Securities Clarity Act of 2025

This bill updates federal securities laws to say that certain digital assets are not “securities” themselves. It creates a new term—“investment contract asset”—for a fungible digital token recorded on a public, cryptographically secured ledger that can be held and sent peer‑to‑peer without relying on an intermediary, and that is sold or intended to be sold under an investment contract, as long as it isn’t already a security under existing law. It then updates multiple laws to exclude these “investment contract assets” from the definition of a security, including the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act, the Investment Company Act, and the Securities Investor Protection Act.

Key points

• Who is affected: People and companies that create, sell, hold, or trade digital tokens; financial firms and advisors that deal with them.
• What changes: A qualifying digital token is not treated as a security just because it was sold through an investment contract, which may change how these tokens are regulated under federal securities laws.
• When: The bill sets out these definitions and amendments; specific effective dates are not provided in the text shown.