Key Takeaways
- Under this proposal, certain developers and service providers would not be classified as money transmitters or subject to their registration obligations.
- CLARITY ACT outlines how digital assets would be regulated in the US, with clearer roles for both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Lawmakers on the House Financial Services Committee are set to meet Tuesday for a markup hearing on a major crypto market structure bill that includes new protections for blockchain software developers.
The latest draft of the Digital Asset Market Clarity Act of 2025, known as the CLARITY Act, includes an amendment introduced by Committee Chair French Hill aimed at clarifying the legal treatment of “non-controlling blockchain developers.” Under this proposal, certain developers and service providers would not be classified as money transmitters or subject to their registration obligations.
This crypto bill appears to draw from the Blockchain Regulatory Certainty Act, a separate piece of legislation introduced by Rep. Tom Emmer and other lawmakers earlier this year. Crypto advocacy groups, including the Blockchain Association, had pushed for the language to be merged into the broader CLARITY Act.
The updated CLARITY Act spans 247 pages and was filed as a substitute amendment that would replace the entire original bill text. It outlines how digital assets would be regulated in the US, with clearer roles for both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Tuesday’s hearing will include debate and votes on amendments to the CLARITY Act. It is one of eight bills on the committee’s agenda.
In parallel, the Senate is preparing for a vote on the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act. Senate Majority Leader John Thune filed a motion on Monday to end debate on the bill and called for a vote by Wednesday. Thune has said he hopes to see the bill wrapped up this week.
Rep. Maxine Waters, the ranking Democrat on the House Financial Services Committee, has voiced strong opposition to the CLARITY Act. On Friday, she held a Minority Day hearing to highlight alleged corruption linked to President Donald Trump’s involvement with crypto ventures.
“Not a single provision within [the CLARITY Act] addresses the crimes I’ve laid out,” Waters said. “In fact, this bill only legitimizes it.”
