H.R. 3633 - Digital Asset Market Clarity Act of 2025
H.R. 3633 - Digital Asset Market Clarity Act of 2025
Hearing Information
Amendment Deadline
Wednesday, July 9, 2025 - 5:00pm View Announcement »
Meeting Information
Monday, July 14, 2025 - 4:00pm H-313, The Capitol View Announcement »
Video
Bill Text
Rules Committee Print 119-6 PDF
Showing the text of H.R. 3633, as ordered reported by the Committee on Financial Services and the Committee on Agriculture, with modifications
(as reported)
Comparative Print PDF
Showing the differences between the text of H.R. 3633, as reported by the the Committee on Financial Services and the Committee on Agriculture, and Rules Committee Print 119-6.
H. Rept. 119-168, Part IIPDF
Report from the Committee on Financial Services to accompany H.R. 3633
Hearing Documents
Rule PDF
H. Rept. 119-199PDF
Rule Information
COMMITTEE ACTION:
REPORTED BY A RECORD VOTE of 8-4 on Monday, July 14, 2025.
FLOOR ACTION ON H. RES. 580:
Not agreed to by a record vote of 196-223, after agreeing to the previous question by a record vote of 211-210, on Tuesday, July 15, 2025.
FLOOR ACTION ON H. RES. 580:
Agreed to by a record vote of 217-212, after agreeing to the motion to reconsider by a record vote of 215-211, on Wednesday, July 16, 2025.
MANAGERS: Jack/Scanlon
1. Structured rule for H.R. 4016.
2. Waives all points of order against consideration of the bill.
3. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Appropriations or their respective designees. 4. Provides that the bill shall be considered as read.
5. Waives all points of order against provisions in the bill for failure to comply with clause 2 or clause 5(a) of rule XXI.
6. Makes in order only those amendments printed in part A of the Rules Committee report, amendments en bloc described in section 3 and pro forma amendments described in section 4. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment except as provided by section 4 of the rule, and shall not be subject to a demand for division of the question.
7. Waives all points of order against the amendments printed in part A of the Rules Committee report or amendments en bloc described in section 3 of the rule.
8. Provides that the chair of the Committee on Appropriations or his designee may offer amendments en bloc consisting of amendments printed in part A of the Rules Committee report not earlier disposed of. Amendments en bloc shall be considered as read, shall be debatable for 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Appropriations or their respective designees, shall not be subject to amendment except as provided by section 4 of the rule, and shall not be subject to a demand for division of the question.
9. Provides that the chair and ranking minority member of the Committee on Appropriations or their respective designees may offer up to 10 pro forma amendments each at any point for the purpose of debate.
10. Provides one motion to recommit.
11. Structured rule for H.R. 3633.
12. Waives all points of order against consideration of the bill.
13. Provides that, in lieu of the amendments in the nature of a substitute recommended by the Committees on Agriculture and Financial Services now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 119-6, modified by the amendment printed in part B of the Rules Committee report, shall be considered as adopted and the bill, as amended, shall be considered as read.
14. Waives all points of order against provisions in the bill, as amended.
15. Provides one hour of general debate equally divided among and controlled by the chair and ranking minority member of the Committee on Agriculture or their respective designees and the chair and ranking minority member of the Committee on Financial Services or their respective designees.
16. Makes in order only the amendment printed in part C of the Rules Committee report. Each amendment shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
17. Waives all points of order against the amendment printed in part C of the report.
18. Provides one motion to recommit.
19. Closed rule for H.R. 1919.
20. Waives all points of order against consideration of the bill.
21. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted and the bill, as amended, shall be considered as read.
22. Waives all points of order against provisions in the bill, as amended.
23. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees.
24. Provides one motion to recommit.
25. Closed rule for S. 1582.
26. Waives all points of order against consideration of the bill.
27. Provides that the bill shall be considered as read.
28. Waives all points of order against provisions in the bill.
29. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their respective designees.
