Statement for the Record before the House Financial Services Committee and House Agriculture Committee on H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act of 2025

The American Bankers Association (ABA) appreciates the opportunity to provide a Statement for the Record for the legislative markups being held by the House Financial Services Committee and House Agriculture Committee on June 10. ABA is the voice of the nation's $24.5 trillion banking industry, which is composed of small, regional, and large banks that together employ more than 2.1 million people, safeguard $19.5 trillion in deposits and extend $12.8 trillion in loans.

Summary

Thank you for the opportunity to provide feedback on H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act of 2025. ABA commends the House Financial Services Committee and House Agriculture Committee's efforts to provide regulatory clarity for the digital asset ecosystem, promote U.S. leadership in the digital assets, and promote American competitiveness. Banks across the country stand ready to meaningfully engage in work toward policy solutions that provide greater clarity regarding banks' ability to engage in digital asset product offerings. As essential components of the financial and payments systems, banks are governed by a comprehensive regulatory framework designed to mitigate the risks inherent to financial activities. It is therefore critical that Congress pursue legislation that facilitates banks' engagement in digital asset activities while safeguarding the integrity of the financial services marketplace.

We appreciated the opportunity to review the Committees' Digital Asset Market Structure Discussion Draft, which was publicly released on May 5. Based on conversations with our member banks, we provided written feedback to the Committees on that discussion draft on May 12. In addition, ABA appreciated the opportunity to provide further written feedback on June 7 after the bill was introduced. We welcome several positive provisions in H.R. 3633, and we thank the Committees for clarifying the definition of digital commodities to make clear that bank deposits are not captured in the regulatory framework contemplated in this legislation.

Download the statement for the record to read the full text.