H.R. 3633: Digital Asset Market Clarity Act of 2025

Bill · 119th Congress (2025–2026). Passed House, 17 Jul 2025. Introduced 29 May 2025.

Official title: 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.

Vote results

House, 17 Jul 2025: Passed, 294 Yea, 134 Nay, 0 Present, 4 Not voting. The House’s roll call
Senate: not yet considered.
President: Not before the President yet: both chambers must pass it first.

How each member voted

Senate

Not yet considered.

House

Yea (294): Harold Rogers (R-KY-5); Christopher H. Smith (R-NJ-4); Nancy Pelosi (D-CA-11); Ken Calvert (R-CA-41); Frank D. Lucas (R-OK-3); Zoe Lofgren (D-CA-18); Robert B. Aderholt (R-AL-4); Michael K. Simpson (R-ID-2); Mike Thompson (D-CA-4); Pete Sessions (R-TX-17); Sam Graves (R-MO-6); Joe Wilson (R-SC-2); John R. Carter (R-TX-31); Tom Cole (R-OK-4); Mario Diaz-Balart (R-FL-26); Mike Rogers (R-AL-3); Michael R. Turner (R-OH-10); Darrell Issa (R-CA-48); Jim Costa (D-CA-21); Henry Cuellar (D-TX-28); Virginia Foxx (R-NC-5); Michael T. McCaul (R-TX-10); Gus M. Bilirakis (R-FL-12); Vern Buchanan (R-FL-16); Jim Jordan (R-OH-4); Adrian Smith (R-NE-3); Robert E. Latta (R-OH-5); Robert J. Wittman (R-VA-1); Steve Scalise (R-LA-1); Tim Walberg (R-MI-5); Brett Guthrie (R-KY-2); Tom McClintock (R-CA-5); Glenn Thompson (R-PA-15); Eric A. "Rick" Crawford (R-AR-1); Scott DesJarlais (R-TN-4); Charles J. "Chuck" Fleischmann (R-TN-3); Paul A. Gosar (R-AZ-9); H. Morgan Griffith (R-VA-9); Andy Harris (R-MD-1); Bill Huizenga (R-MI-4); Mike Kelly (R-PA-16); David Schweikert (R-AZ-1); Austin Scott (R-GA-8); Terri A. Sewell (D-AL-7); Daniel Webster (R-FL-11); Steve Womack (R-AR-3); Mark E. Amodei (R-NV-2); Suzan K. DelBene (D-WA-1); Andy Barr (R-KY-6); Ami Bera (D-CA-6); Lois Frankel (D-FL-22); Richard Hudson (R-NC-9); David P. Joyce (R-OH-14); Raul Ruiz (D-CA-25); Marc A. Veasey (D-TX-33); Ann Wagner (R-MO-2); Randy K. Weber, Sr. (R-TX-14); Roger Williams (R-TX-25); Jason Smith (R-MO-8); Pete Aguilar (D-CA-33); Rick W. Allen (R-GA-12); Brian Babin (R-TX-36); Mike Bost (R-IL-12); Brendan F. Boyle (D-PA-2); Earl L. "Buddy" Carter (R-GA-1); Tom Emmer (R-MN-6); Glenn Grothman (R-WI-6); J. French Hill (R-AR-2); Ted Lieu (D-CA-36); Barry Loudermilk (R-GA-11); John R. Moolenaar (R-MI-2); Seth Moulton (D-MA-6); Dan Newhouse (R-WA-4); Gary J. Palmer (R-AL-6); David Rouzer (R-NC-7); Elise M. Stefanik (R-NY-21); Bruce Westerman (R-AR-4); Bradley Scott Schneider (D-IL-10); David G. Valadao (R-CA-22); Trent Kelly (R-MS-1); Darin LaHood (R-IL-16); Warren Davidson (R-OH-8); James Comer (R-KY-1); Jodey C. Arrington (R-TX-19); Don Bacon (R-NE-2); Jack