HR 3633, explained
Digital Asset Market Clarity Act
Active Placed on Senate Legislative Calendar under General Orders. Calendar No. 423. · Author: J. Hill (R-AR)
In plain English
This bill creates rules for how digital assets that use blockchain technology can be bought and sold. It says the Commodity Futures Trading Commission would oversee most digital asset trading, while the Securities and Exchange Commission would handle certain types of brokers and exchanges.
If this passes
What would actually change, according to the official CRS summary. No predictions, no opinions.
- Digital assets on mature blockchains would not need to register with the Securities and Exchange Commission if they meet certain conditions
- Companies trading digital assets would have to keep records, monitor trades, and follow anti-money laundering rules
- Digital assets could only be traded on exchanges if their blockchain is decentralized or if the issuer files required reports
- The Commodity Futures Trading Commission would regulate digital asset exchanges, brokers, and dealers
Who's lobbying this bill
133 organizations reported lobbying activity
mentioning this bill. Federal lobbying reports list the bills an organization worked and its total quarterly lobbying spend, they don't say which side the organization took, and fees aren't itemized per bill.
Visa, Inc.total lobbying spend, quarters naming this bill · 9 filings
$16.9M Securities Industry And Financial Markets Associationtotal lobbying spend, quarters naming this bill · 6 filings
$14.3M American Bankers Associationtotal lobbying spend, quarters naming this bill · 9 filings
$11.6M Money and the vote
How the chambers voted, from official roll-call records.
House · On Passage2025-07-17
294–134 Lobbying organizations' PAC money, by vote
Where an organization lobbying this bill has an affiliated PAC (linked through the FEC's
own connected-organization records), this shows that PAC's direct contributions to the members on each side of the
vote. Contributions span whole election cycles and are not tied to any single vote; no causal link is asserted.
Securities Industry And Financial Markets Associationdirect PAC contributions to House members voting (2024 + 2026 cycles)
$512K → Yes (294) · $193K → No (134) American Bankers Associationdirect PAC contributions to House members voting (2024 + 2026 cycles)
$2.7M → Yes (294) · $726K → No (134)
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candidates or measures. Every number on this page comes from official disclosure filings, cited below.
Sources
- Bill text and CRS summary: Congress.gov.
- Lobbying activity: quarterly LDA reports filed with the Secretary of the Senate and the Clerk of the House (lda.senate.gov).
- Votes: official House Clerk and Senate roll-call records. PAC contributions: FEC bulk data (committee-to-candidate transactions).
Explainer text is generated from the official source text above and reviewed for neutrality:
it describes only what the text says, in conditional terms, with no evaluations or predictions.
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