Congress Unveils Highly Anticipated Cryptocurrency Market Structure Legislation

By: Vivian K. Bridges, and Ryan T. Carney

On 29 May 2025 the House Financial Services Committee (HFSC) and the House Agriculture Committee (Ag) unveiled their highly anticipated cryptocurrency market structure legislation.

The committees introduced the Digital Asset Market Clarity (CLARITY) Act to establish “clear, functional requirements for digital asset market participants, prioritizing consumer protection while fostering innovation.” The bill divides oversight over the digital assets market between the Securities and Exchange Commission (EC) and the Commodity Futures Trading Commission (CFTC).

HFSC Chair French Hill (R-AR) reportedly aims to have the Committee vote on this bill during its 10 June 2025 markup and to pass the legislation, along with stablecoin legislation, before Congress departs for its August recess.

The Committee introduced a discussion draft of the legislation earlier this month. They also held a roundtable discussion on the draft, which several Democratic lawmakers walked out of in protest, led by HFSC Ranking Member Maxine Waters (D-CA). The CLARITY Act, however, has garnered some bipartisan support, with three Democratic original co-sponsors, including Ag Committee Ranking Member Angie Craig (D-MN), as well as Reps. Ritchie Torres (D-NY) and Don Davis (D-NC).

Please see here for the bill text, and here for a section-by-section summary. We will continue to monitor and provide updates on the CLARITY Act.

For more information, please contact a member of our Digital Assets, Blockchain Technology, and Cryptocurrency team.