#aagth ,,congress #ast ,session ,h4 ,r4 #afjb ,,an ,,act ,to direct the ,commodity ,futures ,trading ,commission and the ,securities and ,exchange ,commission to jointly establish a digital asset working group1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,eliminate ,barriers to ,innovation ,act of #bjba 4 #b4 ,working ,group to support innovation with respect to digital assets 7a7 ,establishment ,not later than #ij days after the date of the enactment of this section1 the ,securities and ,exchange ,commission and the ,commodity ,futures ,trading ,commission shall jointly establish a working group 7to be known as the ,,sec and ,,cftc ,working ,group on ,digital ,assets7 to carry out the report required under subsection 7c77#a74 7b7 ,membership 7#a7 ,in general ,the ,working ,group shall be composed of members appointed in accordance with paragraph 7#b74 7#b7 ,appointment of members 7,a7 ,representatives of commissions ,the ,securities and ,exchange ,commission and the ,commodity ,futures ,trading ,commission shall each appoint an equal number of employees of each such ,commission to serve as members of the ,working ,group4 7,b7 ,representatives of nongovernmental stakeholders 7i7 ,appointment ,the ,securities and ,exchange ,commission and the ,commodity ,futures ,trading ,commission shall each appoint an equal number of nongovernmental representatives to serve as members of the ,working ,group1 except that such number of members may not be greater than or equal to the number of members appointed under subparagraph 7,a74 7ii7 ,required members ,the members of the ,working ,group appointed under clause 7i7 shall include at least one representative from each of the following3 7,i7 ,financial technology companies that provide products or services involving digital assets4 7,,ii7 ,financial firms under the jurisdiction of the ,securities and ,exchange ,commission or the ,commodity ,futures ,trading ,commission4 7,,iii7 ,institutions or organizations engaged in academic research or advocacy relating to digital asset use4 7,,iv7 ,small businesses engaged in financial technology4 7,v7 ,investor protection organizations4 7,,vi7 ,institutions and organizations that support investment in historically-underserved businesses4 7,c7 ,no compensation for members of the ,working ,group 7i7 ,federal employee members ,all members of the ,working ,group appointed under subparagraph 7,a7 shall serve without compensation in addition to that received for their services as officers or employees of the ,united ,states4 7ii7 ,non-,federal members ,all members of the ,working ,group appointed under subparagraph 7,b7 shall serve without compensation4 7c7 ,report 7#a7 ,in general ,not later than #a year after the date of the enactment of this section1 the ,working ,group shall submit to the ,securities and ,exchange ,commission1 the ,commodity ,futures ,trading ,commission1 and the relevant committees a report that contains-- 7,a7 an analysis of-- 7i7 the legal and regulatory framework and related developments in the ,united ,states relating to digital assets1 including-- 7,i7 the impact that lack of clarity in such framework has on primary and secondary markets in digital assets2 and 7,,ii7 how the domestic legal and regulatory regimes relating to digital assets impact the competitive position of the ,united ,states2 and 7ii7 developments in other countries related to digital assets and identification of how these developments impact the competitive position of the ,united ,states2 and 7,b7 recommendations-- 7i7 for the creation1 maintenance1 and improvement of primary and secondary markets in digital assets1 including for improving the fairness1 orderliness1 integrity1 efficiency1 transparency1 availability1 and efficacy of such markets2 7ii7 for standards concerning custody1 private key management1 cybersecurity1 and business continuity relating to digital asset intermediaries2 and 7iii7 for best practices to-- 7,i7 reduce fraud and manipulation of digital assets in cash1 leveraged1 and derivatives markets2 7,,ii7 improve investor protections for participants in such markets2 and 7,,iii7 assist in compliance with anti-money laundering and countering the financing of terrorism obligations under the ,bank ,secrecy ,act4 7#b7 ,report limited to ,,sec and ,,cftc authorities ,the analysis and recommendations provided under subparagraphs 7,a7 and 7,b7 of paragraph 7#a7 may only relate to the laws1 regulations1 and related matters that are under the primary jurisdiction of the ,securities and ,exchange ,commission or the ,commodity ,futures ,trading ,commission4 7d7 ,nonapplicability of ,,faca ,the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 shall not apply to the ,working ,group4 7e7 ,termination 7#a7 ,in general ,the ,working ,group shall terminate on the date that is #a year after the date of the enactment of this section1 except that the ,chairman of the ,securities and ,exchange ,commission and the ,chairman of the ,commodity ,futures ,trading ,commission may1 jointly1 extend the ,working ,group for a longer period1 not to exceed #a year4 7#b7 ,second report in the case of extension ,in the case of an extension of the ,working ,group under paragraph 7#a71 the ,working ,group shall1 not later than the last day of such extension1 submit to the ,securities and ,exchange ,commission1 the ,commodity ,futures ,trading ,commission1 and the relevant committees a report that contains an update to the analysis and recommendations required under subparagraphs 7,a7 and 7,b7 of subsection 7c77#a74 7f7 ,definitions ,in this section3 7#a7 ,bank ,secrecy ,act ,the term ,bank ,secrecy ,act means-- 7,a7 section #ba of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7,b7 chapter #b of title ,i of ,public ,law #ia-ejh 7#ab ,u4,s4,c4 #aiea et seq472 and 7,c7 subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7#b7 ,historically-underserved businesses ,the term historically-underserved businesses means women-owned businesses1 minority-owned businesses1 and rural businesses4 7#c7 ,relevant committees ,the term relevant committees means-- 7,a7 the ,committee on ,financial ,services of the ,house of ,representatives2 7,b7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,c7 the ,committee on ,agriculture of the ,house of ,representatives2 and 7,d7 the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate4 7#d7 ,working group ,the term ,working ,group means the working group established under subsection 7a74 ,passed the ,house of ,representatives ,april #bj1 #bjba4;,clerk4