,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #faed  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #i1 #bjbj,mr4    
,gos> introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committee  
on ,agriculture1 = a p]iod to be        
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to cl>ify :i*      
,f$]al ag5cies regulate digital assets1 
to require ^? ag5cies to notify ! public
 ( any ,f$]al lic5ces1 c]tifications1 or
 regi/rations requir$ to create or trade
 9 su* assets1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,crypto-,curr5cy ,act ( #bjbj4  #b4     
,def9itions ,9 ?is ,act3 7#a7           
,crypto-commodity ,! t]m                
crypto-commodity means economic goods or
 s]vices1 includ+ d]ivatives1 t-- 7,a7 h
 full or sub/antial fungibility2  7,b7 !
 m>kets treat ) no reg>d z to :o produc$
 ! goods or s]vices2 &  7,c7 re/ on a   

block*a9 or dec5traliz$ cryptographic   
l$g]4  7#b7 ,crypto-curr5cy ,! t]m      
crypto-curr5cy means repres5tations (   
,unit$ ,/ates curr5cy or syn!tic        
d]ivatives re/+ on a block*a9 or        
dec5traliz$ cryptographic l$g]1         
includ+-- 7,a7 su* repres5tations or    
syn!tic d]ivatives t are res]ve-back$   
digital assets t are fully collat]aliz$ 
9 a correspond5t bank+ acc\nt1 su* z    
/ableco9s2 &  7,b7 syn!tic d]ivatives t 
are-- 7i7 det]m9$ by dec5traliz$ oracles
 or sm>t contracts2 &  7ii7 collat]aliz$
 by crypto-commodities1 o!r             
crypto-curr5cies1 or crypto-securities4 
7#c7 ,crypto-security  7,a7 ,9 g5]al ,! 
t]m crypto-security means all debt &    
equity t re/ on a block*a9 or           
dec5traliz$ cryptographic l$g]4  7,b7   
,exception ,! t]m crypto-security does n
 include a syn!tic d]ivative t-- 7i7 is 
op]at$ z1 & is regi/]$ ) ! ,dep>tm5t ( !
 ,treasury z1 a money s]vices bus9ess 7z
 def9$ "u section #ajaj4ajj ( title #ca1
 ,code ( ,f$]al ,regulations72 &  7ii7  

is op]at$ 9 compliance ) all applicable 
requirem5ts ( sub*apt] ,,ii ( *apt] #ec 
( title #ca1 ,unit$ ,/ates ,code        
7commonly ref]r$ to z ! ,bank ,secrecy  
,act7 & all o!r ,f$]al anti-money       
laund]+1 anti-t]rorism1 & scre5+        
requirem5ts ( ! ,(fice ( ,=eign ,assets 
,control & ! ,f9ancial ,crimes ,en=cem5t
 ,network4  7#d7 ,dec5traliz$           
cryptographic l$g] ,! t]m dec5traliz$   
cryptographic l$g] means a l$g] t-- 7,a7
 runs z a /&-alone block*a9 t is secur$ 
?r\gh a m9t+ me*anism su* z pro(-(-"w1  
pro(-(-/ake1 or o!rwise2  7,b7 runs z a 
cryptographic asset or sm>t-contract on 
an exi/+ /&-alone block*a9 & is secur$  
?r\gh ! issu+ block*a9 m9t+ me*anism2   
7,c7 is immutable & c n be ov]writt5 )\t
 controll+ a majority /ake ( ! associat$
 network2  7,d7 requires a cryptographic
 l9k betwe5 blocks ( transactional data2
  7,e7 is p]missionless1 requir+ no ?ird
 p>ty to transact1 only a connection to 
! int]net2  7,f7 is an irrev]sible be>] 
commodity1 ) all transactions be+ f9al2 

7,g7 is n controllable by any "o s+le   
entity 7def9$ z hav+ less ?an half ( all
 nodes controll$ by "o s+le entity72 &  
7,h7 is n directly issu$ by a           
nation-/ate or private entity4  7#e7    
,dec5traliz$ oracle ,! t]m dec5traliz$  
oracle means a s]vice t s5ds & v]ifies  
real _w data f ext]nal s\rces outside ( 
a block*a9 & submits su* in=mation to   
sm>t contracts t re/ on ! block*a91 ?us 
trigg]+ ! execution ( pr$ef9$ functions 
( ! sm>t contract4  7#f7 ,digital asset 
,! t]m digital asset means a            
crypto-commodity1 crypto-curr5cy1 or    
crypto-security4  7#g7 ,insur$          
depository in/itution ,! t]m insur$     
depository in/itution has ! mean+ giv5  
su* t]m "u section #c ( ! ,f$]al        
,deposit ,insurance ,act4  7#h7 ,prim>y 
,f$]al digital asset regulator ,! t]m   
prim>y ,f$]al digital asset regulator   
means-- 7,a7 ! ,commodity ,futures      
,trad+ ,commission1 ) respect to        
crypto-commodities2  7,b7 ! ,secret>y ( 
! ,treasury1 act+ ?r\gh ! ,f9ancial     

