H.R. 3633 · 119th Congress
Digital Asset Market Clarity Act
Rep. Hill, J. French [R-AR-2] (R-AR) · Introduced · 21 cosponsors
Latest action
Placed on Senate Legislative Calendar under General Orders. Calendar No. 423.
· from Congress.gov, as of August 8, 2026
Committees
What this stage means
The bill has passed the full House of Representatives.
Why this matters
A majority vote by the full chamber is required for the bill to keep moving toward becoming law.
What can happen next
The bill goes to the Senate, which can pass it, amend it, or never take it up.
Study this bill
AP GovThe constitutional question
Not whether Congress can regulate digital assets — the commerce power clearly reaches them — but which agency gets the turf: the bill draws the statutory line between SEC (securities) and CFTC (commodities) jurisdiction, a case study in Congress structuring the administrative state.
The strongest case for
For a decade, digital-asset rules have been made by enforcement lawsuit rather than statute: entrepreneurs learn what was illegal only after being sued, and the SEC and CFTC have claimed overlapping authority no court has fully sorted. Whatever one thinks of crypto, 'regulation by enforcement' is a due-process failure — markets need to know the rules before acting. The bill answers the actual question in dispute (when is a token a security, when a commodity), imposes disclosure and registration obligations where none clearly existed, and moves policymaking from unelected enforcement discretion back to Congress, where Article I says economic rulemaking belongs.
The strongest case against
The bill's 'clarity' is largely a one-way ratchet toward the lighter-touch regulator: classifying most tokens as commodities moves them from the SEC's investor-protection regime to a CFTC that is a fraction of its size and funded nowhere near the scale of its new mandate. Existing securities law is flexible by design — the Howey test has handled every novel instrument since 1946 — and the industry seeking new categories is the industry that lost in court under the old ones. After FTX, writing a bespoke, industry-drafted framework for the asset class with the sector's record of collapse and fraud risks certifying legitimacy the market hasn't earned.
Foundational documents in play
- U.S. Constitution
Federal market regulation — SEC and CFTC alike — rests on the Article I commerce power.
- Core Principles from The Wealth of Nations
The bill is a live argument about Smith's question: how much government structure does a functioning market need?
Required cases in play
- United States v. Lopez (1995)
Lopez polices the outer edge of the commerce power that all securities and commodities regulation stands on.
Organizations supporting
Organizations opposing
This has happened before
FIT21 (H.R. 4763, 118th Congress) — the direct predecessor — passed the House in May 2024 with 71 Democratic votes, then died without Senate action. CLARITY repeats the pattern one Congress later with committee-level Senate progress. Market-structure bills keep improving their vote counts each cycle: a case study in how policy coalitions compound across Congresses.
Practice FRQ
Concept Application. "Congress considers legislation dividing digital-asset oversight between two agencies, after years in which the agencies asserted overlapping jurisdiction through enforcement actions." (A) Describe the role of independent regulatory agencies in the federal bureaucracy. (B) Explain why Congress, rather than the agencies, has final authority to define agency jurisdiction. (C) Explain one advantage and one risk of 'regulation by enforcement' compared to statutory rulemaking.
Sources: www.congress.gov · www.congress.gov
Action history
Every recorded action from Congress.gov — 28 total.
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, with an amendment in the nature of a substitute. Without written report.
Senate
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, with an amendment in the nature of a substitute. Without written report.
Senate
Placed on Senate Legislative Calendar under General Orders. Calendar No. 423.
Senate
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Senate
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
House
Considered under the provisions of rule H. Res. 580. (consideration: CR H3373)
House
Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
House
DEBATE - The House proceeded with one hour of debate on H.R. 3633.
House
The previous question was ordered pursuant to the rule.
House
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 3633, the Chair put the question on passage of the bill and by voice vote, announced that the ayes had prevailed. Ms. Craig demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
House
Considered as unfinished business. (consideration: CR H3449)
House
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199).
House
On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199). (text of amendment in the nature of a substitute: CR H3373-3397)
House
Motion to reconsider laid on the table Agreed to without objection.
House
Rules Committee Resolution H. Res. 580 Reported to House. Rule provides for consideration of H.R. 4016, H.R. 3633, H.R. 1919 and S. 1582. The resolution provides for consideration of H.R. 4016 and H.R. 3633 under a structured rule, and H.R. 1919 and S. 1582 under a closed rule, with one hour of general debate on each bill. The resolution provides for a motion to recommit on H.R. 4016, H.R. 3633, and H.R. 1919, and a motion to commit on S. 1582.
Reported (Amended) by the Committee on Agriculture. H. Rept. 119-168, Part I.
House
Reported (Amended) by the Committee on Agriculture. H. Rept. 119-168, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-168, Part II.
House
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-168, Part II.
House
Placed on the Union Calendar, Calendar No. 134.
House
Committee Consideration and Mark-up Session Held
House
Ordered to be Reported (Amended) by the Yeas and Nays: 47 - 6.
House
Committee Consideration and Mark-up Session Held
House
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 19.
House
Introduced in House
House
Introduced in House
House
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
House
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.