,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #eaig  ,,in ,,the ,,house ,,of  
,,representatives  ,november #bj1       
#bjai,ms4 ,garcia of ,texas 7for herself
 and ,mr4 ,gooden7 introduced the       
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to add establish the        
treatment of managed stablecoins under  
the securities laws1 and for other      
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,managed            
,stablecoins are ,securities ,act of    
#bjai4  #b4 ,sense of ,congress ,it is  
the sense of ,congress that--  7#a7     
digital assets1 known as managed        
stablecoins1 are investment contracts   
and therefore are securities within the 
meaning given the term in section #b7;a7
 of the ,securities ,act of #aicc2 and  
7#b7 because issuers of managed         
stablecoins nevertheless maintain that  
managed stablecoins are not securities1 
it is appropriate for ,congress to      
provide clarity by amending statutory   

definitions of the term security to     
include managed stablecoins4  #c4       
,managed ,stablecoins  7a7 ,definitions 
,under the ,securities ,act of #aicc    
,section #b7;a7 of the ,securities ,act 
of #aicc 7#ae ,u4,s4,c4 #gg;b7a77 is    
amended-- 7#a7 in paragraph 7#a7--  7,a7
 by inserting 1 regardless of form after
 any of the foregoing2 and  7,b7 by     
inserting 1 managed stablecoin1 after   
national securities exchange relating to
 foreign currency2 and  7#b7 by adding  
at the end the following3  7#bj7 ,the   
term managed stablecoin means a digital 
asset that--  7,a7 is not a security    
registered under section #h7;a7 of the  
,investment ,company ,act of #aidj2 and 
7,b7 satisfies one or more of the       
following3  7i7 ,the market value of    
such digital asset is determined1 in    
whole or in significant part1 directly  
or indirectly1 by reference to the value
 of a pool or basket of assets1         
including digital assets1 held1         
designated1 or managed by one or more   

persons4  7ii7 ,one or more holders of  
such digital asset1 directly or         
indirectly1 are entitled to obtain      
consideration or other assets1 including
 other digital assets and any sovereign 
currency of a foreign government or the 
,united ,states1 in exchange for the    
digital asset1 the amount of which      
payment is determined1 in whole or in   
significant part1 directly or           
indirectly1 on the basis of the value of
 a pool or basket of assets1 including  
digital assets1 held1 designated1 or    
managed by one or more persons4  7#ba7  
,the term digital asset means any asset1
 contract1 agreement or transaction1    
including a representation of an        
economic1 proprietary1 or access right1 
that is stored in a computer-readable   
form and has or will have a transaction 
history that is recorded in a           
distributed ledger1 digital ledger or   
other digital data structure4 ,a digital
 asset may be a managed stablecoin and a
 security4  4  7b7 ,definitions under   

the ,securities ,exchange ,act of #aicd 
,section #c7;a7 of the ,securities      
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c7 is amended-- 7#a7 in paragraph   
7#aj7--  7,a7 by inserting 1 regardless 
of form after any of the foregoing2     
7,b7 by inserting 1 managed stablecoin  
after national securities exchange      
relating to foreign currency2 and  7,c7 
by inserting sovereign after but shall  
not include2 and  7#b7 by adding at the 
end the following3  7#ha7 ,the term     
managed stablecoin has the meaning given
 the term in section #b7;a7 of the      
,securities ,act of #aicc4  7#hb7 ,the  
term digital asset has the meaning given
 the term in section #b7;a7 of the      
,securities ,act of #aicc4  4  7c7      
,definitions under the ,investment      
,company ,act of #aidj ,section #b7;a7  
of the ,investment ,company ,act of     
#aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47  
is amended-- 7#a7 in paragraph 7#cf7--  
7,a7 by inserting 1 regardless of form  
after any of the foregoing2 and  7,b7 by

 inserting 1 managed stablecoin after   
national securities exchange relating to
 foreign currency2 and  7#b7 by adding  
at the end the following3  7#ee7 ,the   
term managed stablecoin has the meaning 
given the term in section #b7;a7 of the 
,securities ,act of #aicc4  7#ef7 ,the  
term digital asset has the meaning given
 the term in section #b7;a7 of the      
,securities ,act of #aicc4  4  7d7      
,definitions under the ,investment      
,advisers ,act of #aidj ,section        
#bjb7;a7 of the ,investment ,advisers   
,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#a et
 seq47 is amended--  7#a7 in paragraph  
7#ah7-- 7,a7 by inserting 1 regardless  
of form after any of the foregoing2 and 
7,b7 by inserting 1 managed stablecoin  
after national securities exchange      
relating to foreign currency2 and  7#b7 
by adding at the end the following3     
7#ca7 ,the term managed stablecoin has  
the meaning given the term in section   
#b7;a7 of the ,securities ,act of #aicc4
  7#cb7 ,the term digital asset has the 

meaning given the term in section #b7;a7
 of the ,securities ,act of #aicc4  4   
7e7 ,,sec ,rulemaking ,the ,securities  
and ,exchange ,commission may issue     
rules and regulations to further define 
the terms managed stablecoin and digital
 asset as such terms are defined in     
section #b7;a7 of the ,securities ,act  
of #aicc4