,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #eahj ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,novemb] #ai1 #bjai ,mr4 ,g>ca ( ,ill9ois 7= himself1 ,ms4 ,tlaib1 & ,ms4 ,jackson ,lee7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,bank ,hold+ ,company ,act ( #aief to re/ore ! sep>ation betwe5 bank+ & comm]ce by prohibit+ bank hold+ company own]%ip ( non-f9ancial assets1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,protect+ ,consum]s f ,m>ket ,manipulation ,act4 #b4 ,limitation on c]ta9 l>ge non-f9ancial companies ) respect to activities t are f9ancial 9 nature 7a7 ,9 g5]al ,a l>ge non-f9ancial company t is n regi/]$ z a bank hold+ company may n 7ei!r directly or indirectly1 or ?r\gh a subsidi>y7 engage 9 activities t are f9ancial 9 nature if engag+ 9 su* activities w\ld result 9 su* activities produc+ ! l[] (-- 7#a7 #e p]c5t ( ! rev5ue ( ! l>ge non-f9ancial company2 or 7#b7 #a1jjj1jjj1jjj 9 rev5ue4 7b7 ,def9itions ,9 ?is section3 7#a7 ,activities t are f9ancial 9 nature ,! t]m activities t are f9ancial 9 nature has ! mean+ giv5 t t]m "u section #d7k77#d7 ( ! ,bank ,hold+ ,company ,act ( #aief4 7#b7 ,bank hold+ company ,! t]m bank hold+ company has ! mean+ giv5 t t]m "u section #b ( ! ,bank ,hold+ ,company ,act ( #aief4 7#c7 ,l>ge non-f9ancial company ,! t]m l>ge non-f9ancial company means a company t-- 7,a7 has annual rev5ues ( m ?an #e1jjj1jjj1jjj2 & 7,b7 is n pr$om9antly engag$ 9 f9ancial activities 7z su* t]m is def9$ "u section #ajb ( ! ,f9ancial ,/ability ,act ( #bjaj74 7#d7 ,subsidi>y ,! t]m subsidi>y has ! mean+ giv5 t t]m "u section #b ( ! ,bank ,hold+ ,company ,act ( #aief4 #c4 ,limitations on commodity own]%ip & repeal ( ! m]*ant bank+ au?ority 7a7 ,9 g5]al ,section #d ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdc7 is am5d$-- 7#a7 9 subsection 7k7-- 7,a7 9 p>agraph 7#a71 by /rik+ 7by regulation or ord]7 & ins]t+ 1 by regulation2 7,b7 9 p>agraph 7#b7-- 7i7 9 ! head+1 by ins]t+ & ! ,f$]al ,deposit ,insurance ,corporation aft] treasury2 & 7ii7 by add+ at ! end ! foll[+3 7,c7 ,jo9t det]m9ation ) ! ,f$]al ,deposit ,insurance ,corporation ,= purposes ( p>agraph 7#a71 ! ,bo>d may only make a det]m9ation t an activity is complem5t>y to a f9ancial activity & does n pose a sub/antial risk to ! safety or s\ndness ( depository in/itutions or ! f9ancial sy/em g5]ally1 if su* det]m9ation is made jo9tly1 by rule1 ) ! ,f$]al ,deposit ,insurance ,corporation4 2 7,c7 9 p>agraph 7#d7-- 7i7 by /rik+ subp>agraph 7,h72 & 7ii7 by r$esignat+ subp>agraph 7,i7 z subp>agraph 7,h72 & 7,d7 by /rik+ p>agraph 7#g72 7#b7 9 subsection 7l7-- 7,a7 9 p>agraph 7#a71 by /rik+ subsection 7k71 7n71 or 7o7 ea* place su* t]m appe>s & ins]t+ subsection 7k7 or 7n72 & 7,b7 9 p>agraph 7#b77;,b71 by /rik+ subp>agraph 7,h7 or 7,i7 & ins]t+ subp>agraph 7,h72 7#c7 9 subsection 7m77#a77;,a71 by /rik+ subsection 7k71 7n71 or 7o7 & ins]t+ subsection 7k7 or 7n72 7#d7 9 subsection 7n77#e71 by /rik+ subp>agraph 7,h7 or 7,i7 ea* place su* t]m appe>s & ins]t+ subp>agraph 7,h72 & 7#e7 by /rik+ subsection 7o74 7b7 ,con=m+ am5dm5t ,section #c7;a77#d77;,b77vi7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77#d77;,b77vi77 is am5d$ by /rik+ o!r ?an & all t foll[s ?r\gh ! end & ins]t+ o!r ?an a regi/]$ brok] or deal]44 7c7 ,rulemak+ ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all-- 7#a7 issue rules to c>ry out ! am5dm5ts made by ?is section2 & 7#b7 provide = an appropriate transition p]iod be=e p]sons are requir$ to comply ) ! am5dm5ts made by ?is section1 includ+ all[+ = ! dive/m5t ( %>es1 assets1 & own]%ip int]e/s affect$ by su* am5dm5ts4 #d4 ,digital curr5cy /udies 7a7 ,,fsoc /udy ,! ,f9ancial ,/ability ,ov]sight ,c\ncil %all c>ry out a /udy1 & issue a report to ,congress t-- 7#a7 exam9es ! f9ancial /ability implications ( digital curr5cy2 & 7#b7 det]m9es :e!r digital curr5cies %\ld be designat$ z designat$ f9ancial m>ket utilities "u title ,,viii ( ! ,paym5t1 ,cle>+1 & ,settlem5t ,sup]vision ,act ( #bjaj4 7b7 ,f$]al ,res]ve /udy ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all c>ry out a /udy & issue a report to ,congress t-- 7#a7 exam9es ! monet>y policy & monet>y sov]eignty implications ( digital curr5cy2 & 7#b7 proposes a framework = sup]vis+ any digital curr5cy t is designat$ z a designat$ f9ancial m>ket utility "u title ,,viii ( ! ,paym5t1 ,cle>+1 & ,settlem5t ,sup]vision ,act ( #bjaj4 7c7 ,digital curr5cy def9$ ,9 ?is section1 ! t]m digital curr5cy means a digital repres5tation ( value t-- 7#a7 c be digitally trad$2 7#b7 functions z-- 7,a7 a m$ium ( ex*ange2 7,b7 a unit ( acc\nt2 or 7,c7 a /ore ( value2 7#c7 does n h legal t5d] /atus 7i4e41 :5 t5d]$ to a cr$itor1 is a valid & legal (f] ( paym5t7 9 any jurisdiction2 7#d7 is n issu$ nor gu>ante$ by any jurisdiction2 7#e7 fulfils ! functions describ$ "u p>agraph 7#b7 only by agreem5t )9 ! community ( us]s ( ! virtual curr5cy2 7#f7 is n sov]eign curr5cy 7also kn[n z real curr5cy1 real money1 or national curr5cy71 :i* is ! co9 & pap] money ( a c\ntry t is designat$ z its legal t5d]1 circulates1 & is cu/om>ily us$ & accept$ z a m$ium ( ex*ange 9 ! issu+ c\ntry2 & 7#g7 is n e-money1 :i* is a digital repres5tation ( sov]eign curr5cy us$ to electronically transf] value d5om9at$ 9 sov]eign curr5cy & is a digital transf] me*anism = sov]eign curr5cy 7mean+ t x electronically transf]s value t has legal t5d] /atus74