Press Releases

Yesterday, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing examining digital asset market structure legislation, H.R. 3633, the CLARITY Act of 2025.

Click here for a one-pager on the CLARITY Act.

Click here for a section-by-section.

Click here for the text of the bill.

Watch yesterday’s hearing online HERE. 

On the benefits of digital assets and blockchain technology:

• "Digital assets and blockchain technology are driving the next evolution of the internet. This technology empowers individuals, spurs innovation, and creates new economic opportunities," said Chairman Hill.

• "The Golden Age of digital assets is here. ...The CLARITY Act will unleash innovation and ensure U.S. dominance in digital assets while protecting consumers from fraud,” said Subcommittee Chairman Bryan teil (WI-01).

• "The CLARITY Act is a thoughtful bill that creates regulatory guardrails tailored to the unique attributes of blockchain technology while giving users and developers the confidence to engage and innovate in this ecosystem,” said Majority Whip Tom Emmer (MN-06).

On the harm of not having a regulatory framework:

• "Currently, the rules around digital assets are confusing and inconsistent. ...Under existing law, developers, investors, and businesses don't know which agency is in charge or which rules apply, and that has caused some real problems. Some projects have left the U.S. entirely and many consumers have been using risky platforms without basic protections,” said Rep. Roger Williams (TX-25).

On the importance of prioritizing digital asset market structure legislation:

• "Part of the reason we are still talking about digital asset market structure today is that both the SEC and Congress did not rise to the occasion in the Biden years to provide clarity and most importantly, protect investors,” said Rep. Mike Flood (NE-01).

Witnesses echoed their support for the work of the Committee.

Elad Roisman, Cravath, Former SEC Commissioner, stated, “Digital assets have emerged as a new and growing asset class over roughly the last 15 years—a byproduct of financial innovation and increasing retail and institutional interest. While the U.S. digital asset ecosystem and markets are still developing, interesting use cases and products have already been established. These include stablecoins, payment systems, non-fungible tokens, decentralized financial systems, and scaling solutions. Unfortunately, both the law and federal regulators have failed to keep pace with innovation, and as a result, there is significant uncertainty regarding the status and regulation of digital assets. …As I have expressed, a new statutory framework that accounts for digital assets would benefit the marketplace and consumers. The CLARITY Act provides a path forward for both market participants and regulators.”

Vivek Raman, Founder, Etherealize, added, “Regulatory certainty is not a green light for anything-goes; it is a pledge to set firm, intelligible guardrails - and the CLARITY Act delivers just that. The bill already shields consumers by requiring that customer assets remain segregated from company funds, compelling firms to manage conflicts of interest, and mandating plain-English disclosures. …The U.S. has always led in setting up the “rules of the road” for global finance – from Bretton Woods to securities laws that became gold standards worldwide. We have an opportunity to do so again here, for the digital asset markets. I firmly believe that with regulatory clarity, the U.S. will be the hub of the next-generation financial system just as it was for traditional finance and the internet. The alternative – to remain uncertain or hostile – would not stop the innovation, it would only push it away and cede leadership to others. This is why it is crucial to have a comprehensive federal regulatory framework.”

The Honorable Rostin “Russ” Behnam, Distinguished Fellow, Psaros Center for Financial Markets & Policy, Georgetown University and Former Chairman, U.S. CFTC, added, “While I served at the CFTC, the digital asset market endured multiple periods of dramatic volatility, often significant in size and scale. Throughout this time, I publicly stated one consistent message to Congress: under current U.S. law, there is a gap in regulation for the non-security digital asset market. …The principles and regulatory foundations that make U.S. capital markets and derivatives markets the deepest, most liquid, and most resilient in the world provide an effective model for the digital asset market. We need to act thoughtfully, but with urgency, to fill this harmful regulatory gap in order to give American investors the protection they deserve.”

Katherine Minarik, Chief Legal Officer, Uniswap Labs, added, “Congress has a critical role to play in shaping the future of digital asset and blockchain technology in America for the better. When done right, legislation enables responsible innovation, exactly what we want for America’s future. It creates open space for good-faith innovators while also creating guardrails to help users. And it ensures that regulators can administer the law efficiently, responsibly, and consistently, based on well-understood direction from Congress and without surprise to the public following Congress’s direction in good faith. Every other major economy — from the EU to the UK to Singapore — has already taken steps to provide regulatory structure for digital asset technology. If the United States fails to take first steps of our own, we risk driving good actors and cutting-edge development overseas.”

Further Background on the Committee’s work on digital asset market structure legislation:

• On May 22, 2024, the Financial Innovation and Technology for the 21st Century (FIT21) Act passed the House of Representatives 279-136 with 71 Democrats supporting the bill in the 118th Congress.

• On April 4, 2025, Chairman Hill and Chairman Thompson published an op-ed in CoinDesk outlining their vision for digital asset market structure legislation for the 119th Congress.

• On April 9, 2025, the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held its first digital asset market structure hearing of this Congress.

• On May 5, 2025, Chairman Hill, Chairman Thompson, Subcommittee Chairman Steil, and Subcommittee Chairman Johnson released a digital asset market structure discussion draft to establish a regulatory framework for digital assets in the United States.

• On May 6, 2025, the House Financial Services and Agriculture Committees held a joint public roundtable discussion on key concepts and principles for digital asset market structure legislation. 

• On May 29, 2025, Chairman Hill and House Agriculture Committee Chairman G.T. Thompson (PA-15) introduced H.R. 3633, the CLARITY Act, which would establish a regulatory framework for digital assets in the United States.