On Tuesday, June 10, the House Committees on Agriculture and Financial Services both favorably reported to the House H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act (as amended). Both committees gave overwhelmingly bipartisan support for the bill with the Committee on Agriculture voting 47-6 and the Committee on Financial Services voting 32-19. Both committees voted down numerous proposed amendments by Democratic members aiming to curb fraud, address conflicts of interest, and prohibit government bailouts. The Act was initially introduced on May 29, 2025 by Chairman Glenn “GT” Thompson (R-PA) and House Committee on Financial Services Chairman French Hill (R-AR) and among other things would claw back U.S. Securities and Exchange Commission jurisdiction and establish the Commodity Futures Trading Commission as the primary regulator of digital commodities and intermediaries. For more information on the Act, see our June 9, 2025 client advisory on Digital Asset Regulation and The CLARITY Act of 2025.
