“Definition of Markets in Crypto Act” is not the formal name of any U.S. federal bill. The measure this phrase most likely refers to is H.R. 3633, the Digital Asset Market Clarity Act of 2025, also called the CLARITY Act of 2025. The House passed it 294–134 on July 17, 2025. The official record cited here shows it referred to the Senate Banking Committee and still labeled “Passed House.” It is a proposal, not an enacted law.
Which bill the title refers to
People searching this phrase are usually looking for the crypto market-structure bill that Congress has been debating since 2025. The name appears to be a paraphrase of the bill’s purpose, which is to define how digital assets are regulated as markets. Readers who need the exact legal text should search for the official short title or the bill number rather than the paraphrase.
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| Name or identifier | What it is |
|---|---|
| H.R. 3633 | The bill number in the 119th Congress (House of Representatives) |
| Digital Asset Market Clarity Act of 2025 | The bill’s official short title, as introduced on May 29, 2025 |
| CLARITY Act of 2025 | The common name used in news coverage and by readers |
| “Definition of Markets in Crypto Act” | A descriptive query phrase, not a title used in the bill or its records |
Where the bill stands
The bill is still a proposal. Passage by one chamber does not make it law, and the record below shows no Senate vote. The key dates, as listed on the official Congress.gov bill record, are:
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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →| Date | Action |
|---|---|
| May 29, 2025 | H.R. 3633 introduced in the House |
| July 17, 2025 | House passage, 294–134 |
| September 18, 2025 | Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs |
The bill’s status label on Congress.gov reads “Passed House.” Because congressional records change, check the bill’s Actions section on Congress.gov for any Senate action taken after the date this article reflects. The full bill record is at https://www.congress.gov/bill/119th-congress/house-bill/3633.
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What the proposal would do
The House Agriculture Committee’s report on the bill describes its core design. It would give the Commodity Futures Trading Commission (CFTC) jurisdiction over digital commodities, and it would clarify the Securities and Exchange Commission’s (SEC) jurisdiction over investment contracts involving digital commodities. The report also addresses how digital commodities that were first offered as part of an investment contract are treated once they trade in the secondary market, and it applies customer protections to entities required to register with either agency. The full committee report is at https://www.govinfo.gov/content/pkg/CRPT-119hrpt168/html/CRPT-119hrpt168-pt1.htm.
Division of authority between the CFTC and SEC
The central idea is a split. Under the bill as described in the committee report, the CFTC would oversee digital commodities, while the SEC would keep responsibility for investment contracts and certain securities-market activity. The practical question for any given token is therefore which agency’s rules would apply to the asset itself and which would apply to the offering or market structure around it.
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Registration, rulemaking and transition
The framework, as the committee report describes it, includes definitions, joint rulemaking by the agencies, and registration requirements for digital-commodity exchanges, brokers, and dealers. It also provides for a provisional status during implementation, so that entities would not be expected to operate under final rules on day one. The report further describes requirements for trading, custody and customer assets, and coverage under the Bank Secrecy Act. These are reported components of the bill and would only take effect if the bill is enacted in a form that keeps them.
Self-custody for individuals
The introduced text of the bill contains a personal-use self-custody provision. Under that text, an individual would keep the right to maintain a hardware or software wallet for lawful personal custody and to make certain direct peer-to-peer transactions. The provision is limited to personal use. It does not cover people who hold assets in a custodial or fiduciary capacity for others, and it does not displace specified enforcement authority. The introduced text is at https://www.govinfo.gov/content/pkg/BILLS-119hr3633ih/html/BILLS-119hr3633ih.htm.
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Because the committee report and the introduced text are different documents, the self-custody language should be read against the version the reader is discussing. Passed or amended versions may differ.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The separate SEC and CFTC action from March 2026
Readers often confuse agency guidance with legislation. In March 2026, the SEC issued an interpretation on how federal securities laws apply to certain crypto assets and transactions, and the CFTC joined to provide guidance on how the Commodity Exchange Act is administered. The SEC described the interpretation as complementing Congress’s work toward a statutory market-structure framework. It is an agency action, not the enactment of H.R. 3633.
SEC Chairman Paul S. Atkins said: “After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws.” The SEC’s March 17, 2026 release is at https://www.sec.gov/newsroom/press-releases/2026-30-sec-clarifies-application-federal-securities-laws-crypto-assets.
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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsThe release sets out a taxonomy with five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. It also discusses how a crypto asset that is not a security may become subject to an investment contract, or stop being subject to one, and it addresses airdrops, protocol mining, protocol staking, and wrapping. Treat the release as the agency’s current interpretation. It does not establish the bill’s passage or the final shape of the law.
Quick Recap
How to check the current status yourself
- Open the bill record at Congress.gov and find H.R. 3633 in the 119th Congress.
- Check the status label and the most recent entry in the Actions section. A label of “Passed House” with no later Senate action means the bill has not been enacted.
- For the wording of any provision, open the version you are reading, such as the introduced text or the committee report, and confirm which one it is.
- For agency actions, read the SEC release directly rather than relying on summaries of it.
Common points of confusion
- The House vote is not a final vote on the law. The bill still needs Senate action and would need to be reconciled with any Senate version.
- The SEC and CFTC interpretation of March 2026 is separate from H.R. 3633 and does not change the bill’s status.
- Descriptions of the bill’s provisions are conditional. Language such as “would” or “under the bill” marks a proposal, not a current requirement.
- This is a U.S. federal proposal. It does not describe rules in other countries.
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