Sets federal rules for crypto markets; House later attached a Fed digital currency ban

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

✎ Drafted by AI from the public sources cited. Each sentence links to its source.

The version the House passed in July 2025 would set up a federal system for regulating digital commodities, which the bill defines as digital assets, such as many cryptocurrencies, whose value comes from the use of the blockchain system they are tied to.^2,3,4 The Commodity Futures Trading Commission (CFTC) would register and oversee exchanges, brokers and dealers that trade them, and issuers could raise up to $50 million a year without registering with the Securities and Exchange Commission (SEC) if their blockchain is, or is expected within about four years to become, mature, meaning not controlled by any person or group, and other conditions are met.^2,3,4 In September 2025, after that vote, the House added to the text it sent the Senate a separate measure that would bar the Federal Reserve from issuing a central bank digital currency, defined as digital money that is a direct liability of the Federal Reserve and widely available to the public, from studying or developing one, from using one for monetary policy, and from offering accounts or financial services directly to individuals.^3,4 In 2026 the Senate Banking Committee approved a substitute that replaced the House text with different provisions, including on securities rules, anti-money-laundering requirements and consumer protections, and that left out the central bank digital currency ban.^3,5

§2Status

§3How Congress voted

Why this matters: The official count.