In Senate Committee·Last action 216 days ago

New Rules for Crypto Markets and a Ban on a Government Digital Dollar

Officially: Digital Asset Market Clarity Act of 2025

This bill sets up clear federal rules for trading and regulating crypto, splitting oversight between the SEC and CFTC. It also blocks the Federal Reserve from issuing a digital dollar directly to the public. Crypto exchanges, brokers, and custodians would face new registration, safety, and anti-money-laundering requirements.

Where it stands

Sitting in Banking

No vote scheduled. Constituent contact is what moves bills out of committee.

What this bill actually does

Defines "digital commodity" in the Commodity Exchange Act and lists what does not count — including most securities, many derivatives, certain pooled investment vehicles, approved stablecoins, bank deposits, some commodity-linked tokens, and certain NFTs and loyalty points.
Creates a new SEC exemption (Securities Act Section 4(a)(8) and Section 4B) for initial offerings of digital commodities, capped at $50 million over 12 months (adjusted for inflation), with investor concentration limits, issuer background checks, and detailed ongoing and post-maturity disclosure requirements.
Sets up a process at the SEC (Exchange Act Section 42) for certifying "mature blockchain systems" — blockchains that are not controlled by any person or group — using objective criteria like open-source code, decentralized governance, and distributed ownership, with set timelines and appeal rights.

↓ Why your message matters here

This bill is sitting in committee with no scheduled vote — which means a small number of constituent messages can decide whether it moves forward or quietly dies.

The debate

What people are saying about this bill

✓Arguments in support

Clarity and Certainty: Supporters argue that the bill provides much-needed clarity, helping businesses and investors understand the rules and reducing the risk of legal issues.
Consumer Protection: By setting up safeguards against fraud, the bill aims to protect consumers from scams and bad actors in the digital asset market.
Market Growth: Clear regulations could encourage more investment and innovation in the digital asset market, leading to economic growth.

✕Arguments against

Regulatory Burden: Critics argue that the bill could impose heavy regulatory burdens on businesses, particularly smaller companies that may struggle to comply.
Innovation Stifling: Some believe that too much regulation could stifle innovation, as companies may be less willing to take risks in a heavily regulated environment.
Privacy Concerns: The reporting requirements could raise privacy concerns for individuals and businesses involved in digital asset transactions.

Where this bill is in the process

Legislative timeline

✓

Introduced

Introduced in House

—

✓

House Committee

Under House committee consideration

—

✓

House Floor Vote

Voted on by House

—

✓

Passed House

Approved by House

—

●

Senate Review

Sent to Senate for consideration

Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (9/18/2025)

SEP 18

○

Passed Both Chambers

Approved by both House and Senate

—

○

Signed into Law

Signed by the President

—

For more detail

Menu

New Rules for Crypto Markets and a Ban on a Government Digital Dollar

What people are saying about this bill

Legislative timeline

Read deeper