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Congress·Passed House·6 months ago

House Passes Digital Asset Market Clarity Act, Banning a Federal Digital Dollar

Also known as: Digital Asset Market Clarity Act of 2025

Legislative Progress

✓ Filed
✓ Review
✓ House

294–134

Senate
President

Impact Analysis

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Key Points

  • This bill creates a clear set of rules for how cryptocurrencies are bought and sold in the United States. It divides the work between two major government groups: one will handle digital assets that act like commodities, and the other will oversee assets that work more like traditional stocks or investments.
  • People who own cryptocurrency will have a protected legal right to keep their own digital wallets. This means you can hold your own digital money without being forced to use a bank or a middleman, as long as you are not using it for illegal activities or to avoid international sanctions.
  • The Federal Reserve is strictly banned from creating a 'digital dollar' for everyday people to use. This prevents the government from issuing a central bank digital currency that could be used to track individual spending or replace physical cash.
  • Crypto exchanges and brokers will be required to register with the government and follow strict safety rules. They must keep your money separate from their own business funds and provide clear educational materials to help you understand the risks of trading and how to spot scams.
  • To pay for this new oversight, the government will collect fees from the crypto companies themselves. The bill also encourages new technology by leaving 'decentralized' systems—those run by computer code rather than a single company—mostly free from these specific regulations.
Economy FinanceTechnology DigitalCriminal Justice

Milestones

5 milestones19 actions
Sep 18, 2025Senate

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Jul 17, 2025House

Motion to reconsider laid on the table Agreed to without objection.

Jul 17, 2025House

On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199). (text of amendment in the nature of a substitute: CR H3373-3397)

Jul 17, 2025

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199).

Jul 17, 2025House

Considered as unfinished business. (consideration: CR H3449)

What Happens Next

Projected impacts based on AI analysis

About 6 months after enactment

Crypto exchanges, brokers, and dealers must begin registering with the CFTC under an expedited process

Companies that buy and sell crypto for customers will need government approval to operate, giving consumers more protection. Unregistered platforms must disclose that they are not regulated within 30 days of enactment.

About 12 months after enactment

Major new rules from the SEC and CFTC take effect, including definitions of digital commodities, mature blockchain certification, and intermediary registration requirements

The full regulatory framework kicks in roughly one year after enactment, meaning crypto markets will operate under clear, enforceable rules for the first time. Investors will have new protections, and companies will face binding compliance obligations.

Upon enactment

Ban on a Federal Reserve digital dollar takes effect immediately upon enactment

The Federal Reserve would be permanently prohibited from issuing a central bank digital currency to the public, either directly or through banks. This settles a major policy debate and means the government cannot create a digital dollar that could track individual transactions.

Vote Results

1 vote
HousePassedPassageJul 17, 2025

On Passage

294
134
Democrat
78 – 134
Republican
216 – 0 · 4
View full roll call

Related News

5 articles
CNBC·11 days ago

US CLARITY Act Could Pass by April, Says Sen. Bernie Moreno

Senator Bernie Moreno expressed confidence that the Digital Asset Market Clarity Act of 2025 could pass by April. The bill aims to establish national rules, dividing oversight between the SEC for securities and the CFTC for commodities, while resolving disputes over stablecoin yields.

C+
Bloomberg Law·8 months ago

The CLARITY Act Provides More Transparency for Crypto Oversight

The CLARITY Act is a bipartisan effort to establish a regulatory regime for cryptocurrency. It draws boundaries between the SEC and CFTC, excluding activities like validating transactions and developing self-custodial wallet software from the Securities Exchange Act of 1934.

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Thomson Reuters·7 months ago

Digital Asset Expert Reflects on Busy Crypto Week

The House advanced the Digital Asset Market Clarity Act (H.R. 3633) and the Anti-CBDC Surveillance State Act. The former establishes rules for digital commodities overseen by the SEC and CFTC, while the latter prohibits the Federal Reserve from creating a central digital bank.

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Source Information

Document Type

Congressional Bill

Official Title

Digital Asset Market Clarity Act of 2025

Bill NumberHR 3633
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsor

Cosponsors

(21)
D: 7R: 14

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.