,i #aag? ,,congress #a/ ,session ,h4 ,r4 #afjb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #h1 #bjba ,mr4 ,mc,henry 7= himself1 ,mr4 ,lyn*1 ,mr4 ,?ompson ( ,p5nsylvania1 ,mr4 ,budd1 & ,mr4 ,davidson7 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 direct ! ,commodity ,futures ,trad+ ,commission & ! ,securities & ,ex*ange ,commission to jo9tly e/abli% a digital asset work+ gr\p1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,elim9ate ,b>ri]s to ,innovation ,act ( #bjba 4 #b4 ,work+ ,gr\p to support innovation ) respect to digital assets 7a7 ,e/abli%m5t ,n lat] ?an #ij days aft] ! date ( ! enactm5t ( ?is section1 ! ,securities & ,ex*ange ,commission & ! ,commodity ,futures ,trad+ ,commission %all jo9tly e/abli% a work+ gr\p 7to be kn[n z ! ,,sec & ,,cftc ,work+ ,gr\p on ,digital ,assets7 to c>ry out ! report requir$ "u subsection 7c77#a74 7b7 ,memb]%ip 7#a7 ,9 g5]al ,! ,work+ ,gr\p %all be compos$ ( memb]s appo9t$ 9 accordance ) p>agraph 7#b74 7#b7 ,appo9tm5t ( memb]s 7,a7 ,repres5tatives ( commissions ,! ,securities & ,ex*ange ,commission & ! ,commodity ,futures ,trad+ ,commission %all ea* appo9t an equal numb] ( employees ( ea* su* ,commission to s]ve z memb]s ( ! ,work+ ,gr\p4 7,b7 ,repres5tatives ( nongov]nm5tal /akehold]s 7i7 ,appo9tm5t ,! ,securities & ,ex*ange ,commission & ! ,commodity ,futures ,trad+ ,commission %all ea* appo9t an equal numb] ( nongov]nm5tal repres5tatives to s]ve z memb]s ( ! ,work+ ,gr\p1 except t su* numb] ( memb]s may n be great] ?an or equal to ! numb] ( memb]s appo9t$ "u subp>agraph 7,a74 7ii7 ,requir$ memb]s ,! memb]s ( ! ,work+ ,gr\p appo9t$ "u clause 7i7 %all include at lea/ "o repres5tative f ea* ( ! foll[+3 7,i7 ,f9ancial te*nology companies t provide products or s]vices involv+ digital assets4 7,,ii7 ,f9ancial firms "u ! jurisdiction ( ! ,securities & ,ex*ange ,commission or ! ,commodity ,futures ,trad+ ,commission4 7,,iii7 ,in/itutions or organizations engag$ 9 academic rese>* or advocacy relat+ to digital asset use4 7,,iv7 ,small bus9esses engag$ 9 f9ancial te*nology4 7,v7 ,inve/or protection organizations4 7,,vi7 ,in/itutions & organizations t support inve/m5t 9 hi/orically-und]s]v$ bus9esses4 7,c7 ,no comp5sation = memb]s ( ! ,work+ ,gr\p 7i7 ,f$]al employee memb]s ,all memb]s ( ! ,work+ ,gr\p appo9t$ "u subp>agraph 7,a7 %all s]ve )\t comp5sation 9 addition to t receiv$ = _! s]vices z (fic]s or employees ( ! ,unit$ ,/ates4 7ii7 ,non-,f$]al memb]s ,all memb]s ( ! ,work+ ,gr\p appo9t$ "u subp>agraph 7,b7 %all s]ve )\t comp5sation4 7c7 ,report 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section1 ! ,work+ ,gr\p %all submit to ! ,securities & ,ex*ange ,commission1 ! ,commodity ,futures ,trad+ ,commission1 & ! relevant committees a report t conta9s-- 7,a7 an analysis (-- 7i7 ! legal & regulatory framework & relat$ developm5ts 9 ! ,unit$ ,/ates relat+ to digital assets1 includ+-- 7,i7 ! impact t lack ( cl>ity 9 su* framework has