On July 7, the Congressional Research Service published an insight on H.R. 3633, the Digital Asset Market Clarity Act of 2025, which if enacted would create a comprehensive regulatory framework for digital commodities. Per the insight, the CLARITY Act would give the CFTC a central role in regulating digital commodities and related intermediaries, while preserving certain SEC authority over primary market crypto transactions. The bill defined a digital commodity as a digital asset that is intrinsically linked to a blockchain, and the value of which is derived from or is reasonably expected to be derived from the use of the blockchain system. The definition explicitly excluded securities, securities derivatives, commodities, commodity derivatives, certain pooled investment vehicles, NFT-type assets, and permitted stablecoins.
The legislation also required digital commodity exchanges, brokers and dealers to comply with the BSA/AML laundering requirements and amended the Bank Holding Company Act to allow financial holding companies and qualifying banks to conduct digital commodities activities. It provided an exemption from the Securities Act of 1933’s registration requirement for offers of investment contracts involving digital commodities on mature blockchains that meet specific conditions, including an aggregate sale limit of $75 million over a 12-month period. The CFTC would receive exclusive regulatory jurisdiction over transactions in digital commodities, including spot or cash markets, by or on any entity registered with or required to be registered with the agency. The bill would require digital commodity brokers and dealers to register with the CFTC.
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