H.R.3633 - Digital Asset Market Clarity Act of 2025 119th Congress (2025-2026) Section Summary:

SEC. 303.Eligibility of alternative trading systems. (a) In general.—Section 5 of the Securities Exchange Act of 1934 (15 U.S.C. 78e) is amended— (1) by striking “It” and inserting the following: “(a) In general.—It”; and (2) by adding at the end the following: “(b) Digital commodity protections.— “(1) IN GENERAL.—The Commission may not preclude a trading platform from operating pursuant to a covered exemption to exchange registration under section 6 of this title on the basis that the assets traded or to be traded on such platform include— “(A) digital commodities or permitted payment stablecoins; and “(B) securities. “(2) COVERED EXEMPTION.—In this subsection, the term ‘covered exemption’ means an exemption— “(A) described in subsection (a)(2); or “(B) with respect to any other rule of the Commission relating to the definition of ‘exchange’.”. (b) Securities Exchange Act of 1934.—Section 3(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(2)) is amended by adding at the end the following: “Neither an alternative trading system predominantly facilitating the trading of digital commodities, permitted payment stablecoins, or both, relative to its securities traded, nor a digital commodity exchange, is a ‘facility’ of an exchange.”. (c) Rule of construction.—Nothing in this section, the amendments made by this section, or section 304 may be construed to— (1) prohibit a national securities exchange from owning or operating any other type of alternative trading system; or (2) create a presumption that any other type of alternative trading system owned or operated by a national securities exchange is a facility of that exchange.