30. Provides one motion to commit.
31. Provides that the requirement of clause 6(a) of rule XIII for a two-thirds vote to consider a report from the Committee on Rules on the same day it is presented to the House is waived with respect to any resolution reported through the legislative day of July 18, 2025, relating to the bill (H.R. 4) to rescind certain budget authority proposed to be rescinded in special messages transmitted to the Congress by the President on June 3, 2025, in accordance with section 1012(a) of the Congressional Budget and Impoundment Control Act of 1974.
Amendments (click each header to sort table ▲▼ by that column)
| # | Version # | Sponsor(s) | Party | Summary | Status |
|---|---|---|---|---|---|
| 1 | Version 1 | Norton (DC) | Democrat | Clarifies that the term State includes the District of Columbia, territories and possessions. | Submitted |
| 2 | Version 1 | Tlaib (MI) | Democrat | Strikes sections 309 and 409, which exempt certain decentralized finance activities from regulation by the SEC and CFTC. | Submitted |
| 3 | Version 1 | Tlaib (MI) | Democrat | Prohibits any digital asset issued by a company owned, affiliated, or controlled by the President or their family members from being required to be used in transactions with the government. | Submitted |
| 4 | Version 1 | Tlaib (MI) | Democrat | Prevents digital assets from being traded on any exchange or platform that controls or is controlled by a private fund. | Submitted |
| 5 | Version 1 | Lynch (MA) | Democrat | Amends the Patriot Act’s Section 314(b) (section that permits financial institutions to share information to identify and report to the federal government activities that may involve money laundering or terrorist activities) to include inquiries about cyber-enabled financial crime and fraud. | Submitted |
| 6 | Version 1 | Lynch (MA) | Democrat | Reconstitutes the Department of Justice’s National Cryptocurrency Enforcement Team with the Treasury and requires the team to investigate President Trump’s crypto dealings. | Submitted |
| 7 | Version 1 | Lynch (MA) | Democrat | Requires the Inspector Generals of the Treasury and the SEC to conduct an annual report on any presidential crypto holdings. This investigation must include the President’s foreign interests, fraud or financial losses that harm Americans, and ways in which individuals are gaining influence over public decisions by owning or investing in the President’s crypto businesses. | Submitted |
| 8 | Version 2 | Garcia (TX) | Democrat | Revised Creates a clear, enforceable obligation for custodians to monitor and report illicit financing and helps to bridge the gap that the bill provides by bringing cross-border digital asset flows back under the same scrutiny that the traditional banking system must adhere to. | Revised |
| 9 | Version 1 | Garcia (TX) | Democrat | Establishes minimum conditions to ensure the regulatory ability and integrity of blockchain systems' records. | Submitted |
| 10 | Version 1 | McCormick (GA) | Republican | Withdrawn Clarifies that nothing in the bill overrides current financial privacy protections. | Withdrawn |
| 11 | Version 1 | Sherman (CA) | Democrat | Specifies that the act does not become effective until the Secretary of the Treasury certifies to Congress that digital asset transactions cannot be used to avoid paying an excise tax on remittance transfers as in Trump's reconciliation package. | Submitted |
| 12 | Version 1 | Sherman (CA) | Democrat | Requires any person or entity hosting a wallet to be compliant with KYC and AML requirements of the Bank Secrecy Act in the same manner which a bank would be compliant. | Submitted |
| 13 | Version 1 | Sherman (CA) | Democrat | Specifies that nothing in this Act prevents the SEC from regulating stocks and bonds on the blockchain as securities. | Made in Order |
| 14 | Version 1 | Sherman (CA) | Democrat | Prohibits any federal government bailout of any crypto issuer or exchange. | Submitted |
| 15 | Version 1 | Sherman (CA) | Democrat | Requires the federal government to sell all crypto holdings within 60 days. | Submitted |