on prim>y & second>y m>kets 9 digital assets2 & 7,,ii7 h[ ! dome/ic legal & regulatory regimes relat+ to digital assets impact ! competitive position ( ! ,unit$ ,/ates2 & 7ii7 developm5ts 9 o!r c\ntries relat$ to digital assets & id5tification ( h[ ^! developm5ts impact ! competitive position ( ! ,unit$ ,/ates2 & 7,b7 recomm5dations-- 7i7 = ! creation1 ma9t5ance1 & improvem5t ( prim>y & second>y m>kets 9 digital assets1 includ+ = improv+ ! fairness1 ord]l9ess1 integrity1 effici5cy1 transp>5cy1 availability1 & efficacy ( su* m>kets2 7ii7 = /&>ds conc]n+ cu/ody1 private key managem5t1 cyb]security1 & bus9ess cont9uity relat+ to digital asset int]m$i>ies2 & 7iii7 = be/ practices to-- 7,i7 r$uce fraud & manipulation ( digital assets 9 ca%1 lev]ag$1 & d]ivatives m>kets2 7,,ii7 improve inve/or protections = p>ticipants 9 su* m>kets2 & 7,,iii7 assi/ 9 compliance ) anti-money laund]+ & c\nt]+ ! f9anc+ ( t]rorism obligations "u ! ,bank ,secrecy ,act4 7#b7 ,report limit$ to ,,sec & ,,cftc au?orities ,! analysis & recomm5dations provid$ "u subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#a7 may only relate to ! laws1 regulations1 & relat$ matt]s t are "u ! prim>y jurisdiction ( ! ,securities & ,ex*ange ,commission or ! ,commodity ,futures ,trad+ ,commission4 7d7 ,nonapplicability ( ,,faca ,! ,f$]al ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 %all n apply to ! ,work+ ,gr\p4 7e7 ,t]m9ation 7#a7 ,9 g5]al ,! ,work+ ,gr\p %all t]m9ate on ! date t is #a ye> aft] ! date ( ! enactm5t ( ?is section1 except t ! ,*airman ( ! ,securities & ,ex*ange ,commission & ! ,*airman ( ! ,commodity ,futures ,trad+ ,commission may1 jo9tly1 ext5d ! ,work+ ,gr\p = a long] p]iod1 n to exce$ "o ye>4 7#b7 ,second report 9 ! case ( ext5sion ,9 ! case ( an ext5sion ( ! ,work+ ,gr\p "u p>agraph 7#a71 ! ,work+ ,gr\p %all1 n lat] ?an ! la/ day ( su* ext5sion1 submit to ! ,securities & ,ex*ange ,commission1 ! ,commodity ,futures ,trad+ ,commission1 & ! relevant committees a report t conta9s an update to ! analysis & recomm5dations requir$ "u subp>agraphs 7,a7 & 7,b7 ( subsection 7c77#a74 7f7 ,def9itions ,9 ?is section3 7#a7 ,bank ,secrecy ,act ,! t]m ,bank ,secrecy ,act means-- 7,a7 section #ba ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7,b7 *apt] #b ( title ,i ( ,public ,law #ia-ejh 7#ab ,u4,s4,c4 #aiea et seq472 & 7,c7 sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code4 7#b7 ,hi/orically-und]s]v$ bus9esses ,! t]m hi/orically-und]s]v$ bus9esses means wom5-own$ bus9esses1 m9ority-own$ bus9esses1 & rural bus9esses4 7#c7 ,relevant committees ,! t]m relevant committees means-- 7,a7 ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives2 7,b7 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,c7 ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives2 & 7,d7 ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate4 7#d7 ,work+ gr\p ,! t]m ,work+ ,gr\p means ! work+ gr\p e/abli%$ "u subsection 7a74