Securities Clarity Act of 2025

119 HR 2365 IH: Securities Clarity Act of 2025 U.S. House of Representatives 2025-03-26 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 2365 IN THE HOUSE OF REPRESENTATIVES March 26, 2025 Mr. Emmer (for himself and Mr. Soto ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the securities laws to exclude investment contract assets from the definition of a security. 1. Short title This Act may be referred to as the Securities Clarity Act of 2025 . 2. Treatment of investment contract assets (a) Securities Act of 1933 Section 2(a) of the Securities Act of 1933 ( 15 U.S.C. 77b(a) ) is amended— (1) in paragraph (1), by adding at the end the following: The term security does not include an investment contract asset. ; and (2) by adding at the end the following: (20) The term investment contract asset means a fungible digital representation of value— (A) that can be exclusively possessed and transferred, person to person, without necessary reliance on an intermediary, and is recorded on a cryptographically secured public distributed ledger; (B) sold or otherwise transferred, or intended to be sold or otherwise transferred, pursuant to an investment contract; and (C) that is not otherwise a security pursuant to the first sentence of paragraph (1). . (b) Investment Advisers Act of 1940 Section 202(a)(18) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a)(18) ) is amended by adding at the end the following: The term security does not include an investment contract asset (as such term is defined under section 2(a) of the Securities Act of 1933). . (c) Investment Company Act of 1940 Section 2(a)(36) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a)(36) ) is amended by adding at the end the following: The term security does not include an investment contract asset (as such term is defined under section 2(a) of the Securities Act of 1933). . (d) Securities Exchange Act of 1934 Section 3(a)(10) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(10) ) is amended by adding at the end the following: The term security does not include an investment contract asset (as such term is defined under section 2(a) of the Securities Act of 1933). . (e) Securities Investor Protection Act of 1970 Section 16(14) of the Securities Investor Protection Act of 1970 ( 15 U.S.C. 78lll(14) ) is amended by adding at the end the following: The term security does not include an investment contract asset (as such term is defined under section 2(a) of the Securities Act of 1933). .