| 16 | Version 1 | Sherman (CA) | Democrat | Prohibits any federal campaign contributions using cryptocurrencies. | Submitted |
| 17 | Version 1 | Sherman (CA) | Democrat | Prohibits the Federal Government from purchasing cryptocurrencies. | Submitted |
| 18 | Version 1 | Massie (KY), Perry (PA) | Republican | Prohibits the creation of a central bank digital currency (CBDC). Bars Federal Reserve banks from offering products or services directly or indirectly to individuals or entities, except specified institutions. | Submitted |
| 19 | Version 1 | Casten (IL) | Democrat | Creates an explicit International Emergency Economic Powers Act (IEEPA) authority for sanctioning decentralized smart contracts. | Submitted |
| 20 | Version 1 | Foster (IL) | Democrat | Requires financial regulators to conduct a study on applications of digital identity passports in the digital asset ecosystem. The study will evaluate the standards, suitability, and other requirements for issuers and users of digital identity passports, including the technologies capability to facilitate compliance with anti-money laundering laws, reduce theft/fraud with digital assets, and to protect the privacy of their users. | Submitted |
| 21 | Version 1 | Neguse (CO) | Democrat | Bans Members of Congress, Presidents, and Vice Presidents, including candidates, from issuing or endorsing digital assets and requires any existing assets to be placed in a blind trust. | Submitted |
| 22 | Version 1 | Casten (IL) | Democrat | Creates a public-private partnership with the Treasury Department, other key agencies, and DeFi services to explore integrating anti-money laundering (AML) checks at the computer code-level and directs FinCEN to subsequently write a rule to prescribe tailored AML requirements for DeFi that meet the purposes of the Bank Secrecy Act. | Submitted |
| 23 | Version 1 | Foster (IL), Amo (RI) | Democrat | Establishes a joint "Senior Scam Hotline" within the Securities and Exchange Commission and the Commodity Futures Trading Commission to provide assistance to older Americans in avoiding fraud, scams, and other abuse related to digital assets and requires information about the hotline to be displayed clearly on all Bitcoin ATMs. | Submitted |
| 24 | Version 2 | Casten (IL) | Democrat | Revised Directs FinCEN to finalize its rulemaking that classifies cryptocurrency mixer transactions in foreign jurisdictions as a “primary money laundering concern” within one year of enactment. | Revised |
| 25 | Version 1 | Foster (IL) | Democrat | Establishes a joint "Financial Influencer Task Force" within the Securities and Exchange Commission and the Commodity Futures Trading Commission to compile data on social media driven investment scams, bias, and misinformation. The task force will coordinate with other relevant regulators to provide guidance to influencers and social media companies about compliance with relevant laws regarding financial advice and investment offerings. The task force will also develop educational materials for investors regarding the risks of relying on investment advice found online. | Submitted |
| 26 | Version 1 | Adams (NC) | Democrat | Prohibits digital asset ownership and issuance by the President, Vice President, and certain family members. | Submitted |
| 27 | Version 1 | Casten (IL) | Democrat | Prohibits the SEC and CFTC from finalizing joint rulemakings required under the bill unless the agencies can meet quorum and there is representation from both political parties. | Submitted |
| 28 | Version 1 | Casten (IL) | Democrat | Directs FinCEN to issue rules to require that digital asset kiosk operators regularly update the locations of their kiosks, verify customer identities, and implement an anti-fraud policy. | Submitted |
| 29 | Version 1 | Adams (NC) | Democrat | Makes the effective date of this Act contingent on the authorization, funding, and staffing of the Commodity Futures Trading Commission (CFTC). | Submitted |
