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Congress·Passed House·H.R. 3633

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

Digital Asset Market Clarity Act of 2025

6 months ago·View on Congress.gov

Stalled

No legislative action in over 90 days.

Legislative Progress

House

294134

Senate
President
Law

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.

    From policy text

    To provide for a system of regulation of the offer and sale of digital commodities by the Securities and Exchange Commission and the Commodity Futures Trading Commission
    View in full text
  • 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.

    From policy text

    A United States individual shall retain the right to-- (A) maintain a hardware wallet or software wallet for the purpose of facilitating the individual's own lawful custody of digital assets; and (B) engage in direct, peer-to-peer transactions in digital assets with another individual or entity for the individual's own lawful purposes using a hardware wallet or software wallet
    View in full text
  • 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.

    From policy text

    to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy
    View in full text
  • 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.

    From policy text

    Money, assets, and property described in subparagraph (A) shall be separately accounted for and shall not be commingled with the funds of the digital commodity exchange or be used to margin, secure, or guarantee any trades or accounts of any customer or person other than the person for whom the same are held.
    View in full text
  • 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.

    From policy text

    Notwithstanding any other provision of this Act, a person shall not be subject to this Act and the regulations promulgated under this Act based on the person directly or indirectly engaging in any of the following activities, whether singly or in combination, in relation to the operation of a blockchain system or in relation to a decentralized finance trading protocol
    View in full text
Economy FinanceTechnology DigitalCriminal Justice

Impact Analysis

Personal Impact

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

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
78134
Republican
2160 · 4
View full roll call

Related Bills

3 bills
H.Res. 707Related bill

Providing for consideration of the bill (H.R. 4922) to limit youth offender status in the District of Columbia to individuals 18 years of age or younger, to direct the Attorney General of the District of Columbia to establish and operate a publicly accessible website containing updated statistics on juvenile crime in the District of Columbia, to amend the District of Columbia Home Rule Act to prohibit the Council of the District of Columbia from enacting changes to existing criminal liability sentences, and for other purposes; providing for consideration of the bill (H.R. 5143) to establish standards for law enforcement officers in the District of Columbia to engage in vehicular pursuits of suspects, and for other purposes; providing for consideration of the bill (H.R. 5140) to lower the age at which a minor may be tried as an adult for certain criminal offenses in the District of Columbia to 14 years of age; providing for consideration of the bill (H.R. 5125) to amend the District of Columbia Home Rule Act to terminate the District of Columbia Judicial Nomination Commission, and for other purposes; providing for consideration of the bill (H.R. 1047) to require the Federal Energy Regulatory Commission to reform the interconnection queue process for the prioritization and approval of certain projects, and for other purposes; providing for consideration of the bill (H.R. 3015) to reestablish the National Coal Council in the Department of Energy to provide advice and recommendations to the Secretary of Energy on matters related to coal and the coal industry, and for other purposes; providing for consideration of the bill (H.R. 3062) to establish a more uniform, transparent, and modern process to authorize the construction, connection, operation, and maintenance of international border-crossing facilities for the import and export of oil and natural gas and the transmission of electricity; and for other purposes.

Sep 17Pursuant to the provisions of H.Res. 722, H.Res. 707 is amended.

H.R. 3690Related bill

Securing Innovation in Financial Regulation Act

Jun 3Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

H.Res. 580Related bill

Providing for consideration of the bill (H.R. 4016) making appropriations for the Department of Defense for the fiscal year ending September 30, 2026, and for other purposes; providing for consideration of the bill (H.R. 3633) to provide for a system of regulation of the offer and sale of digital commodities by the Securities and Exchange Commission and the Commodity Futures Trading Commission, and for other purposes; providing for consideration of the bill (H.R. 1919) to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes; providing for consideration of the bill (S. 1582) to provide for the regulation of payment stablecoins, and for other purposes; and waiving a requirement of clause 6(a) of rule XIII with respect to consideration of certain resolutions reported from the Committee on Rules.

Jul 16On agreeing to the resolution Agreed to by recorded vote: 217 - 212 (Roll no. 198).

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. Always verify with official sources.