate Banking, Housing, and Urban Affairs Committee. confirmedas of 2026-10-10

    19. [19]

      The Senate Banking Committee's substitute text, reported June 1, 2026, includes a title called the Lummis-Gillibrand Responsible Financial Innovation Act of 2026. confirmedas of 2026-10-10

    20. [20]

      The Senate Banking text introduces "ancillary assets", network tokens whose value depends on the entrepreneurial or managerial efforts of the token's originator or a related person. confirmedas of 2026-10-10

    21. [21]

      The Senate Banking text bars digital asset service providers from paying interest or yield to US customers solely for holding payment stablecoins. confirmedas of 2026-10-10

    22. [22]

      The Senate Banking text permits rewards based on bona fide activities or transactions that are not economically equivalent to interest on a bank deposit. confirmedas of 2026-10-10

    23. [23]

      The Senate Banking text also includes titles on illicit finance, decentralized finance, bank activities, protections for software developers and customer property in bankruptcy. confirmedas of 2026-10-10

    24. [24]

      The Senate Agriculture Committee's text, published in January 2026 as the Digital Commodity Intermediaries Act, focuses mainly on CFTC authority over digital commodity markets. confirmedas of 2026-10-10

    25. [25]

      On January 29, 2026, the Senate Agriculture Committee advanced its CFTC-focused market structure bill, the Digital Commodity Intermediaries Act, on a 12-11 party-line vote. confirmedas of 2026-10-10

    26. [26]

      On May 14, 2026, the Senate Banking Committee voted 15-9 to report the CLARITY Act with a substitute amendment, with two Democrats joining all 13 Republicans. confirmedas of 2026-10-10

    27. [27]

      Sen. Tim Scott reported the bill to the Senate on June 1, 2026, and it was placed on the Senate calendar as Calendar No. 423. confirmedas of 2026-10-10

    28. [28]

      After the vote, Sen. Thom Tillis entered a motion to reconsider it, which keeps the bill procedurally alive. confirmedas of 2026-10-10

    29. [29]

      As of the official bill status record retrieved on October 10, 2026 (last updated September 17), the motion to reconsider entered on September 15 was the most recent recorded action on H.R. 3633. confirmedas of 2026-10-10

    30. [30]

      On August 18, 2026, the SEC proposed Regulation Crypto Assets, with a one-time $5 million exemption over four years and a $75 million per-12-month exemption for certain crypto asset investment contracts. confirmedas of 2026-10-10

    31. [31]

      On October 5, 2026, the CFTC published an advance notice of proposed rulemaking on crypto asset transactions, including a new "crypto asset market" subcategory of designated contract market. confirmedas of 2026-10-10

    32. [32]

      The House text defines a permitted payment stablecoin by reference to the GENIUS Act. confirmedas of 2026-10-10

    33. [33]

      Law firms tracking the bill, including Troutman Pepper Locke and Hunton Andrews Kurth, assessed after the vote that the CLARITY Act was effectively dead in the near term. reportedas of 2026-09-25· interpretation

    Revision history (1)
    1. Page created.

    Created Oct 10, 2026. Last reviewed by an editor on Oct 10, 2026. Next scheduled review: Dec 10, 2026.

    Cite this page

    "CLARITY Act (Digital Asset Market Clarity Act, H.R. 3633)." ContentLora, updated Oct 10, 2026. https://contentlora.com/wiki/clarity-act

    Spotted an error? Suggest a correction or emailcorrections@contentlora.com.

    Keep exploring

    Connections
    CFTC (Commodity Fut… Main spot-market regulato…SEC (US Securities … Keeps securities jurisdic…GENIUS Act Builds on stablecoin law
    ☰ Contents