Bergman (R-MI-1); Andy Biggs (R-AZ-5); Salud O. Carbajal (D-CA-24); J. Luis Correa (D-CA-46); Neal P. Dunn (R-FL-2); Brian K. Fitzpatrick (R-PA-1); Vicente Gonzalez (D-TX-34); Josh Gottheimer (D-NJ-5); Clay Higgins (R-LA-3); Steven Horsford (D-NV-4); Mike Johnson (R-LA-4); Ro Khanna (D-CA-17); Raja Krishnamoorthi (D-IL-8); David Kustoff (R-TN-8); Brian J. Mast (R-FL-21); Jimmy Panetta (D-CA-19); John H. Rutherford (R-FL-5); Lloyd Smucker (R-PA-11); Darren Soto (D-FL-9); Ron Estes (R-KS-4); Ralph Norman (R-SC-5); Jimmy Gomez (D-CA-34); Thomas R. Suozzi (D-NY-3); Michael Cloud (R-TX-27); Troy Balderson (R-OH-12); Kevin Hern (R-OK-1); Marlin A. Stutzman (R-IN-3); James R. Baird (R-IN-4); Tim Burchett (R-TN-2); Ben Cline (R-VA-6); Angie Craig (D-MN-2); Dan Crenshaw (R-TX-2); Russ Fulcher (R-ID-1); Jared F. Golden (D-ME-2); Lance Gooden (R-TX-5); Michael Guest (R-MS-3); Josh Harder (D-CA-9); Chrissy Houlahan (D-PA-6); Dusty Johnson (R-SD-AL); John Joyce (R-PA-13); Susie Lee (D-NV-3); Mike Levin (D-CA-49); Lucy McBath (D-GA-6); Daniel Meuser (R-PA-9); Carol D. Miller (R-WV-1); Chris Pappas (D-NH-1); Guy Reschenthaler (R-PA-14); John W. Rose (R-TN-6); Chip Roy (R-TX-21); Kim Schrier (D-WA-8); Greg Stanton (D-AZ-4); Pete Stauber (R-MN-8); Bryan Steil (R-WI-1); W. Gregory Steube (R-FL-17); Haley M. Stevens (D-MI-11); William R. Timmons IV (R-SC-4); Jefferson Van Drew (R-NJ-2); Claudia Tenney (R-NY-24); Gregory F. Murphy (R-NC-3); Thomas P. Tiffany (R-WI-7); Ryan K. Zinke (R-MT-1); Jake Auchincloss (D-MA-4); Cliff Bentz (R-OR-2); Stephanie I. Bice (R-OK-5); Lauren Boebert (R-CO-4); Kat Cammack (R-FL-3); Andrew S. Clyde (R-GA-9); Byron Donalds (R-FL-19); Pat Fallon (R-TX-4); Randy Feenstra (R-IA-4); Cleo Fields (D-LA-6); Michelle Fischbach (R-MN-7); Scott Fitzgerald (R-WI-5); Scott Franklin (R-FL-18); Andrew R. Garbarino (R-NY-2); Carlos A. Gimenez (R-FL-28); Diana Harshbarger (R-TN-1); Ashley Hinson (R-IA-2); Ronny Jackson (R-TX-13); Young Kim (R-CA-40); Nancy Mace (R-SC-1); Nicole Malliotakis (R-NY-11); Tracey Mann (R-KS-1); Lisa C. McClain (R-MI-9); Mary E. Miller (R-IL-15); Mariannette Miller-Meeks (R-IA-1); Barry Moore (R-AL-1); Blake D. Moore (R-UT-1); Troy E. Nehls (R-TX-22); Jay Obernolte (R-CA-23); Burgess Owens (R-UT-4); August Pfluger (R-TX-11); Maria Elvira Salazar (R-FL-27); Victoria Spartz (R-IN-5); Marilyn Strickland (D-WA-10); Ritchie Torres (D-NY-15); Beth Van Duyne (R-TX-24); Julia Letlow (R-LA-5); Jake Ellzey (R-TX-6); Mike Carey (R-OH-15); Mike Flood (R-NE-1); Brad Finstad (R-MN-1); Patrick Ryan (D-NY-18); Rudy Yakym III (R-IN-2); Mark Alford (R-MO-4); Aaron Bean (R-FL-4); Josh