,i #aafth ,,congress #b;d ,session ,h4 ,r4 #faed ,,in ,,the ,,house ,,of ,,representatives ,march #i1 #bjbj,mr4 ,gosar introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,agriculture1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to clarify which ,federal agencies regulate digital assets1 to require those agencies to notify the public of any ,federal licences1 certifications1 or registrations required to create or trade in such assets1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,crypto-,currency ,act of #bjbj4 #b4 ,definitions ,in this ,act3 7#a7 ,crypto-commodity ,the term crypto-commodity means economic goods or services1 including derivatives1 that-- 7,a7 have full or substantial fungibility2 7,b7 the markets treat with no regard as to who produced the goods or services2 and 7,c7 rest on a blockchain or decentralized cryptographic ledger4 7#b7 ,crypto-currency ,the term crypto-currency means representations of ,united ,states currency or synthetic derivatives resting on a blockchain or decentralized cryptographic ledger1 including-- 7,a7 such representations or synthetic derivatives that are reserve-backed digital assets that are fully collateralized in a correspondent banking account1 such as stablecoins2 and 7,b7 synthetic derivatives that are-- 7i7 determined by decentralized oracles or smart contracts2 and 7ii7 collateralized by crypto-commodities1 other crypto-currencies1 or crypto-securities4 7#c7 ,crypto-security 7,a7 ,in general ,the term crypto-security means all debt and equity that rest on a blockchain or decentralized cryptographic ledger4 7,b7 ,exception ,the term crypto-security does not include a synthetic derivative that-- 7i7 is operated as1 and is registered with the ,department of the ,treasury as1 a money services business 7as defined under section #ajaj4ajj of title #ca1 ,code of ,federal ,regulations72 and 7ii7 is operated in compliance with all applicable requirements of subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code 7commonly referred to as the ,bank ,secrecy ,act7 and all other ,federal anti-money laundering1 anti-terrorism1 and screening requirements of the ,office of ,foreign ,assets ,control and the ,financial ,crimes ,enforcement ,network4 7#d7 ,decentralized cryptographic ledger ,the term decentralized cryptographic ledger means a ledger that-- 7,a7 runs as a stand-alone blockchain that is secured through a minting mechanism such as proof-of-work1 proof-of-stake1 or otherwise2 7,b7 runs as a cryptographic asset or smart-contract on an existing stand-alone blockchain and is secured through the issuing blockchain minting mechanism2 7,c7 is immutable and can not be overwritten without controlling a majority stake of the associated network2 7,d7 requires a cryptographic link between blocks of transactional data2 7,e7 is permissionless1 requiring no third party to transact1 only a connection to the internet2 7,f7 is an irreversible bearer commodity1 with all transactions being final2 7,g7 is not controllable by any one single entity 7defined as having less than half of all nodes controlled by one single entity72 and 7,h7 is not directly issued by a nation-state or private entity4 7#e7 ,decentralized oracle ,the term decentralized oracle means a service that sends and verifies real world data from external sources outside of a blockchain and submits such information to smart contracts that rest on the blockchain1 thus triggering the execution of predefined functions of the smart contract4 7#f7 ,digital asset ,the term digital asset means a crypto-commodity1 crypto-currency1 or crypto-security4 7#g7 ,insured depository institution ,the term insured depository institution has the meaning given such term under section #c of the ,federal ,deposit ,insurance ,act4 7#h7 ,primary ,federal digital asset regulator ,the term primary ,federal digital asset regulator means-- 7,a7 the ,commodity ,futures ,trading ,commission1 with respect to crypto-commodities2 7,b7 the ,secretary of the ,treasury1 acting through the ,financial ,crimes ,enforcement ,network1 and the ,comptroller of the ,currency with respect to crypto-currencies2 and 7,c7 the ,securities and ,exchange ,commission1 with respect to crypto-securities4 7#i7 ,reserve-backed stablecoin ,the term reserve-backed stablecoin means a digital asset that-- 7,a7 is a representation of currency issued by the ,united ,states or a foreign government2 7,b7 rests on a blockchain or decentralized cryptographic ledger2 and 7,c7 is collateralized on a one-to-one basis by such currency1 and such currency is deposited in an insured depository institution4 7#aj7 ,smart contract ,the term smart contract means a computer protocol intended-- 7,a7 to digitally facilitate1 verify1 or enforce the negotiation or performance of a contract2 and 7,b7 to allow the performance of credible transactions without third parties4 7#aa7 ,synthetic stablecoin ,the term synthetic stablecoin means a digital asset1 other than a reserve-backed stablecoin1 that-- 7,a7 is stabilized against the value of a currency or other asset2 and 7,b7 rests on a blockchain or decentralized cryptographic ledger4 #c4 ,establishing areas of primary regulatory oversight for digital assets 7a7 ,crypto-,commodities ,the ,commodity ,futures ,trading ,commission shall be the primary ,government agency with the authority to regulate crypto-commodities4 7b7 ,crypto-,currencies ,the ,secretary of the ,treasury1 acting through the ,financial ,crimes ,enforcement ,network1 and the ,comptroller of the ,currency shall be the primary ,government agencies with the authority to regulate crypto-currencies 7other than synthetic stablecoins74 7c7 ,crypto-,securities ,the ,securities and ,exchange ,commission shall be the primary ,government agency with the authority to regulate crypto-securities and synthetic stablecoins4 #d4 ,registration and public lists of digital asset exchanges 7a7 ,crypto-,commodities ,the ,commodity ,futures ,trading ,commission shall require any exchange trading in crypto-commodities to register with the ,commission1 and shall maintain a public list of all such exchanges4 7b7 ,crypto-,currencies ,the ,secretary of the ,treasury1 acting through the ,financial ,crimes ,enforcement ,network1 shall require any exchange trading in crypto-currencies 7other than synthetic stablecoins7 to register with the ,secretary1 and shall maintain a public list of all such exchanges4 7c7 ,crypto-,securities ,the ,securities and ,exchange ,commission shall maintain a public list of all registered national securities exchanges trading in crypto-securities or synthetic stablecoins4 #e4 ,availability of information to the public on requirements to create or trade in digital assets ,each primary ,federal digital asset regulator shall1 with respect to digital assets over which it is the primary ,federal digital asset regulator1 make available to the public 7and keep current7 a list of all ,federal licenses1 certifications1 or registrations required to create or trade in digital assets4 #f4 ,requirements related to crypto-currencies 7a7 ,tracing of transactions ,notwithstanding section #c7;c71 the ,secretary of the ,treasury1 acting through the ,financial ,crimes ,enforcement ,network1 shall issue rules to require each crypto-currency 7including synthetic stablecoins7 to allow for the tracing of transactions in the crypto-currency and persons engaging in such transactions in a manner similar to that required of financial institutions with respect to currency transactions under subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7b7 ,reserve-,backed stablecoin audits ,the ,secretary of the ,treasury1 acting through the ,financial ,crimes ,enforcement ,network1 shall carry out audits of each reserve-backed stablecoin to ensure that such stablecoin is fully backed by currency issued by the ,united ,states or a foreign government4 7c7 ,transition rule for stablecoins ,if an event 7including a dilution event1 technical hack1 or concerted choice7 causes a reserve-backed stablecoin to become a synthetic stablecoin or for a synthetic stable to become a reserve-backed stablecoin1 the primary ,federal digital asset regulator of the stablecoin shall notify the issuer of the stablecoin and the public of such transition4