| 30 | Version 1 | Waters (CA), Casar (TX), Lynch (MA), Casten (IL), Sherman (CA), Pettersen (CO), Williams (GA), Fields (LA), Meeks (NY), Gonzalez (TX), Tlaib (MI), Velázquez (NY), Foster (IL), Vargas (CA), Ramirez (IL), Friedman (CA), McGarvey (KY), Jayapal (WA), Amo (RI) | Democrat | Includes the “Stop TRUMP in Crypto Act”, which blocks the President, Vice President, Members of Congress, and their immediate families from engaging in crypto corruption and conflicts of interest. | Submitted |
| 31 | Version 1 | Waters (CA), Lynch (MA), Sherman (CA), Fields (LA), Tlaib (MI), Velázquez (NY), Foster (IL), Ramirez (IL), Jayapal (WA) | Democrat | Establishes a crypto investor and consumer a “bill of rights” featuring, among other things: 24/7 customer service; insurance or SIPC-like coverage; fiduciary/best-execution rules; anti-front-running rules; bankruptcy-remote custody with 24-hour withdrawals; and monthly auditor-attested proof-of-reserves. Provides funding for the SEC and CFTC. | Submitted |
| 32 | Version 1 | Waters (CA), Lynch (MA), Sherman (CA), Fields (LA), Tlaib (MI), Velázquez (NY), Ramirez (IL), Jayapal (WA) | Democrat | Ensures that if a court finds any language in this legislation ambiguous, it will defer to the interpretation of the SEC and CFTC. | Submitted |
| 33 | Version 1 | Waters (CA), Lynch (MA), Sherman (CA), Fields (LA), Tlaib (MI), Velázquez (NY), Foster (IL), Ramirez (IL), Jayapal (WA) | Democrat | Requires covered entities under the Act to provide Federal law enforcement with digital asset or digital wallet information, if law enforcement believes the digital asset or digital wallet is involved in a ransomware attack. | Submitted |
| 34 | Version 1 | Waters (CA), Lynch (MA), Sherman (CA), Fields (LA), Tlaib (MI), Velázquez (NY), Ramirez (IL), Jayapal (WA) | Democrat | Requires all digital asset transactions to be conducted on the digital asset's related blockchain and allows the SEC and CFTC to grant exemptions if the agencies deem it appropriate. Cuts Section 203. | Submitted |
| 35 | Version 2 | Waters (CA), Lynch (MA), Sherman (CA), Fields (LA), Tlaib (MI), Velázquez (NY), Ramirez (IL), Jayapal (WA) | Democrat | Revised Prevents the preemption of all state laws and ensures that states could still go after fraud on cases that involve digital commodities and DeFi transactions. | Revised |
| 36 | Version 1 | Liccardo (CA), Auchincloss (MA) | Democrat | Prohibits digital assets issued by the president, vice president, Members of Congress, and senior executive branch officials from trading on regulated exchanges. | Submitted |
| 37 | Version 1 | Meeks (NY) | Democrat | Confirms the authority of the President to designate certain technological entities irrespective of its ownership structure under codified sanctions authorities. | Submitted |
| 38 | Version 1 | Liccardo (CA) | Democrat | Establishes a public-private advisory committee to establish voluntary best practices and standards to reduce the risk of illicit finance and fraud on decentralized trading protocols. | Submitted |
| 39 | Version 1 | Meeks (NY), Amo (RI) | Democrat | Requires a report on digital asset technology usage to address humanitarian needs. | Submitted |
| 40 | Version 1 | Meeks (NY) | Democrat | Requires a report on the limitation of memecoins in the likeness of foreign leaders. | Submitted |
| 41 | Version 1 | Vindman (VA) | Democrat | Strengthens the crypto industry by prohibiting entities seeking registration or exemption under this Act from holding, trading, or facilitating meme-based assets associated with public officials, including the President and Vice President, when those individuals have a financial interest in the asset. Ensures that leaders work for the American people and guarantees there are no conflicts of interest for senior government officials within this digital asset regulatory framework. | Submitted |
| 42 | Version 2 | Williams (GA) | Democrat | Revised Directs the SEC and CFTC to issue joint rulemaking prohibiting gamification and also directs these agencies to issue rules requiring parental consent for minors to purchase crypto. | Revised |
