,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #eaig  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #bj1         
#bjai,ms4 ,g>cia ( ,texas 7= h]self &   
,mr4 ,good57 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to add  
e/abli% ! treatm5t ( manag$ /ableco9s "u
 ! securities laws1 & = o!r purposes4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,manag$ ,/ableco9s are ,securities    
,act ( #bjai4  #b4 ,s5se ( ,congress ,x 
is ! s5se ( ,congress t--  7#a7 digital 
assets1 kn[n z manag$ /ableco9s1 are    
inve/m5t contracts & !re=e are          
securities )9 ! mean+ giv5 ! t]m 9      
section #b7;a7 ( ! ,securities ,act (   
#aicc2 &  7#b7 because issu]s ( manag$  
/ableco9s nev]!less ma9ta9 t manag$     
/ableco9s are n securities1 x is        
appropriate = ,congress to provide      
cl>ity by am5d+ /atutory def9itions ( ! 
t]m security to include manag$          
/ableco9s4  #c4 ,manag$ ,/ableco9s  7a7 
,def9itions ,"u ! ,securities ,act (    

#aicc ,section #b7;a7 ( ! ,securities   
,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7a77 is
 am5d$-- 7#a7 9 p>agraph 7#a7--  7,a7 by
 ins]t+ 1 reg>dless ( =m aft] any ( !   
=ego+2 &  7,b7 by ins]t+ 1 manag$       
/ableco91 aft] national securities      
ex*ange relat+ to =eign curr5cy2 &  7#b7
 by add+ at ! end ! foll[+3  7#bj7 ,!   
t]m manag$ /ableco9 means a digital     
asset t--  7,a7 is n a security regi/]$ 
"u section #h7;a7 ( ! ,inve/m5t ,company
 ,act ( #aidj2 &  7,b7 satisfies "o or m
 ( ! foll[+3  7i7 ,! m>ket value ( su*  
digital asset is det]m9$1 9 :ole or 9   
significant "p1 directly or indirectly1 
by ref]5ce to ! value ( a pool or basket
 ( assets1 includ+ digital assets1 held1
 designat$1 or manag$ by "o or m p]sons4
  7ii7 ,"o or m hold]s ( su* digital    
asset1 directly or indirectly1 are      
entitl$ to obta9 consid]ation or o!r    
assets1 includ+ o!r digital assets & any
 sov]eign curr5cy ( a =eign gov]nm5t or 
! ,unit$ ,/ates1 9 ex*ange = ! digital  
asset1 ! am\nt ( :i* paym5t is det]m9$1 

9 :ole or 9 significant "p1 directly or 
indirectly1 on ! basis ( ! value ( a    
pool or basket ( assets1 includ+ digital
 assets1 held1 designat$1 or manag$ by  
"o or m p]sons4  7#ba7 ,! t]m digital   
asset means any asset1 contract1        
agreem5t or transaction1 includ+ a      
repres5tation ( an economic1 propriet>y1
 or access "r1 t is /or$ 9 a            
comput]-readable =m & has or w h a      
transaction hi/ory t is record$ 9 a     
di/ribut$ l$g]1 digital l$g] or o!r     
digital data /ructure4 ,a digital asset 
may be a manag$ /ableco9 & a security4  
4  7b7 ,def9itions "u ! ,securities     
,ex*ange ,act ( #aicd ,section #c7;a7 ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gh;c7 is am5d$-- 7#a7 9     
p>agraph 7#aj7--  7,a7 by ins]t+ 1      
reg>dless ( =m aft] any ( ! =ego+2  7,b7
 by ins]t+ 1 manag$ /ableco9 aft]       
national securities ex*ange relat+ to   
=eign curr5cy2 &  7,c7 by ins]t+        
sov]eign aft] b %all n include2 &  7#b7 
by add+ at ! end ! foll[+3  7#ha7 ,! t]m

 manag$ /ableco9 has ! mean+ giv5 ! t]m 
9 section #b7;a7 ( ! ,securities ,act ( 
#aicc4  7#hb7 ,! t]m digital asset has !
 mean+ giv5 ! t]m 9 section #b7;a7 ( !  
,securities ,act ( #aicc4  4  7c7       
,def9itions "u ! ,inve/m5t ,company ,act
 ( #aidj ,section #b7;a7 ( ! ,inve/m5t  
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#a et seq47 is am5d$-- 7#a7 9     
p>agraph 7#cf7--  7,a7 by ins]t+ 1      
reg>dless ( =m aft] any ( ! =ego+2 &    
7,b7 by ins]t+ 1 manag$ /ableco9 aft]   
national securities ex*ange relat+ to   
=eign curr5cy2 &  7#b7 by add+ at ! end 
! foll[+3  7#ee7 ,! t]m manag$ /ableco9 
has ! mean+ giv5 ! t]m 9 section #b7;a7 
( ! ,securities ,act ( #aicc4  7#ef7 ,! 
t]m digital asset has ! mean+ giv5 ! t]m
 9 section #b7;a7 ( ! ,securities ,act (
 #aicc4  4  7d7 ,def9itions "u !        
,inve/m5t ,advis]s ,act ( #aidj ,section
 #bjb7;a7 ( ! ,inve/m5t ,advis]s ,act ( 
#aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47  
is am5d$--  7#a7 9 p>agraph 7#ah7-- 7,a7
 by ins]t+ 1 reg>dless ( =m aft] any ( !

 =ego+2 &  7,b7 by ins]t+ 1 manag$      
/ableco9 aft] national securities       
ex*ange relat+ to =eign curr5cy2 &  7#b7
 by add+ at ! end ! foll[+3  7#ca7 ,!   
t]m manag$ /ableco9 has ! mean+ giv5 !  
t]m 9 section #b7;a7 ( ! ,securities    
,act ( #aicc4  7#cb7 ,! t]m digital     
asset has ! mean+ giv5 ! t]m 9 section  
#b7;a7 ( ! ,securities ,act ( #aicc4  4 
7e7 ,,sec ,rulemak+ ,! ,securities &    
,ex*ange ,commission may issue rules &  
regulations to fur!r def9e ! t]ms manag$
 /ableco9 & digital asset z su* t]ms are
 def9$ 9 section #b7;a7 ( ! ,securities 
,act ( #aicc4