Digital Asset Market Clarity Act

On June 10, 2025, the Committee ordered H.R. 3633, as amended, to be reported favorably to the House by a recorded vote of 32 yeas and 19 nays, a quorum being present. (Record Vote No. FC-169). The Committee considered the following amendments to H.R. 3633: Representative French Hill (R-AR) offered an amendment in the nature of a substitute, which requires the prudential regulators to develop capital requirements for financial institutions that address netting agreements, clarifies that certain blockchain developers and service providers that do not custody or control consumer funds are not classified as money transmitters, requires rulemaking regarding disclosures related to the treatment of certain assets held by SEC registrants in the event of their insolvency and the use of certain exemptions under securities laws, and makes minor edits and technical changes. This amendment was adopted by a voice vote. Representative Maxine Waters (D-CA) offered an amendment (No. 6), designated HR3633_T01. This amendment would prohibit the President, Vice President, Members of Congress, and certain members of their families from participating or trading--directly or indirectly--in digital asset projects. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-142). Representative Brad Sherman (D-CA) offered an amendment (No. 7), designated SHERMA_047. This amendment would prevent federal agencies from providing financial assistance to digital asset issuers and exchanges in the event of failure or bankruptcy through any emergency liquidity facility or the Exchange Stabilization Fund. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-143). Representative Sherman offered an amendment (No. 8), designated SHERMA_050. This amendment would prohibit the Federal Government and Federal Reserve banks from purchasing digital assets. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-144). Representative Waters offered an amendment (No. 9), designated HR3633_T27. This amendment would require a person acting as a broker, dealer, or Alternative Trading System for blockchain-based securities to register with the SEC and all the states in which they seek to operate. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-145). Representative Waters offered an amendment (No. 10), designated HR3633_T25. This amendment would establish a bill of rights for crypto investors that requires digital asset trading platforms to develop policies and procedures to uphold. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-146). Representative Vicente Gonzalez (D-TX) offered an amendment (No. 11), designated GONZTX_005. This amendment would require the Treasury Secretary to conduct a review of transnational criminal organizations financing and submit a report to Congress, issue guidance, and support the CFTC and SEC with AML enforcement. This amendment is duplicative of an amendment adopted by the House Agriculture Committee. This amendment was withdrawn. Representative Sean Casten (D-IL) offered an amendment (No. 12), designated CASTEN_050. This amendment would prevent the SEC and CFTC from jointly issuing or finalizing rulemakings required by the CLARITY Act unless both Commissions have three Commissioners and one of them is affiliated with the opposite political party of the President. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-147). Representative Casten offered an amendment (No. 13), designated CASTEN_056. This amendment would require the Secretary of the Treasury in consultation with FinCEN, OFAC, FBI, USS, NIST, and CISA to develop a public-private partnership program with DeFi services and relevant risk management experts

On June 10, 2025, the Committee ordered H.R. 3633, as amended, to be reported favorably to the House by a recorded vote of 32 yeas and 19 nays, a quorum being present. (Record Vote No. FC-169). The Committee considered the following amendments to H.R. 3633: Representative French Hill (R-AR) offered an amendment in the nature of a substitute, which requires the prudential regulators to develop capital requirements for financial institutions that address netting agreements, clarifies that certain blockchain developers and service providers that do not custody or control consumer funds are not classified as money transmitters, requires rulemaking regarding disclosures related to the treatment of certain assets held by SEC registrants in the event of their insolvency and the use of certain exemptions under securities laws, and makes minor edits and technical changes. This amendment was adopted by a voice vote. Representative Maxine Waters (D-CA) offered an amendment (No. 6), designated HR3633_T01. This amendment would prohibit the President, Vice President, Members of Congress, and certain members of their families from participating or trading--directly or indirectly--in digital asset projects. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-142). Representative Brad Sherman (D-CA) offered an amendment (No. 7), designated SHERMA_047. This amendment would prevent federal agencies from providing financial assistance to digital asset issuers and exchanges in the event of failure or bankruptcy through any emergency liquidity facility or the Exchange Stabilization Fund. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-143). Representative Sherman offered an amendment (No. 8), designated SHERMA_050. This amendment would prohibit the Federal Government and Federal Reserve banks from purchasing digital assets. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-144). Representative Waters offered an amendment (No. 9), designated HR3633_T27. This amendment would require a person acting as a broker, dealer, or Alternative Trading System for blockchain-based securities to register with the SEC and all the states in which they seek to operate. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-145). Representative Waters offered an amendment (No. 10), designated HR3633_T25. This amendment would establish a bill of rights for crypto investors that requires digital asset trading platforms to develop policies and procedures to uphold. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-146). Representative Vicente Gonzalez (D-TX) offered an amendment (No. 11), designated GONZTX_005. This amendment would require the Treasury Secretary to conduct a review of transnational criminal organizations financing and submit a report to Congress, issue guidance, and support the CFTC and SEC with AML enforcement. This amendment is duplicative of an amendment adopted by the House Agriculture Committee. This amendment was withdrawn. Representative Sean Casten (D-IL) offered an amendment (No. 12), designated CASTEN_050. This amendment would prevent the SEC and CFTC from jointly issuing or finalizing rulemakings required by the CLARITY Act unless both Commissions have three Commissioners and one of them is affiliated with the opposite political party of the President. This amendment failed by a recorded vote of 21 yeas and 30 nays, a quorum being present. (Record Vote No. FC-147). Representative Casten offered an amendment (No. 13), designated CASTEN_056. This amendment would require the Secretary of the Treasury in consultation with FinCEN, OFAC, FBI, USS, NIST, and CISA to develop a public-private partnership program with DeFi services and relevant risk management experts