| 43 | Version 1 | Brown (OH) | Democrat | Late Encourages early reporting of misconduct, enhances accountability, and protects individuals from retaliation—particularly in high-risk areas like cybersecurity and consumer protection. Including Congress as a protected reporting channel reinforces legislative oversight and transparency. | Submitted |
| 44 | Version 1 | Brown (OH) | Democrat | Late Strengthens national security and financial integrity by ensuring BSA compliance is foundational to all digital asset financial services. | Submitted |
| 45 | Version 1 | Brown (OH) | Democrat | Late Provides clear and unified authority for the SEC and CFTC to impose civil monetary penalties for violations. | Submitted |
| 46 | Version 1 | Brown (OH) | Democrat | Late Ensures timely federal oversight and risk mitigation by requiring digital asset entities to report significant cybersecurity breaches or incidents to the SEC and CFTC within 48 hours of detection. | Submitted |
| 47 | Version 1 | Thompson (PA), Hill (AR) | Republican | MANAGER’S AMENDMENT Late Makes typographical and technical corrections. | Considered as Adopted |
| 48 | Version 1 | Magaziner (RI) | Democrat | Late Requires the CFTC and SEC to assess fees on entities under their jurisdiction in amounts sufficient to cover the costs of implementing and enforcing the Act. | Submitted |
| 49 | Version 1 | Peters (CA) | Democrat | Late Clarifies that if a meme coin or a mining activity would be treated as an investment contract under the Howey test, the meme coin or mining activity is a security. | Submitted |
| 50 | Version 1 | Khanna (CA) | Democrat | Late Requires the Attorney General to preserve and release any records related to Jeffrey Epstein. | Submitted |
| 51 | Version 1 | Craig (MN), Budzinski (IL), Stanton (AZ) | Democrat | Late Adds digital commodities to Section 22 (Private Right of Action) of the Commodity Exchange Act. | Submitted |
Committee Votes
Rules Committee Record Vote No. 148
Motion by Mr. McGovern to strike section 9 of the rule, which provides authority for the Rules Committee to bring a rule for the Senate amendment to H.R. 4, the Rescissions Act of 2025, to the floor on the same day it is reported out of the Rules Committee. Defeated: 4–8
Rules Committee Record Vote No. 149
Motion by Mr. McGovern to make in order amendment #50 to H.R. 3633, offered by Representative Khanna, which would require the Attorney General to preserve and release any records related to Jeffrey Epstein. Defeated: 5–7
Rules Committee Record Vote No. 150
Motion by Mr. McGovern to add a new section to the rule which would provide for consideration of a resolution introduced by Representative Veasy, H. Res. 577, which affirms Congress’s Article I authority to conduct oversight, demands that the Trump Administration release the Epstein files, calls on the Department of Justice and FBI to submit a report on any delays, suppression, or destruction of evidence related to the files, and supports full transparency and access to these documents in the interest of justice and accountability. The resolution shall be considered under a closed rule with one hour of debate, equally divided and controlled by the Committee on the Judiciary. Defeated: 4–8
Rules Committee Record Vote No. 151
Motion by Ms. Scanlon to make in order amendment #31 to H.R. 3633, offered by Representative Waters, which would establish a crypto investor and consumer “bill of rights” featuring, among other things: 24/7 customer service; insurance or SIPC-like coverage; fiduciary/best-execution rules; anti-front-running rules; bankruptcy-remote custody with 24-hour withdrawals; and monthly auditor-attested proof-of-reserves. The amendment would also provide additional funding for the SEC and CFTC. Defeated: 4–8
Rules Committee Record Vote No. 152
Motion by Mr. Neguse to make in order amendment #21 to H.R. 3633, offered by Representative Neguse, which would ban Members of Congress, Presidents, and Vice Presidents, including candidates, from issuing or endorsing digital assets and requires any existing assets to be placed in a blind trust. Defeated: 4–8
Rules Committee Record Vote No. 155
Motion by Mr. Jack to report the rule. Adopted: 8–4