POLISCOPE
Back to feed
HR3633FEDERAL
High Impact

Digital Asset Market Clarity Act of 2025

Original title: Digital Asset Market Clarity Act

May 29, 2025

Track this bill to get notified when it advances a stage. One tap to stop, anytime.

The Frame

What this does

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.

Who is mentioned in the record

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.

What changed

Last recorded activity May 29, 2025.

What's next

Introduced.

Summary

This bill establishes a new regulatory framework for digital assets, assigning oversight responsibilities to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It creates specific definitions for blockchain technology and s while setting rules for how digital commodities are offered, sold, and traded.

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?
The bill creates a framework for 'digital commodities' and provides specific definitions for blockchain systems, but it distinguishes these from other financial instruments and provides specific exclusions for decentralized finance activities.
Will this change how I trade crypto on an exchange?
The bill introduces new registration and operational requirements for exchanges, brokers, and dealers, which may change the compliance and reporting standards for these platforms.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Lobbying Activity

AARP

$4,110,000

2026

HEALTH ISSUESMEDICARE/MEDICAIDLAW ENFORCEMENT/CRIME/CRIMINAL JUSTICEPHARMACY

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

$300,000

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

Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

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

organizationCommodity Futures Trading CommissionPrimary federal regulator for commodities; tasked with new oversight duties undeMap →
personMr. HillRepresentative from Arkansas who introduced the bill.Map →
organizationSecurities and Exchange CommissionPrimary federal regulator for securities; tasked with new oversight duties underMap →

Sources

Open source document

www.congress.gov

Analysis Score

0–100
  • Significance90
    How much this matters to a regular citizen
  • Controversy75
    Intensity of disagreement among stakeholders
  • Entertainment20
    Compellingness for a non-policy-wonk reader
  • Buzz85
    Current news / social attention level

Publisher tools

Share or embed this record

POLISCOPE publisher tools

Share or embed this record