Brecheen (R-OK-2); Nikki Budzinski (D-IL-13); Eric Burlison (R-MO-7); Juan Ciscomani (R-AZ-6); Mike Collins (R-GA-10); Elijah Crane (R-AZ-2); Donald G. Davis (D-NC-1); Monica De La Cruz (R-TX-15); Chuck Edwards (R-NC-11); Mike Ezell (R-MS-4); Russell Fry (R-SC-7); Marie Gluesenkamp Perez (D-WA-3); Daniel S. Goldman (D-NY-10); Harriet M. Hageman (R-WY-AL); Erin Houchin (R-IN-9); Wesley Hunt (R-TX-38); Jonathan L. Jackson (D-IL-1); John James (R-MI-10); Thomas H. Kean, Jr. (R-NJ-7); Jennifer A. Kiggans (R-VA-2); Kevin Kiley (I-CA-3); Nick LaLota (R-NY-1); Greg Landsman (D-OH-1); Nicholas A. Langworthy (R-NY-23); Laurel M. Lee (R-FL-15); Anna Paulina Luna (R-FL-13); Morgan Luttrell (R-TX-8); Richard McCormick (R-GA-7); Robert Menendez (D-NJ-8); Max L. Miller (R-OH-7); Cory Mills (R-FL-7); Nathaniel Moran (R-TX-1); Jared Moskowitz (D-FL-23); Kevin Mullin (D-CA-15); Zachary Nunn (R-IA-3); Andrew Ogles (R-TN-5); Hillary J. Scholten (D-MI-3); Keith Self (R-TX-3); Eric Sorensen (D-IL-17); Dale W. Strong (R-AL-5); Shri Thanedar (D-MI-13); Derrick Van Orden (R-WI-3); Gabe Vasquez (D-NM-2); Celeste Maloy (R-UT-2); Vince Fong (R-CA-20); Michael A. Rulli (R-OH-6); Tony Wied (R-WI-8); Yassamin Ansari (D-AZ-3); Tom Barrett (R-MI-7); Michael Baumgartner (R-WA-5); Nicholas J. Begich III (R-AK-AL); Sheri Biggs (R-SC-3); Robert P. Bresnahan, Jr. (R-PA-8); Janelle S. Bynum (D-OR-5); Herbert C. Conaway, Jr. (D-NJ-3); Jeff Crank (R-CO-5); Troy Downing (R-MT-2); Gabe Evans (R-CO-8); Julie Fedorchak (R-ND-AL); Shomari Figures (D-AL-2); Brandon Gill (R-TX-26); Laura Gillen (D-NY-4); Craig A. Goldman (R-TX-12); Maggie Goodlander (D-NH-2); Adam Gray (D-CA-13); Abraham J. Hamadeh (R-AZ-8); Mike Haridopolos (R-FL-8); Pat Harrigan (R-NC-10); Mark Harris (R-NC-8); Jeff Hurd (R-CO-3); Brian Jack (R-GA-3); Julie Johnson (D-TX-32); Mike Kennedy (R-UT-3); Brad Knott (R-NC-13); George Latimer (D-NY-16); Ryan Mackenzie (R-PA-7); John W. Mannion (D-NY-22); Sarah McBride (D-DE-AL); April McClain Delaney (D-MD-6); Kristen McDonald Rivet (D-MI-8); Addison P. McDowell (R-NC-6); John J. McGuire III (R-VA-5); Mark B. Messmer (R-IN-8); Dave Min (D-CA-47); Riley M. Moore (R-WV-2); Tim Moore (R-NC-14); Robert F. Onder, Jr. (R-MO-3); Nellie Pou (D-NJ-9); Josh Riley (D-NY-19); Derek Schmidt (R-KS-2); Jefferson Shreve (R-IN-6); Lateefah Simon (D-CA-12); Suhas Subramanyam (D-VA-10); David J. Taylor (R-OH-2); Derek Tran (D-CA-45); Eugene Simon Vindman (D-VA-7); George Whitesides (D-CA-27); Randy Fine (R-FL-6); Jimmy Patronis (R-FL-1); Doug LaMalfa (R-CA-1); Mikie Sherrill (D-NJ-11); Tony Gonzales (R-TX-23); Marjorie Taylor Greene (R-GA-14).