,crimes ,en=cem5t ,network1 & !         
,comptroll] ( ! ,curr5cy ) respect to   
crypto-curr5cies2 &  7,c7 ! ,securities 
& ,ex*ange ,commission1 ) respect to    
crypto-securities4  7#i7 ,res]ve-back$  
/ableco9 ,! t]m res]ve-back$ /ableco9   
means a digital asset t-- 7,a7 is a     
repres5tation ( curr5cy issu$ by !      
,unit$ ,/ates or a =eign gov]nm5t2  7,b7
 re/s on a block*a9 or dec5traliz$      
cryptographic l$g]2 &  7,c7 is          
collat]aliz$ on a "o-to-"o basis by su* 
curr5cy1 & su* curr5cy is deposit$ 9 an 
insur$ depository in/itution4  7#aj7    
,sm>t contract ,! t]m sm>t contract     
means a comput] protocol int5d$-- 7,a7  
to digitally facilitate1 v]ify1 or en=ce
 ! negotiation or p]=mance ( a contract2
 &  7,b7 to all[ ! p]=mance ( cr$ible   
transactions )\t ?ird p>ties4  7#aa7    
,syn!tic /ableco9 ,! t]m syn!tic        
/ableco9 means a digital asset1 o!r ?an 
a res]ve-back$ /ableco91 t-- 7,a7 is    
/abiliz$ aga9/ ! value ( a curr5cy or   
o!r asset2 &  7,b7 re/s on a block*a9 or

 dec5traliz$ cryptographic l$g]4  #c4   
,e/abli%+ areas ( prim>y regulatory     
ov]sight = digital assets  7a7          
,crypto-,commodities ,! ,commodity      
,futures ,trad+ ,commission %all be !   
prim>y ,gov]nm5t ag5cy ) ! au?ority to  
regulate crypto-commodities4  7b7       
,crypto-,curr5cies ,! ,secret>y ( !     
,treasury1 act+ ?r\gh ! ,f9ancial       
,crimes ,en=cem5t ,network1 & !         
,comptroll] ( ! ,curr5cy %all be !      
prim>y ,gov]nm5t ag5cies ) ! au?ority to
 regulate crypto-curr5cies 7o!r ?an     
syn!tic /ableco9s74  7c7                
,crypto-,securities ,! ,securities &    
,ex*ange ,commission %all be ! prim>y   
,gov]nm5t ag5cy ) ! au?ority to regulate
 crypto-securities & syn!tic /ableco9s4 
#d4 ,regi/ration & public li/s ( digital
 asset ex*anges  7a7                    
,crypto-,commodities ,! ,commodity      
,futures ,trad+ ,commission %all require
 any ex*ange trad+ 9 crypto-commodities 
to regi/] ) ! ,commission1 & %all ma9ta9
 a public li/ ( all su* ex*anges4  7b7  

,crypto-,curr5cies ,! ,secret>y ( !     
,treasury1 act+ ?r\gh ! ,f9ancial       
,crimes ,en=cem5t ,network1 %all require
 any ex*ange trad+ 9 crypto-curr5cies   
7o!r ?an syn!tic /ableco9s7 to regi/] ) 
! ,secret>y1 & %all ma9ta9 a public li/ 
( all su* ex*anges4  7c7                
,crypto-,securities ,! ,securities &    
,ex*ange ,commission %all ma9ta9 a      
public li/ ( all regi/]$ national       
securities ex*anges trad+ 9             
crypto-securities or syn!tic /ableco9s4 
#e4 ,availability ( in=mation to !      
public on requirem5ts to create or trade
 9 digital assets ,ea* prim>y ,f$]al    
digital asset regulator %all1 ) respect 
to digital assets ov] :i* x is ! prim>y 
,f$]al digital asset regulator1 make    
available to ! public 7& keep curr5t7 a 
li/ ( all ,f$]al lic5ses1 c]tifications1
 or regi/rations requir$ to create or   
trade 9 digital assets4  #f4            
,requirem5ts relat$ to crypto-curr5cies 
7a7 ,trac+ ( transactions ,not)/&+      
section #c7;c71 ! ,secret>y ( !         

,treasury1 act+ ?r\gh ! ,f9ancial       
,crimes ,en=cem5t ,network1 %all issue  
rules to require ea* crypto-curr5cy     
7includ+ syn!tic /ableco9s7 to all[ = ! 
trac+ ( transactions 9 ! crypto-curr5cy 
& p]sons engag+ 9 su* transactions 9 a  
mann] simil> to t requir$ ( f9ancial    
in/itutions ) respect to curr5cy        
transactions "u sub*apt] ,,ii ( *apt]   
#ec ( title #ca1 ,unit$ ,/ates ,code4   
7b7 ,res]ve-,back$ /ableco9 audits ,!   
,secret>y ( ! ,treasury1 act+ ?r\gh !   
,f9ancial ,crimes ,en=cem5t ,network1   
%all c>ry out audits ( ea* res]ve-back$ 
/ableco9 to ensure t su* /ableco9 is    
fully back$ by curr5cy issu$ by ! ,unit$
 ,/ates or a =eign gov]nm5t4  7c7       
,transition rule = /ableco9s ,if an ev5t
 7includ+ a dilution ev5t1 te*nical     
hack1 or conc]t$ *oice7 causes a        
res]ve-back$ /ableco9 to become a       
syn!tic /ableco9 or = a syn!tic /able to
 become a res]ve-back$ /ableco91 !      
prim>y ,f$]al digital asset regulator ( 
! /ableco9 %all notify ! issu] ( !      

/ableco9 & ! public ( su* transition4