Digital Asset Market Structure Bill Introduced in the House

House Agriculture Committee Chair Glenn Thompson and House Financial Services Chair French Hill introduced the Digital Asset Market Clarity Act of 2025 (the "CLARITY Act" or the "Act"). The bill was referred to both Committees for consideration.

The bi-partisan Clarity Act would establish a comprehensive regulatory framework for digital assets. It builds on the discussion draft floated by the sponsors previously. (See prior coverage.) It also follows from the Financial Innovation and Technology for the 21st Century Act, (H.R. 4763) which passed the House last year (see also CRS Summary).

The CLARITY Act provides rules for the digital asset jurisdiction, establishing jurisdictional boundaries between digital asset securities to be regulated by the SEC and digital asset commodities to be regulated by the CFTC.

The CLARITY Act creates new registration categories for market intermediaries facilitating spot digital commodity transactions, including for brokers, dealers and exchanges. These new categories of registrants would be regulated by the CFTC. Further, the Act sets out a framework for rulemaking by the CFTC as to these market intermediaries. Until such a rulemaking is completed, the Act permits firms to file a notice of intent with the CFTC to operate provisionally. To qualify for provisional operating status, firms must meet several key requirements, including, for example, (i) segregating customer from proprietary assets, (ii) becoming a member of the NFA and (iii) making certain disclosures to customers. As to intermediaries, the Act provides the CFTC authority "to further define minimum standards for adequate supervision and appropriate regulation and to provide rules for CFTC registered entities to custody digital commodities." (See accompanying "Section by Section" Overview.)