Nay (134): Steny H. Hoyer (D-MD-5); Marcy Kaptur (D-OH-9); Frank Pallone, Jr. (D-NJ-6); Richard E. Neal (D-MA-1); Rosa L. DeLauro (D-CT-3); Maxine Waters (D-CA-43); Jerrold Nadler (D-NY-12); Sanford D. Bishop, Jr. (D-GA-2); James E. Clyburn (D-SC-6); Robert C. "Bobby" Scott (D-VA-3); Nydia M. Velázquez (D-NY-7); Bennie G. Thompson (D-MS-2); Lloyd Doggett (D-TX-37); Danny K. Davis (D-IL-7); Diana DeGette (D-CO-1); James P. McGovern (D-MA-2); Brad Sherman (D-CA-32); Adam Smith (D-WA-9); Gregory W. Meeks (D-NY-5); John B. Larson (D-CT-1); Janice D. Schakowsky (D-IL-9); Rick Larsen (D-WA-2); Betty McCollum (D-MN-4); Stephen F. Lynch (D-MA-8); Linda T. Sánchez (D-CA-38); Emanuel Cleaver (D-MO-5); Al Green (D-TX-9); Gwen Moore (D-WI-4); Debbie Wasserman Schultz (D-FL-25); Doris O. Matsui (D-CA-7); Kathy Castor (D-FL-14); Yvette D. Clarke (D-NY-9); Steve Cohen (D-TN-9); Joe Courtney (D-CT-2); Henry C. "Hank" Johnson, Jr. (D-GA-4); André Carson (D-IN-7); James A. Himes (D-CT-4); Chellie Pingree (D-ME-1); Paul Tonko (D-NY-20); Mike Quigley (D-IL-5); Judy Chu (D-CA-28); John Garamendi (D-CA-8); Bill Foster (D-IL-11); William R. Keating (D-MA-9); Frederica S. Wilson (D-FL-24); Dina Titus (D-NV-1); Kweisi Mfume (D-MD-7); Suzanne Bonamici (D-OR-1); Joyce Beatty (D-OH-3); Julia Brownley (D-CA-26); Joaquin Castro (D-TX-20); Jared Huffman (D-CA-2); Hakeem S. Jeffries (D-NY-8); Grace Meng (D-NY-6); Scott H. Peters (D-CA-50); Mark Pocan (D-WI-2); Mark Takano (D-CA-39); Juan Vargas (D-CA-52); Robin L. Kelly (D-IL-2); Katherine M. Clark (D-MA-5); Alma S. Adams (D-NC-12); Donald Norcross (D-NJ-1); Donald S. Beyer, Jr. (D-VA-8); Ed Case (D-HI-1); Mark DeSaulnier (D-CA-10); Debbie Dingell (D-MI-6); Norma J. Torres (D-CA-35); Bonnie Watson Coleman (D-NJ-12); Dwight Evans (D-PA-3); Nanette Diaz Barragán (D-CA-44); Adriano Espaillat (D-NY-13); Pramila Jayapal (D-WA-7); Jamie Raskin (D-MD-8); Joseph D. Morelle (D-NY-25); Mary Gay Scanlon (D-PA-5); Sean Casten (D-IL-6); Jason Crow (D-CO-6); Sharice Davids (D-KS-3); Madeleine Dean (D-PA-4); Veronica Escobar (D-TX-16); Lizzie Fletcher (D-TX-7); Sylvia R. Garcia (D-TX-29); Jesús G. "Chuy" García (D-IL-4); Jahana Hayes (D-CT-5); Joe Neguse (D-CO-2); Alexandria Ocasio-Cortez (D-NY-14); Ilhan Omar (D-MN-5); Ayanna Pressley (D-MA-7); Rashida Tlaib (D-MI-12); Lori Trahan (D-MA-3); Lauren Underwood (D-IL-14); Sara Jacobs (D-CA-51); Teresa Leger Fernandez (D-NM-3); Frank J. Mrvan (D-IN-1); Deborah K. Ross (D-NC-2); Nikema Williams (D-GA-5); Troy A. Carter (D-LA-2); Melanie A. Stansbury (D-NM-1); Shontel M. Brown (D-OH-11); Becca Balint (D-VT-AL); Greg Casar (D-TX-35); Gilbert Ray Cisneros, Jr. (D-CA-31); Jasmine Crockett (D-TX-30); Christopher R. Deluzio (D-PA-17); Valerie P. Foushee (D-NC-4); Maxwell Frost (D-FL-10); Robert Garcia (D-CA-42); Val T. Hoyle (D-OR-4); Glenn Ivey (D-MD-4); Sydney Kamlager-Dove (D-CA-37); Summer L. Lee (D-PA-12); Seth Magaziner (D-RI-2); Morgan McGarvey (D-KY-3); Brittany Pettersen (D-CO-7); Delia C. Ramirez (D-IL-3); Andrea Salinas (D-OR-6); Emilia Strong Sykes (D-OH-13); Jill N. Tokuda (D-HI-2); Jennifer L. McClellan (D-VA-4); Gabe Amo (D-RI-1); Timothy M. Kennedy (D-NY-26); LaMonica McIver (D-NJ-10); Wesley Bell (D-MO-1); Maxine Dexter (D-OR-3); Sarah Elfreth (D-MD-3); Laura Friedman (D-CA-30); Sam T. Liccardo (D-CA-16); Kelly Morrison (D-MN-3); Johnny Olszewski, Jr. (D-MD-2); Emily Randall (D-WA-6); Luz M. Rivas (D-CA-29); David Scott (D-GA-13); Eric Swalwell (D-CA-14); Sheila Cherfilus-McCormick (D-FL-20).

