Digital Asset Market Clarity Act of 2025
May 29, 2025
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The Frame
This legislation would fundamentally change how digital assets are classified and regulated in the U.S., potentially exempting certain digital commodities from state securities laws and creating new registration requirements for crypto exchanges and brokers.
Potentially affected actors named in the source documents. Mention is not a position.
Digital asset exchanges and brokers
These entities must comply with new federal registration requirements and operational standards set by the SEC and CFTC.
Decentralized finance (DeFi) participants
The bill provides specific exclusions for certain DeFi activities, potentially changing their regulatory status.
State securities regulators
The bill preempts state securities laws for certain digital commodities, limiting state-level oversight authority.
Last recorded activity May 29, 2025.
Introduced.
Summary
Key Facts
- Establishes a federal regulatory system for the offer and sale of digital commodities.
- Provides legal definitions for 'blockchain,' 'blockchain application,' 'blockchain protocol,' and 'decentralized governance system.'
- Creates a provisional registration process for digital commodity exchanges, brokers, and dealers.
- Exempts certain digital commodities from state-level securities laws.
- Includes specific exclusions for decentralized finance (DeFi) activities from certain registration requirements.
- Requires futures commission merchants to utilize qualified digital asset custodians.
- Mandates studies on foreign adversary participation in digital asset markets, decentralized finance, and non-fungible tokens (NFTs).
- Directs the SEC and CFTC to modernize their internal structures, including codifying the 'LabCFTC' and the 'Strategic Hub for Innovation and Financial Technology'.
- Sets requirements for 'mature blockchain systems' and secondary transactions involving digital commodities.
- Applies Bank Secrecy Act requirements to digital commodity activities.
Why It Matters
This legislation would fundamentally change how digital assets are classified and regulated in the U.S., potentially exempting certain digital commodities from state securities laws and creating new registration requirements for crypto exchanges and brokers.
Frequently Asked Questions
Does this bill regulate all cryptocurrencies?
Will this change how I trade crypto on an exchange?
News Coverage
Lobbying Activity
AARP
2026
“P.L. 119-21, One Big Beautiful Bill Act H.R. 8867, Planning for Long-term Aging Needs (PLAN) Act H.R. 5861, Legacy Act of 2025 H.R. 9393, the Lower Costs, More Transparency Act. H.R. 9396, the Prior Authorization Accountability Act. S. 4916, the Aging with Artificial Intelligence Act. H.R. 8100, Safe Staffing Saves Lives Act. S. 3886, Nurses Belong in Nursing Homes Act. H.R. 6766/S. 3492, the Essential Caregivers Act of 2025. H.R. 7966/S. 4118, Hospice Care Accountability, Reform, and Enforcement (Hospice CARE) Act. S. 2120, the Older Americans Act Reauthorization Act of 2025 H.R. 5575, the Firefighters Assisting Seniors to Emergency Response (FASTER) Act of 2025. H.R. 3954/S. 4641, Improving Access to Medicare Coverage Act. H.R.5554/S.2831, Stand Strong for Medicare Act. S. 3439/H.R. 6735, Connecting Caregivers to Medicare Act and efforts related to the bill S. 1227/H.R. 2491, Alleviating Barriers for Caregivers Act S. 668/H.R. 3183, Supporting Access to Falls Education and Prevention and Strengthening Training Efforts and Promoting Safety Initiatives (SAFE STEPS) for Veterans Act of 2025 CMS-1851-P, Hospice Proposed rule. CMS-1843-P, Skilled Nursing Facility Proposed rule. CMS-1844-P, Home Health Proposed rule. No bill number. Health care transparency. No bill number. Discussed use of artificial intelligence and health data technology. No bill number. Discussed health-related policies and activities around the fall respiratory virus season. No bill number. Discussed health insurance affordability proposals. No bill number. Discussed Nursing Home staffing standards, safety, and quality. No bill number. Discussed Nursing home transparency and ownership requirements. No bill number. Discussed home health, hospice, and long-term care. No bill number. Discussed falls prevention. No bill number. Discussed social isolation. No bill number. Discussed HUD Assisted Living Requirements No bill number. Discussed family caregiving. No bill number. Discussed AARP paper on Medicare Caregiver Training Services. No bill number. Discussed Medicaid community engagement interim final rule, including the family caregiver exemption. No bill number. Discussed the paid direct care workforce in long-term care. No bill number. Discussed the unaffordability of long-term care. No bill number. Discussed Money Follows the Person Rebalancing Demonstration Program and Medicaid HCBS spousal impoverishment protections. No bill number. Discussed Medicaid fraud and family caregivers, Medicaid self-direction programs. No bill number. Discussed sandwich generation family caregiver hearing and submitted a statement for the record discussing family caregivers and sandwich generation caregivers, programs that support them, AARP caregiving resources, and federal policies to support sandwich generation caregivers and caregivers more broadly. No bill number. Discussed long-term care. No bill number. CMS-2453-NC; Medicaid Program; 2028 Medicaid Home and Community-Based Services Quality Measure Set Submitted comments No bill number. Discussed expanding access to home care. No bill number. Discussed the increasing cost of home care No bill number. Discussed HSA use for telehealth chronic care management services/subscriptions. No bill number. Discussed artificial intelligence and technology”
THE RUSSELL GROUP, INC.
on behalf of CME GROUP, INC.
CRYPTO COUNCIL FOR INNOVATION
GD MOUNTAIN INSIGHTS, LLC
on behalf of BAM TRADING SERVICES INC. DBA BINANCE.US
STINSON LLP
on behalf of FIGURE TECHNOLOGY SOLUTIONS, INC
SULLIVAN & CROMWELL LLP
on behalf of AMERICAN EXCHANGE COALITION (INFORMAL COALITION)
Voting Record
Total
428
Yes
294
No
134
Present
0
Not Voting
0
Abstain
0
How they voted (428)
Eric Sorensen
D · yes
Sam Graves
R · yes
Byron Donalds
R · yes
Trent Kelly
R · yes
John Joyce
R · yes
Jennifer McClellan
D · no
Tony Wied
R · yes
Hillary Scholten
D · yes
Michael Simpson
R · yes
Maxine Dexter
D · no
Angie Craig
D · yes
Ami Bera
D · yes
Lisa McClain
R · yes
Mike Ezell
R · yes
Brad Finstad
R · yes
Scott DesJarlais
R · yes
Andrea Salinas
D · no
Adam Smith
D · no
Jared Moskowitz
D · yes
Sheila Cherfilus-McCormick
D · no
Raja Krishnamoorthi
D · yes
Al Green
D · no
Rashida Tlaib
D · no
Julia Brownley
D · no
+ 404 more
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Federal Preemption of State Law
The bill explicitly seeks to exempt digital commodities from state securities laws, which would shift regulatory power from state agencies to federal regulators.
Connected Entities
Sources
www.congress.gov
Analysis Score
0–100- Significance90How much this matters to a regular citizen
- Controversy75Intensity of disagreement among stakeholders
- Entertainment20Compellingness for a non-policy-wonk reader
- Buzz85Current news / social attention level
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