The #CryptoClarityAct —formally known as the Digital Asset Market Clarity Act of 2025—represents a turning point in the regulation of crypto assets in the U.S. The House of Representatives passed the bill H.R. 3633 on July 17, 2025, with a vote of 294-134, and the text is now awaiting review in the Senate.
This framework proposes a functional classification of digital assets, based on their level of decentralization, rather than the traditional Howey Test. Mature and decentralized assets will be considered 'digital commodities' and regulated by the CFTC, while those still centralized, such as emerging tokens or ICOs, will fall under the jurisdiction of the SEC as 'investment contract assets'.
The text also defines new regulatory categories (such as DCE, DCB, and DCD), establishes clear rules for platforms like exchanges or custodians, requires the separation of customer funds, and imposes obligations under the Bank Secrecy Act to prevent money laundering.
There are critical voices: some organizations warn that the bill allows exchanges to integrate functions such as broker, custodian, and clearing without sufficient safeguards—which could open conflicts of interest and reduce investor protection.
During the recent 'Crypto Week', this law was passed alongside the GENIUS Act (regarding stablecoins) and other legislation that prevents the issuance of a central bank digital currency (CBDC), reflecting the pro-crypto push from the Trump administration that has bolstered market confidence.
In summary, the #CryptoClarityAct seeks to:
Provide legal clarity on what the SEC regulates and what the CFTC regulates.
Facilitate innovation and institutional adoption of crypto assets with clear rules.
Promote a more transparent and competitive market, although still under public and political debate regarding its limitations.
This framework proposes a functional classification of digital assets, based on their level of decentralization, rather than the traditional Howey Test. Mature and decentralized assets will be considered 'digital commodities' and regulated by the CFTC, while those still centralized, such as emerging tokens or ICOs, will fall under the jurisdiction of the SEC as 'investment contract assets'.
The text also defines new regulatory categories (such as DCE, DCB, and DCD), establishes clear rules for platforms like exchanges or custodians, requires the separation of customer funds, and imposes obligations under the Bank Secrecy Act to prevent money laundering.
There are critical voices: some organizations warn that the bill allows exchanges to integrate functions such as broker, custodian, and clearing without sufficient safeguards—which could open conflicts of interest and reduce investor protection.
During the recent 'Crypto Week', this law was passed alongside the GENIUS Act (regarding stablecoins) and other legislation that prevents the issuance of a central bank digital currency (CBDC), reflecting the pro-crypto push from the Trump administration that has bolstered market confidence.
In summary, the #CryptoClarityAct seeks to:
Provide legal clarity on what the SEC regulates and what the CFTC regulates.
Facilitate innovation and institutional adoption of crypto assets with clear rules.
Promote a more transparent and competitive market, although still under public and political debate regarding its limitations.