Not voting (4): Thomas Massie (R-KY-4); Scott Perry (R-PA-10); Michael Lawler (R-NY-17); Mark E. Green (R-TN-7).

Not in office (13): James R. Walkinshaw (D-VA-11); Adelita S. Grijalva (D-AZ-7); Matt Van Epps (R-TN-7); Christian D. Menefee (D-TX-18); Clay Fuller (R-GA-14); Analilia Mejia (D-NJ-11); James Gallagher (R-CA-1); Everton Blair Jr. (D-GA-13); Aisha Wahab (D-CA-14); Raúl M. Grijalva (D-AZ-7); Gerald E. Connolly (D-VA-11); Michael Waltz (R-FL-6); Sylvester Turner (D-TX-18).

Summary

Main subject: Sets up a system for regulating digital commodities, giving the Commodity Futures Trading Commission oversight of spot trading and registered exchanges, brokers and dealers, and the Securities and Exchange Commission oversight of certain offers, sales and intermediaries. Sec. 103, Sec. 202, Sec. 404, Sec. 406

Its core areas: Definitions of digital commodities and related terms; Exempted offers and sales of digital commodities and issuer disclosures; Certification of mature blockchain systems; Securities and Exchange Commission rules for brokers, dealers and alternative trading systems trading digital commodities; Commodity Futures Trading Commission registration of digital commodity exchanges, brokers and dealers; Custody of customer digital assets and qualified digital asset custodians; Bank Secrecy Act application to digital commodity intermediaries; Prohibition on Federal reserve banks issuing a central bank digital currency.

Unexpected Items: 25 provisions

These provisions fall outside the bill’s main subject or apply narrowly. This describes the text; it is not a judgment.

