Digital Asset Market Clarity Act of 2025 (HR-3633) · Congress.wiki

Digital Asset Market Clarity Act of 2025 (HR-3633) · Congress.wiki

This bill sets clear national rules for digital assets (like crypto tokens) that run on blockchains. It makes the Commodity Futures Trading Commission (CFTC) the main watchdog for most digital‑commodity trading, while the Securities and Exchange Commission (SEC) still covers certain platforms and disclosures. A token can trade if its blockchain is “mature” and not controlled by one group, or if the issuer files required reports; the SEC reviews these “mature blockchain” claims on a set timeline . Exchanges, brokers, and dealers must register, follow anti‑money‑laundering rules, and keep strong records to protect customers; there’s also a fast‑track to get firms registered while full rules are finished .

It also covers everyday use. People can keep their own crypto in a personal hardware or software wallet and make peer‑to‑peer payments for personal use, with limits tied to U.S. sanctions and not using a bank as the other party. The bill blocks the Federal Reserve from creating, testing, or offering a U.S. central bank digital currency (CBDC), directly or indirectly, and from using one to run monetary policy, with a narrow exception spelled out in the text.

Key points

Who is affected:
- Crypto exchanges, brokers, and dealers must register and follow new safeguards and recordkeeping rules .
- Stablecoin issuers face monthly audits and CEO/CFO certifications; non‑financial companies cannot own a stablecoin issuer .
- Investors get more disclosures and public education materials about risks and how blockchain works .
- The Federal Reserve is barred from launching a CBDC for the public, directly or through intermediaries.
What changes:
- Fast‑track registration: the CFTC must set up an expedited process within 180 days; 90 days later firms must be registered, with provisional status until full rules are in place.
- Clear path to list tokens tied to “mature” blockchains; the SEC generally has about 60 days to act on maturity certifications.
- Futures commission merchants must use qualified digital‑asset custodians for customer assets.
- Registered platforms cannot list digital assets whose main purpose is fraud or market manipulation.
When:
- Many parts start about 9–12 months after the law is signed, or later if agencies need time to finish rules .