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119th Congress
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HOUSEH.R. 3633· 119th Congress

Bill Establishes CFTC Oversight of Digital Commodities Trading

Digital Asset Market Clarity Act

Sponsor
J. Hill (R-AR)
Introduced
May 29, 2025
Last Action
Sep 15, 2026

Recorded legislative actions. Future votes are not implied.

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Passed Committee
Jun 10, 2025
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Passed House
Jul 17, 2025
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Received in Senate
Sep 18, 2025
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Passed Committee
May 14, 2026
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Passed Committee
Jun 1, 2026

AI-assisted analysis based on the official CRS summary. Source version: Jul 14, 2025. Analysis updated: Sep 17, 2026.

01 — The Text

What.

  • The bill defines digital commodities as digital assets relying on blockchain for value and assigns the CFTC primary regulatory authority over digital commodity exchanges, brokers, and dealers.
  • Digital commodities on mature blockchains can trade on exchanges if the blockchain has achieved decentralized control, or issuers file required reports.
  • The bill exempts certain digital commodities on mature blockchains from SEC registration if annual sales fall below a specified threshold and other conditions are met.
  • Digital commodity exchanges, brokers, and dealers must comply with Bank Secrecy Act requirements for anti-money laundering purposes.
  • The bill imposes requirements for trade monitoring, recordkeeping, and customer asset handling.
02 — The Stakes

So what?

  • The regulatory framework shifts primary jurisdiction of digital commodity activities to the CFTC rather than the SEC for qualifying assets.
  • SEC retains jurisdiction over certain digital commodity activities conducted by brokers and dealers on alternative trading systems and national securities exchanges.
  • Documented effects of the bill are limited to the regulatory structure established; fiscal impact, market effects, or adoption rates are not specified in the official summary.
03 — The Path

Now what?

  • As of September 15, 2026, the Senate cloture motion on the motion to proceed failed 49–50 (Record Vote No. 234).
  • Senator Tillis filed a motion to reconsider the failed cloture vote on September 15, 2026.
  • The bill was reported from the Senate Committee on Banking, Housing, and Urban Affairs on June 1, 2026, and placed on the Senate Legislative Calendar.
Legislative History

Actions.

  • Sep 15, 2026 — Motion by Senator Tillis to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 234) entered in Senate.
  • Sep 15, 2026 — Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 49 - 50. Record Vote Number: 234.
  • Aug 8, 2026 — Cloture motion on the motion to proceed to the measure presented in Senate. (CR S4557)
  • Aug 8, 2026 — Motion to proceed to consideration of measure made in Senate. (CR S4557)
  • Jun 1, 2026 — Placed on Senate Legislative Calendar under General Orders. Calendar No. 423.
  • Jun 1, 2026 — Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, with an amendment in the nature of a substitute. Without written report.
  • Jun 1, 2026 — Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, with an amendment in the nature of a substitute. Without written report.
  • May 14, 2026 — Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.