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Key Takeaways

The Digital Asset Market Clarity Act of 2025 (H.R. 3633) is a U.S. federal bill that aims to establish clear rules for how digital assets are classified and regulated.

The bill divides oversight between two regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), depending on whether a token is classified as a security or a commodity.

A key feature called the "mature blockchain test" could allow certain tokens to move from SEC oversight to CFTC oversight once their network becomes sufficiently decentralized.

Truly decentralized protocols and non-custodial developers may be largely exempt from the new rules, but centralized exchanges face new registration and compliance obligations.

As of May 2026, the bill has passed the U.S. House of Representatives and cleared the Senate Banking Committee, but has not yet received a full Senate floor vote.

Introduction

For years, the U.S. crypto industry operated without a dedicated regulatory framework. Two federal regulators, the SEC and the CFTC, had overlapping and sometimes competing claims over digital assets. The CLARITY Act is a proposed law that attempts to resolve that ambiguity by drawing clear jurisdictional boundaries and establishing specific rules for crypto market participants.

What Is the CLARITY Act?

The Digital Asset Market Clarity Act of 2025 (H.R. 3633), widely known as the CLARITY Act, is a proposed U.S. federal law designed to create a comprehensive regulatory framework for cryptocurrencies and digital assets.

Introduced in May 2025 by House Financial Services Committee Chairman French Hill and House Agriculture Committee Chairman G.T. Thompson, the bill passed the U.S. House of Representatives on July 17, 2025, with a bipartisan vote of 294 to 134.

The bill covers a wide range of market participants, including centralized crypto exchanges, brokers, dealers, and certain decentralized finance (DeFi) protocols. It also introduces new rules for consumer protection, Anti-Money Laundering (AML) compliance, and tax reporting.

Why Did Congress Write This Bill?

Regulators disagreed on which assets were securities (overseen by the SEC) and which were commodities (overseen by the CFTC). This uncertainty made it difficult for exchanges to operate, for projects to raise funds, and for institutional investors to participate.

High-profile legal battles, such as the SEC's lawsuits against several major crypto projects over whether their tokens constituted unregistered securities, highlighted the need for clearer rules. Without clarity, many crypto businesses chose to operate offshore, which critics argued was costing the U.S. competitive ground in a rapidly growing global market.

The CLARITY Act represents an attempt to create a "rulebook" that would allow the industry to operate within a defined legal framework, attract institutional capital, and strengthen consumer protections, all without stifling technological innovation.

SEC vs. CFTC: How Would Oversight Be Divided?

The central innovation of the CLARITY Act is how it splits regulatory authority between the SEC and the CFTC. The division depends on how a digital asset is classified.

Assets under SEC oversight

The SEC would retain jurisdiction over digital assets classified as "investment contract assets." This broadly covers tokens that resemble traditional securities, where investors expect to profit from the efforts of a central team or organization.

This framework draws on the long-standing Howey Test used for securities analysis. Under these rules, Initial Coin Offerings (ICOs) and many centralized token projects would likely continue to fall under SEC authority.

Assets under CFTC oversight

The CFTC would gain authority over "digital commodities." These are tokens that operate on sufficiently decentralized networks and function as utilities rather than as investment vehicles.

Bitcoin (BTC) and, potentially, Ether (ETH) are often cited as examples of tokens that could qualify as digital commodities under this framework. Importantly, the CFTC would gain explicit authority over digital commodity spot markets for the first time, a significant expansion of its mandate.

The mature blockchain test

One of the most discussed elements of the CLARITY Act is the "mature blockchain test." This is a set of criteria that a blockchain network must meet for its native token to shift from SEC classification to CFTC classification.

The criteria focus on decentralization: for example, whether no single entity or affiliated group controls more than 20% of the token supply or outstanding voting power, whether the code is open-source, and whether the token has functional utility beyond investment. For more established blockchains, an additional test requires that at least half of all tokens are held outside the founding team.

Think of it like a startup where the founders initially hold most of the equity. Over time, ownership and control spread across many shareholders and the founders' influence becomes proportionally smaller. The mature blockchain test captures a similar transition point for crypto networks, where no single party dominates governance or token supply.

What Does the CLARITY Act Cover?

The bill covers several key areas beyond just the SEC vs. CFTC split.

The CLARITY Act builds on last year's GENIUS Act by extending stablecoins provisions. The GENIUS Act originally banned stablecoin issuers from paying interest on customer balances. 

The CLARITY Act addresses a loophole by extending that ban to third-party platforms: the May 11, 2026, Senate draft prohibits rewards on passive stablecoin holdings that are "economically or functionally equivalent" to deposit interest, but still allows rewards tied to trading or transactions. 

Stablecoin rules remain one of the most disputed areas in Senate negotiations. If enacted, regulators would have one year to define precisely which activity-based rewards are permitted.

Exchange registration

Centralized exchanges, brokers, and dealers dealing in digital commodities would be required to register with the CFTC for the first time. This includes platforms that operate decentralized exchanges with custodial elements. Registration brings them under formal federal oversight, with obligations covering customer protection, fair trading practices, and financial reporting.

AML and KYC obligations

Registered exchanges and intermediaries would face new Know Your Customer (KYC) obligations, including customer due diligence programs, suspicious activity reporting, and independent auditing. These requirements align digital asset platforms more closely with traditional financial institutions.

Tax reporting

The bill expands the definition of "broker" for tax purposes, requiring more platforms to issue Form 1099-DA to users and to the Internal Revenue Service (IRS). This means more crypto transactions could be automatically reported to tax authorities, similar to how stock trades are reported today.

How Does the CLARITY Act Treat DeFi?

