Digital Asset Market Clarity Act of 2025

Reported out of committee June 23, 2025. The most comprehensive crypto market structure bill to date. Defines whether digital assets are commodities or securities and splits regulatory jurisdiction between the SEC and CFTC. Provides explicit exemptions for digital commodities that operate on "mature, decentralized blockchains" — protecting Bitcoin and similar networks from securities regulation. Creates a clear path for token issuers to qualify as commodities over time.