10

November

2025

Senate Ag Committee releases new discussion draft of a modified CLARITY Act bill

On November 10, 2025, the Senate Committee on Agriculture, Nutrition, and Forestry released a bipartisan discussion draft proposing a modified version of the existing Digital Asset Market Clarity Act of 2025 (a.k.a. CLARITY Act). The draft would expand the Commodity Futures Trading Commission’s (CFTC) spot market authority over digital commodities and establish a regime of federal registration, customer asset segregation, and compliance requirements for trading venues and brokers.

The Committee’s draft follows the House’s July passage of H.R. 3633 and referral to the Senate in September, as well as a separate July discussion draft introduced in the Senate Committee on Banking, Housing, and Urban Affairs, which would put greater emphasis on Securities and Exchange Commission (SEC) jurisdiction and focuses primarily on ancillary asset definitions and disclosure standards.

Under the text of the House-passed version and 2 current Senate Committee drafts, if reconciled, the CLARITY Act would:

  • Create a “tradable asset” category for digital assets that are neither “digital commodities” nor “restricted digital securities”;
  • Allocate primary oversight of qualifying secondary market trading and related intermediaries to the CFTC while preserving SEC authority over specified initial distributions and securities offerings;
  • Establish a federal registration and compliance framework that requires segregation of customer assets, enhanced risk and insolvency disclosures, and limits on conditioning customer access on staking or similar yield arrangements; and
  • Provide targeted exemptions from state money transmission licensing for developers and noncustodial protocols that do not control customer funds.

Last updated 11/10/2025.


United States (Legislative)

History:

  • Nov 10, 2025: Senate Ag Committee releases bipartisan discussion draft of the CLARITY Act, proposing explicit CFTC spot market authority over digital commodities and a framework of federal registration, customer asset segregation, and compliance for digital asset trading venues and intermediaries. Committee Discussion Draft.
  • Sep 18, 2025: Senate formally receives H.R. 3633 and refers it separately to both the Senate Banking and Ag Committees.
  • Jul 24, 2025: The Senate Committee on Banking, Housing, and Urban Affairs releases a pre-introduction discussion draft addressing digital asset market structure, with an emphasis on SEC jurisdiction, ancillary asset definitions, and disclosure standards. Discussion Draft.
  • Jul 17, 2025: The House of Representatives passes the CLARITY Act by a vote of 294–134, advancing the bill to the Senate.
  • Jun 10, 2025: The House Financial Services and Agriculture Committees advance key amendments to the CLARITY Act bill before moving it to the floor of the House of Representatives for a vote.
  • May 29, 2025: House Financial Services Committee Chair French Hill (R-Ark.) introduces the bipartisan CLARITY Act, a bill that would allocate digital asset oversight between the SEC and CFTC and establish a maturity framework for when cryptocurrency projects would shift between the two agencies.
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Amil Malik

Amil assists with various client matters in connection with digital assets and the adoption of blockchain technology, including general corporate law, securities law, and financial services regulation. She joined DLx Law after receiving her J.D. from the George Washington University School of Law, where much of her studies focused on national security and cybersecurity law.

Amil received her B.B.A./B.A. with high honors from the University of Texas at Austin. Between university and law school, Amil worked as a mergers and acquisitions analyst in New York, where she performed financial valuations and analysis as part of advisory services provided to sell-side and buy-side clients across media, consumer, technology, shipping, and financial technology industries. Amil is licensed to practice law in the District of Columbia.

Tom Momberg

+17186645458 tom.momberg@dlxlaw.com

Tom advises clients in an array of matters related to blockchain technology, decentralized finance, banking and payments systems, financial products, and financial technology applications. He joined DLx Law as an attorney after working as in-house counsel for a payments and banking software service provider, advising on various legal and regulatory matters, operations, risk, customer due diligence, and corporate best practices.

Tom received his J.D. from George Mason University Law School in Virginia and his B.A. from the University of Wisconsin-Milwaukee. Tom is a former journalist, and, while in law school, he interned for DLx Law and served as a law clerk for several federal institutions in Washington, D.C., including the CFTC, FCC, and House Judiciary Committee. Tom is admitted to practice law in the District of Columbia and the State of Oregon.

Sarah Chen

+19296345691 sarah.chen@dlxlaw.com

Sarah advises clients in all matters related to the adoption of blockchain technology, including general corporate, venture financing, securities laws and financial regulatory. Prior to joining DLx Law, Sarah was a senior associate in the M&A group of an international law firm headquartered in New York City, advising public companies and private equity firms on mergers, acquisitions, and other corporate transactions.

Sarah received her B.A. from New York University, magna cum laude, and her J.D. from Columbia Law School where she was a James Kent Scholar. During law school, Sarah also served as a judicial extern to the Hon. Debra Ann Livingston of the U.S. Court of Appeals for the Second Circuit. Sarah is licensed to practice law in the State of New York.

Gregory Strong

+3027665535 greg.strong@dlxlaw.com

Greg focuses on advising entities regarding legal issues associated with the adoption of blockchain technology. Prior to joining DLx Law, Greg was a Deputy Attorney General in the Delaware Department of Justice. He served as the Director of the Investor Protection Unit for three years and was responsible for administering and enforcing the provisions of the Delaware Securities Act. Prior to his appointment as Director of the Investor Protection Unit, Greg was the Director of the Consumer Protection Unit for three years.

Greg has successfully represented the State of Delaware in many complex civil enforcement matters alleging violations of Delaware investor and consumer protection statutes and has extensive litigation experience. Greg graduated from Lehigh University with a B.S. in Finance and received his J.D./M.B.A. from Temple University.

Angela Angelovska-Wilson

+12023651448 angela@dlxlaw.com

Angela is an early distributed ledger technology adopter and a leading authority in the evolving global legal and regulatory landscape surrounding distributed ledger technology and smart contracts. Prior to co-founding DLx Law, Angela served as the Chief Legal & Compliance Officer of Digital Asset and was part of the founding team.

Prior to joining Digital Asset, Angela was a partner at Reed Smith where she regularly advised clients on the implementation of new technologies to finance and the complex regulatory schemes involved in the development, creation, marketing, sale and servicing of various financial services and products. Before Reed Smith, Angela spent most of her career in various roles at Latham & Watkins, where she was recognized by The Legal 500 US among the top finance attorneys in the U.S.

Angela has a deep understanding of the Fin-Tech industry and in particular the distributed ledger industry, having been involved in a number of startups in various roles, as an employee, entrepreneur and advisor. In addition to DLx Law, Angela is also co-founder of Sila Inc., an innovative technology company.