On Tuesday, June 10, the House Committees on Agriculture and Financial Services both favorably reported to the House H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act (as amended). Both committees gave overwhelmingly bipartisan support for the bill with the Committee on Agriculture voting 47-6 and the Committee on Financial Services voting 32-19. Both committees voted down numerous proposed amendments by Democratic members aiming to curb fraud, address conflicts of interest, and prohibit government bailouts. The Act was initially introduced on May 29, 2025 by Chairman Glenn “GT” Thompson (R-PA) and House Committee on Financial Services Chairman French Hill (R-AR) and among other things would claw back U.S. Securities and Exchange Commission jurisdiction and establish the Commodity Futures Trading Commission as the primary regulator of digital commodities and intermediaries. For more information on the Act, see our June 9, 2025 client advisory on Digital Asset Regulation and The CLARITY Act of 2025.

Photo of Akshay Belani Akshay Belani

Akshay is a practical, commercially focused attorney who advises asset managers and other institutional market participants with respect to the trading and regulation of securities, over-the-counter and exchange-traded derivatives, and structured products.

Photo of Genna Garver Genna Garver

Genna provides targeted, practical advice to investment advisers and their proprietary private investment funds. She represents institutional investors, funds of funds and family offices in connection with their private fund investments. Genna routinely advises clients on formation and offering matters for both domestic…

Genna provides targeted, practical advice to investment advisers and their proprietary private investment funds. She represents institutional investors, funds of funds and family offices in connection with their private fund investments. Genna routinely advises clients on formation and offering matters for both domestic and offshore funds; SEC and state investment adviser, broker-dealer and private fund regulation; Investment Advisers Act compliance programs, annual reviews and ongoing compliance matters; and regulatory examinations and investigations.

Photo of Deborah Kovsky-Apap Deborah Kovsky-Apap

Deborah provides clients with practical advice on bankruptcy, out-of-court workouts, and distressed M&A transactions, in addition to possessing substantial litigation and trial experience in the areas of insolvency and commercial law.

Photo of Ethan G. Ostroff Ethan G. Ostroff

Ethan’s practice focuses on financial services litigation and compliance counseling, as well as digital assets and blockchain technology. With a long track record of successful litigation results across the U.S., both bank and non-bank clients rely on him for comprehensive advice throughout their

Ethan’s practice focuses on financial services litigation and compliance counseling, as well as digital assets and blockchain technology. With a long track record of successful litigation results across the U.S., both bank and non-bank clients rely on him for comprehensive advice throughout their business cycle.