,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #hihi  ,,in ,,the ,,house ,,of  
,,representatives  ,december #af1       
#bjbj,mr4 ,lynch 7for himself and ,mr4  
,emmer7 introduced the following bill2  
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
require the ,securities and ,exchange   
,commission to conduct a study on the   
feasibility1 benefits1 and costs of     
using a distributed ledger system in the
 post-trade clearing and settlement     
process1 and for other purposes4  #a4   
,study on the use of a distributed      
ledger system  7a7 ,in general ,not     
later than #a year after the date of the
 enactment of this ,act1 the ,securities
 and ,exchange ,commission shall conduct
 a study on the feasibility1 benefits1  
and costs of using a distributed ledger 
system in the post-trade clearing and   
settlement process4  7b7 ,consultation  
,in conducting the study under          
subsection 7a71 the ,commission staff   
shall consult with domestic and         

international stakeholders4  7c7        
,contents of the study ,the study       
required under subsection 7a7 shall     
include-- 7#a7 an identification of the 
key operational and regulatory          
challenges and opportunities that could 
be caused by the use of a distributed   
ledger system in the post-trade clearing
 and settlement process2  7#b7 an       
identification of practices from        
domestic and international models that  
use a distributed ledger system in the  
clearing and settlement process2  7#c7  
an identification of the processes and  
entities that could be disintermediated 
by the use of such system in such       
processes2  7#d7 an identification of   
the potential steps for establishing    
international standards for1 and global 
continuity of service in the transition 
to1 the use of such system in such      
processes2  7#e7 an identification of   
the implications of the use of such     
system in such processes on-- 7,a7      
investor protection1 capital formation1 

and market efficiency2 and  7,b7 the    
establishment of international          
standards2 and  7#f7 an assessment of   
whether the ,commission should implement
 a pilot program to use such system in  
such processes4  7d7 ,report required   
7#a7 ,in general ,not later than #a year
 after the date of the enactment of this
 ,act1 the ,commission shall submit to  
,congress a report on the findings and  
determinations of the study required    
under subsection 7a74  7#b7 ,update ,not
 later than #a year after the date on   
which the report under paragraph 7#a7 is
 submitted1 the ,commission shall submit
 to ,congress a report that updates the 
findings and determinations of the      
report submitted under such paragraph4  
7#c7 ,content ,in submitting the reports
 required under paragraphs 7#a7 and     
7#b71 the ,commission may not include   
confidential information4