U.S. House Financial Services Committee Chairman French Hill and House Agriculture Committee Chairman GT Thompson jointly announced on June 13 that their respective committees had advanced the bipartisan CLARITY Act. The legislation, officially titled the Digital Asset Market Clarity Act of 2025 (H.R. 3633), passed with votes of 32-19 and 47-6, respectively.

Introduced by Hill, the bill is designed to provide a comprehensive regulatory framework for digital assets, addressing long-standing gaps in federal oversight. It delineates jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), assigning the latter primary authority over digital commodities and the former over digital asset securities.

The legislation includes several key provisions: clear statutory definitions for digital assets, a provisional registration process tailored for crypto intermediaries, and legal protections for noncustodial wallet developers, ensuring they are not classified as money transmitters under the Bank Secrecy Act. Blockchain Association CEO Summer Mersinger emphasized the measure’s strategic importance, stating:

Market structure legislation is as inherently complex as it is vital for America’s digital asset future. Clear, well-crafted rules will determine whether the United States maintains its leadership in the global digital economy or cedes this advantage to other nations.

Peter Van Valkenburgh of Coin Center praised the clarity and balance of the bill, stating: “We understand how long the road to CLARITY has been and eagerly await its passage into law.” Ji Hun Kim of the Crypto Council for Innovation underscored the global stakes: “Without Congressional action, we risk American innovators migrating offshore.”

Industry groups offered broad support. The Futures Industry Association recognized the bill’s role in enhancing regulatory certainty, while the Decentralized Research Center welcomed its embrace of decentralization principles. The Institute of Internal Auditors backed governance-related provisions, and ISDA cited improved market liquidity. Tech and crypto leaders like Chris Dixon of a16z crypto and Nathan McCauley of Anchorage Digital highlighted the act’s potential to retain innovation domestically. Coinbase and Kraken pointed to growing bipartisan momentum and called for swift passage to ensure regulatory clarity and consumer protection.

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