Not related to the bill’s main subject (18)

Sec. 105: Rulemakings: Subsection (f) directs the Federal Reserve Board, the Comptroller of the Currency and the FDIC to develop capital requirements for banking institutions that address netting agreements across multiple types of financial transactions, within 360 days of enactment.
Sec. 111: Rule of construction: States that existing government ethics laws and congressional ethics rules continue to apply, says those rules prohibit a member of Congress or senior executive branch official from issuing a digital commodity while in public service, and treats certain employees as executive branch employees for 18 U.S.C. 208.
Sec. 305: Modernization of recordkeeping requirements: Allows brokers, dealers, transfer agents, exchanges, investment advisers and investment companies to use blockchain records for their books and records, and directs the SEC to issue implementing rules within 180 days.
Sec. 306: Exemptive authority: Amends Section 28 of the Securities Act of 1933 so the SEC's exemptive authority may be exercised by order as well as by rule or regulation.
Sec. 312: Digital commodity activities that are financial in nature: Adds digital commodities to the Bank Holding Company Act's financial-in-nature activities and lets national banks, and insured State banks, use a digital asset or blockchain system for any activity they are already authorized to perform.
Sec. 315: Discretionary Surplus Fund: Reduces by $15,000,000 the dollar amount specified in section 7(a)(3)(A) of the Federal Reserve Act, effective September 30, 2035. ($15,000,000)
Sec. 502: Strategic Hub for Innovation and Financial Technology: Requires the SEC to establish, within 180 days, a committee called the Strategic Hub for Innovation and Financial Technology to engage on emerging financial technologies and report annually to the Commission.
Sec. 503: Codification of LabCFTC: Establishes an office called LabCFTC within the Commodity Futures Trading Commission, gives it a Director and duties on financial technology outreach and advice, and requires an annual report to congressional agriculture committees.
Sec. 504: Study on decentralized finance: Directs the CFTC, SEC and Treasury Secretary to jointly study decentralized finance, and directs the Comptroller General to run a separate study, each with a report due within 1 year of enactment.
Sec. 505: Study on non-fungible tokens: Directs the Comptroller General to study non-fungible tokens and publish a report within 1 year of enactment.
Sec. 506: Study on expanding financial literacy amongst digital commodity holders: Directs the CFTC and SEC to jointly study financial literacy among retail digital commodity holders, including a focus on rural communities and communities with majority minority populations, and report within 1 year.
Sec. 507: Study on financial market infrastructure improvements: Directs the CFTC and SEC to jointly study whether more guidance or rules are needed for tokenized securities and derivatives products, and report within 1 year.
Sec. 508: Study on blockchain in payments: Directs the Secretary of the Treasury to study potential domestic private-sector use of blockchain technology for payments and report within 1 year.
Sec. 509: Study on illicit use of digital assets: Directs the Secretary of the Treasury, one year after enactment, to review how Foreign Terrorist Organizations and Transnational Criminal Syndicates use digital assets, then report with recommendations to the SEC and CFTC.
Sec. 510: GAO study on certain centralized intermediaries that are primarily located in foreign jurisdictions: Directs the Comptroller General to study risks from centralized intermediaries primarily located in foreign jurisdictions that serve U.S. persons without Bank Secrecy Act-like requirements, and report within 1 year.
Sec. 511: Studies on foreign adversary participation: Directs the Treasury Secretary and the Comptroller General each to study and report within 1 year on digital commodity registrants owned by foreign adversary governments, trading data collection, and intellectual property misuse.
Sec. 512: Conforming amendments: Amends the GENIUS Act to redefine digital asset service provider, change stablecoin issuer certification and ownership rules, and add new sections on commodity-backed payment stablecoins and self-custody of digital assets.
Sec. 501: Findings; sense of Congress: States congressional findings about digital commodities and blockchain technology and a sense of Congress on developing a framework; it creates no requirements.

