Rebecca Kacaba
The CLARITY Act, or the Digital Asset Market Clarity Act of 2025 (HR 3633), is expected to move to a House floor vote as soon as next week. Sponsored by Representative French Hill, the Chairman of the House Financial Services Committee, the legislation aims to establish rules for digital assets while establishing which agencies will have regulatory oversight.
The legislation is a mirror of FIT21, legislation that sputtered in Congress during the Biden Administration, which was hostile toward digital asset legislation. While providing “clarity,” the Act also seeks to improve investor protection for participants in the digital asset sector.
Eventually, all securities will become digital. This holds true for commodities. And then there are digital assets that focus on the transfer value or have utility beyond a regulated security or commodity. Legislation updating rules has been needed for years, but it took a change in Congress and an Administration supportive of innovation to move the ball forward.
For platforms in online capital formation and private securities markets, the inevitability of digital securities or tokenization will lead to improvements in the operational aspects of these platforms, while providing issuers with more streamlined offerings and broader opportunities for investors. Some securities crowdfunding operations are already participating in the digital asset sector, and more are expected to follow.
CI connected with Rebecca Kacaba, co-founder and CEO of DealMaker, a broker-dealer that is in the private securities market, regarding the pending approval of the legislation. Kacaba commended the House Committee on Financial Services Chairman Hill and the House Committee on Agriculture Chairman Glenn “GT” Thompson for spearheading the CLARITY Act.
Kacaba said the legislation is much-needed to preserve digital asset innovation, economic activity, and job creation in the United States.
“This bill marks a vital step toward giving businesses the confidence to build and grow domestically rather than abroad. We are encouraged by the bill’s momentum and look forward to the final version of the legislation as it moves through Congress. Refining the definitions for ‘digital assets’ and their exemptions from the Securities Act will be key to establishing fair rules of the road and improving capital access for companies, whether they issue digital or traditional securities.”
Kacaba added that the American innovation economy is stronger and more reliable for issuers, regulators, and the investing public when the rules are transparent and can be consistently applied.
Once the legislation passes through the congressional process, it is virtually guaranteed to be signed into law by the President. Insiders believe the CLARITY Act will help to maintain the USA’s leading spot as a global financial center. The alternative is for digital asset innovators to hunt other jurisdictions outside the US with already established rules that support change in the financial services ecosystem.