The treatment of decentralized protocols is one of the more nuanced aspects of the bill. The CLARITY Act includes a carve-out known as the Blockchain Regulatory Certainty Act (BRCA), embedded in Section 604 of the bill.

This provision is intended to protect non-custodial software developers, meaning developers of open-source wallets and protocols that do not hold user funds and cannot unilaterally move or freeze them, from being classified as money transmitters under the Bank Secrecy Act.

In practice, this could mean that developers building truly decentralized protocols, including those involving smart contracts and liquidity pools, may not face the same registration and compliance burdens as centralized exchanges. However, exactly how "non-custodial" and "decentralized" are defined in practice is still subject to ongoing debate, particularly in Senate negotiations.

Certain DeFi activities, especially those involving custodial intermediaries or centralized control over user funds, may still face compliance requirements. The key test is whether the developer or provider can unilaterally move or freeze user assets. Both the SEC and CFTC retain anti-fraud and anti-manipulation authority over all digital asset activities, regardless of decentralization.

How Does the CLARITY Act Affect Crypto Users?

For everyday crypto users, the most direct effects of the CLARITY Act, if it becomes law, could include:

Clearer rules on which exchanges are operating legally in the U.S., potentially making it easier to identify reputable, compliant platforms.

Stronger consumer protections, including better custody standards and disclosure requirements from registered exchanges.

More comprehensive tax reporting, as expanded 1099-DA rules mean more crypto activity could be automatically reported to the IRS.

Greater institutional participation, which could increase market liquidity over time, though this involves market dynamics that are inherently uncertain.

It is also worth noting the international context. The European Union introduced MiCA (Markets in Crypto Assets Regulation) as its own comprehensive crypto framework. If the CLARITY Act passes, the U.S. and EU would both have formal regulatory structures, which could shape how global crypto markets operate and how projects decide where to incorporate or list.

What Is the Current Status of the CLARITY Act?

As of May 2026, the CLARITY Act has cleared two major legislative hurdles but is not yet law:

House: Passed on July 17, 2025, with a bipartisan vote of 294 to 134.

Senate Banking Committee: Approved on May 14, 2026, with a bipartisan vote of 15 to 9. The Senate Agriculture Committee passed its companion version, the Digital Commodity Intermediaries Act, on January 29, 2026.

Next step: Staff from both Senate committees are merging the Banking and Agriculture versions into a unified bill for a full Senate floor vote, where 60 votes are likely needed to overcome a filibuster.

Several unresolved issues could delay the floor vote. Senator Angela Alsobrooks, who voted yes in committee, has stated her support for the final bill is conditional on the addition of ethics provisions. The North American Securities Administrators Association (NASAA), which represents state securities regulators, has also formally opposed the bill, arguing it could weaken investor protections. Disagreements over stablecoin yield rules, DeFi definitions, and limits on the SEC's discretionary authority remain.

The White House has signaled support for the bill, and bipartisan momentum exists. However, analysts caution that Senate floor negotiations could extend into late 2026 or beyond, especially as the legislative calendar tightens around midterm elections. Once passed and signed into law, implementation through formal SEC and CFTC rule-making processes could take additional months or years.

FAQ

Has the CLARITY Act been signed into law?

No. As of May 2026, the CLARITY Act (H.R. 3633) has passed the U.S. House of Representatives and cleared the Senate Banking Committee, but it has not yet received a full Senate vote or presidential signature. It is not yet law.

What is the "mature blockchain test"?

The mature blockchain test is a set of criteria that determines when a blockchain network is considered sufficiently decentralized. If a token's network passes this test, the token may shift from being classified as a security (under SEC oversight) to a digital commodity (under CFTC oversight). 

Key criteria include that no single entity or group controls 20% or more of the token supply or voting power, the code is open-source, the token has practical utility, and, for older chains, at least half of all tokens are held outside the founding team.

Will the CLARITY Act regulate DeFi protocols?

The CLARITY Act includes a carve-out (the Blockchain Regulatory Certainty Act provision in Section 604) intended to exempt non-custodial developers and truly decentralized protocols from money transmitter classification. 

However, DeFi platforms that interact with custodial services or can unilaterally move or freeze user assets may still face compliance requirements. The exact scope is still being debated in the Senate.

Does the CLARITY Act affect crypto taxes?

Yes. The bill expands the definition of "broker" for U.S. tax purposes, which means more platforms could be required to file Form 1099-DA with the IRS and provide copies to users. This would make more crypto transactions automatically visible to tax authorities, similar to how traditional brokerage accounts work.

Does the CLARITY Act apply outside the United States?

The CLARITY Act is U.S. federal legislation and primarily applies to entities and activities within U.S. jurisdiction. However, non-U.S. exchanges that serve U.S. customers or list tokens that transact on U.S. markets could also face compliance considerations. Users outside the U.S. are generally subject to their own local regulations.

Closing Thoughts

The CLARITY Act represents one of the most significant attempts to bring regulatory order to the U.S. digital asset market.

By drawing a clearer line between the SEC and the CFTC, introducing the mature blockchain test, and addressing DeFi, stablecoins, AML compliance, and tax reporting, the bill could reshape how crypto businesses and users operate within the U.S. legal system.

That said, it is not yet law. A full Senate vote requiring 60+ votes, reconciliation with the House version, and presidential signature are still needed, followed by a formal rulemaking process. Anyone involved in crypto, whether as a developer, exchange operator, or user, should monitor its progress and consult appropriate professional advisors about how any eventual legislation might apply to their specific situation.

Further Reading

What Is the GENIUS Act and Why Does It Matter for Stablecoin Users?

What Is MiCA (Markets in Crypto Assets Regulation)?

What Is Decentralized Finance (DeFi)?

What Is Anti-Money Laundering (AML)?


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