Exception or delay for a subset (6)

Sec. 109: Treatment of certain non-controlling blockchain developers: Provides that a non-controlling blockchain developer or provider of a blockchain service is not treated as a money transmitter, and is not subject to a new similar registration requirement, solely because of creating or publishing software, providing self-custody hardware or software, or providing infrastructure support.
Sec. 309: Exclusion for decentralized finance activities: Provides that a person is not subject to the Securities Exchange Act of 1934 based on engaging in listed blockchain and decentralized finance activities, except for the SEC's anti-fraud and anti-manipulation authorities.
Sec. 405: Qualified digital asset custodians: Deems trust companies already operating as digital asset custodians, and meeting stated State-supervision conditions, to be under adequate supervision, and gives them a transition period of at least 2 years after the CFTC's rulemaking.
Sec. 409: Exclusion for decentralized finance activities: Provides that a person is not subject to the Commodity Exchange Act based on engaging in listed blockchain and decentralized finance activities, except for the CFTC's anti-fraud, anti-manipulation and false reporting enforcement authorities.
Sec. 304: Rulemaking for dual-registered entities: Directs the Securities and Exchange Commission to write rules exempting persons or entities with multiple registrations, including dual registrations, from provisions of the Securities Exchange Act of 1934 it finds duplicative, conflicting, or unduly burdensome.
Sec. 401: Commission jurisdiction over digital commodity transactions: Sets the Commodity Futures Trading Commission's exclusive jurisdiction over digital commodity transactions but excludes bank custodial or depository activities, investment contract offers and sales, and mixed digital asset transactions from it, and separately excludes permitted payment stablecoins from its authority.

Changes a government process (1)

Sec. 410: Resources for implementation and enforcement: Sets CFTC fees for provisional-status registrants, lets the CFTC reduce or eliminate fees for small or medium filers, and gives the CFTC Chairman expedited excepted-service hiring authority for certain positions until a sunset.

What it does

Sec. 103: Amends the Commodity Exchange Act to define "digital commodity" as a digital asset intrinsically linked to a blockchain system, and lists exclusions such as securities, permitted payment stablecoins and bank deposits.
Sec. 202: Exempts an issuer's offer or sale of an investment contract involving a digital commodity from registration if the blockchain is certified mature or intended to be, and if consideration received in a 12-month period is not more than $50,000,000, subject to issuer filing and disclosure requirements.
Sec. 205: Allows a blockchain system to be certified to the Securities and Exchange Commission as a mature blockchain system, sets the review and stay periods for that certification, and lists criteria for a system to be deemed mature.
Sec. 404: Requires a trading facility offering a cash or spot market in a digital commodity to register with the Commodity Futures Trading Commission as a digital commodity exchange, and sets core principles and customer asset segregation rules for such exchanges.
Sec. 406: Makes it unlawful to act as a digital commodity broker or dealer without registering with the Commodity Futures Trading Commission, and sets capital, recordkeeping, business conduct and customer asset segregation requirements.
Sec. 106: Requires the Commodity Futures Trading Commission to adopt an expedited registration process within 180 days of enactment, and puts registrants in provisional status until 270 days after the related final rulemakings take effect.
Sec. 110: Adds digital commodity brokers, dealers and certain exchanges to the Bank Secrecy Act's list of financial institutions, and directs the Secretary of the Treasury to issue anti-money laundering and customer identification requirements for them.
Sec. 405: Sets standards for a person to qualify as a qualified digital asset custodian, based on supervision by a banking agency, the Commodity Futures Trading Commission, the Securities and Exchange Commission, or a State or foreign authority.
Sec. 409: Provides that a person is not subject to the Commodity Exchange Act based on listed decentralized finance activities, such as validating transactions, operating a node or publishing software, while leaving the Commission's anti-fraud and anti-manipulation authority in place.
Sec. 604: Bars a Federal reserve bank from offering financial products or accounts directly to an individual or issuing a central bank digital currency, and bars the Board of Governors from testing, developing or implementing one.

Written automatically from the official text by Claude Sonnet 5.5, an AI model. Written 29 Sep 2026 and published after the automatic checks, without a person reading it first. Every line names the section it came from.