# 119-hr-2365: Securities Clarity Act of 2025

119-hr-2365, Securities Clarity Act of 2025, is a 119th Congress bill sponsored by Rep. Emmer, Tom [R-MN-6] (R-MN); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-hr-2365
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-2365
- Congress: 119
- Title: Securities Clarity Act of 2025
- Status: introduced
- Introduced: 2025-03-26
- Sponsor: Rep. Emmer, Tom [R-MN-6] (R-MN)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**Excludes "investment contract assets" from the federal definition of securities.** This bill would define those assets as fungible digital tokens recorded on a cryptographically secured public distributed ledger that can be transferred person to person without an intermediary and are sold under an investment contract. - Crypto projects and token holders: It would mean certain blockchain-based tokens that meet the bill's definition would not be treated as securities under the Securities Act of 1933, changing which registration and disclosure rules apply to those tokens. - Financial firms and markets: The bill would amend the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Exchange Act of 1934, and the Securities Investor Protection Act to exclude investment contract assets from each statute's definition of a security, altering which federal securities rules apply to advisers, funds, and exchanges. - Regulators and program coverage: By redefining these assets across multiple statutes, the bill would shift how federal securities laws and related protections cover blockchain‑recorded investment tokens without creating new funding or programs.

## Cosponsors (1)

- Rep. Soto, Darren [D-FL-9] (D-FL), 2025-03-26T00:00:00.000Z

## Provisions PRIA read

- Some crypto tokens not treated as securities: mixed, high. If enacted, some digital tokens would not be treated as securities under several federal laws. The tokens would need to be fungible, recorded on a public, cryptographically secured blockchain, and movable person to person without an intermediary. They would also need to be sold, or intended to be s…

## Related bills

- 119-hr-4669: FEMA Act of 2025
- 119-hr-3633: Digital Asset Market Clarity Act
- 119-hr-2725: Affordable Housing Credit Improvement Act of 2025
- 119-hr-6955: Main Street Capital Access Act
- 119-hr-979: AM Radio for Every Vehicle Act of 2025
- 119-hr-4382: America’s Olympic and Paralympic Games Commemorative Coins Act

## Sources
- [119-hr-2365 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/2365)

## Related
- [119-hr-4669: FEMA Act of 2025](https://policyrisk.com/legislation/119-hr-4669)
- [119-hr-3633: Digital Asset Market Clarity Act](https://policyrisk.com/legislation/119-hr-3633)
- [119-hr-2725: Affordable Housing Credit Improvement Act of 2025](https://policyrisk.com/legislation/119-hr-2725)
- [119-hr-6955: Main Street Capital Access Act](https://policyrisk.com/legislation/119-hr-6955)
- [119-hr-979: AM Radio for Every Vehicle Act of 2025](https://policyrisk.com/legislation/119-hr-979)
- [119-hr-4382: America’s Olympic and Paralympic Games Commemorative Coins Act](https://policyrisk.com/legislation/119-hr-4382)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-2365 (as of 2026-04-21).