Digital Asset Market Clarity Act
Introduced May 29, 2025 · Last action June 1, 2026
Plain English Summary
This bill creates a comprehensive federal regulatory framework for digital commodities (cryptocurrencies) under the SEC and CFTC, defines which digital assets are commodities vs. securities, establishes registration requirements for exchanges and brokers, and prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) directly or indirectly to individuals. It exempts decentralized finance activities from regulation and allows certain blockchain developers to operate without being treated as money transmitters.
Who benefits
Cryptocurrency and blockchain companies, digital asset exchanges (Coinbase, Kraken, FTX-type platforms), blockchain developers and node operators, wallet and custody service providers, investment firms seeking to offer digital asset products to customers, banks and brokers entering digital asset custody and trading businesses, venture capital firms and blockchain entrepreneurs launching new projects, decentralized finance (DeFi) protocol developers, cryptocurrency miners and stakers, and U.S.-based digital asset businesses (as opposed to offshore competitors)
Who pays / loses
Retail cryptocurrency investors (face new disclosure and risk warnings), current unregistered digital asset brokers and exchanges (must register or cease operations within 90-270 days), centralized intermediaries primarily located in foreign jurisdictions serving U.S. persons (subject to new Bank Secrecy Act-equivalent requirements), Federal Reserve (loses ability to develop or pilot CBDC), companies attempting to issue securities disguised as digital commodities (stricter disclosure requirements), cryptocurrency projects failing to achieve 'mature blockchain system' status within 4 years (face additional reporting and restrictions), and digital commodity related/affiliated persons holding tokens (face 12-month lockups and percentage-based selling limits before maturity)
Funding & Lobbying Interests
The bill is backed by the cryptocurrency and blockchain industry, including exchanges, custody providers, and blockchain development companies seeking regulatory clarity and avoiding stricter securities regulation. Digital asset custodians and service providers benefit from the streamlined 'qualified custodian' framework. Banks and financial institutions benefit from being allowed to offer digital asset custody and trading services. Venture capital and blockchain entrepreneurs benefit from the exemption for mature blockchains and decentralized projects from securities registration. The bill opposes Federal Reserve CBDC issuance, reflecting ideological opposition from some cryptocurrency advocates and libertarian-leaning policymakers who view CBDCs as surveillance tools. No specific sponsor finance data was provided, but the bill's structure suggests support from: (1) major digital asset exchanges and brokers; (2) blockchain and cryptocurrency protocol developers; (3) custody and infrastructure service providers; (4) venture capital firms investing in blockchain; (5) financial institutions seeking to enter digital asset markets; and (6) technology companies providing blockchain services.
Sponsor
Sponsor information not available.
Vote Record
No recorded votes.
Campaign Finance — Primary Sponsor
No campaign finance data available yet.
501(c)(4) disclosure: Contributions from 501(c)(4) "dark money" organizations are not required to be publicly disclosed and are not reflected in the figures above. Data sourced from FEC public disclosure filings.
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