,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #chi  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #ag1 #bjbc    
,mr4 ,s*weik]t introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,ov]sight & ,acc\ntability1 & 9 addition
 to ! ,committees on ! ,judici>y1 ,h\se 
,adm9i/ration1 & ,ways & ,means1 = 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 am5d 
! ,e?ics 9 ,gov]nm5t ,act ( #aigh to    
re/rict trad+ & own]%ip ( cov]$         
inve/m5ts by ea* ,f$]al employee1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,prev5t+ ,opportuni/ic 
,returns on ,trades & ,futures by       
,(ficials1 ,lead]%ip1 & ,individuals 9  
,(fice ,act or ! ,,portfolio ,act4  #b4 
,re/rict+ trad+ & own]%ip ( cov]$       
inve/m5ts by f$]al p]sonnel  7a7        
,qualifi$ bl9d tru/ am5dm5ts ,section   
#ajb7;f77#c7 ( ! ,e?ics 9 ,gov]nm5t ,act
 ( #aigh 7#e ,u4,s4,c4 ,app             

#ajb7;f77#c77 is am5d$--  7#a7 9        
subp>agraph 7,c77iii71 by /rik+ promptly
 notify & ins]t+ promptly provide a     
writt5 notice to2 &  7#b7 by add+ aft]  
subp>agraph 7,f7 ! foll[+ new           
subp>agraph3  7,g7 ,any asset describ$ z
 a cov]$ inve/m5t "u title ,,ii t is    
plac$ 9 a tru/ aft] ! date ( enactm5t ( 
! ,,portfolio ,act %all be dive/$ n lat]
 ?an #ah mon?s aft] su* asset 0 s plac$4
  7,h7 ,not)/&+ subp>agraphs 7,a7 ?r\gh 
7,g71 a =m ( a tru/ approv$ by ! ,(fice 
( ,gov]nm5t ,e?ics1 ,judicial ,conf]5ce1
 ,h\se ( ,repres5tatives1 or ,s5ate     
?r\gh rulemak+ or by majority vote = its
 respective jurisdiction4  4  7b7 ,trade
 & own]%ip re/rictions ,! ,e?ics 9      
,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4    
,app47 is am5d$ by ins]t+ aft] title ,i 
! foll[+3  ,,ii ,re/rictions on trade & 
own]%ip ( cov]$ inve/m5ts by f$]al      
p]sonnel  #bja4 ,def9itions ,9 ?is      
title3  7#a7 ,commodity ,! t]m commodity
 has ! mean+ giv5 ! t]m 9 section #a;a (
 ! ,commodity ,ex*ange ,act 7#g         

,u4,s4,c4 #a;a74  7#b7 ,cov]$ inve/m5t  
,! t]m cov]$ inve/m5t--  7,a7 means an  
inve/m5t 9 a security1 a commodity1 a   
future1 cryptocurr5cy or o!r digital    
asset1 or any comp>able economic int]e/ 
acquir$ ?r\gh syn!tic means1 su* z ! use
 ( a d]ivative1 includ+ an option1      
w>rant1 or o!r simil> means2 &  7,b7    
does n include--  7i7 a widely held     
inve/m5t fund describ$ 9 section        
#ajb7;f77#h7 t is div]sifi$ & publicly  
trad$ on a national or regional /ock    
ex*ange2  7ii7 an asset held 9 a        
qualifi$ bl9d tru/2  7iii7 an asset held
 9 a qualifi$ div]sifi$ tru/2  7iv7 a   
div]sifi$ mutual fund 7includ+ any      
hold+s ( su* a fund72  7v7 a div]sifi$  
ex*ange-trad$ fund 7includ+ any hold+s (
 su* a fund72  7vi7 a ,unit$ ,/ates     
,treasury bill1 note1 or bond2  7vii7 a 
,/ate or municipal gov]nm5t bill1 note1 
or bond2  7viii7 ! ,?rift ,sav+s ,plan  
7includ+ any hold+s 9 su* plan72  7ix7  
any comp5sation receiv$ by ! sp\se or   
dep5d5t *ild ( a cov]$ (ficial f _!     

prim>y employ]2  7x7 any inve/m5t fund  
held 9 a ,f$]al1 ,/ate1 or local        
gov]nm5t employee retirem5t plan2 or    
7xi7 an int]e/ 9 a small bus9ess conc]n 
or family-own$ bus9ess t does n pres5t a
 conflict ( int]e/4  7#c7 ,cov]$ p]son  
,! t]m cov]$ p]son means--  7,a7 any    
employee 7z t t]m is def9$ 9 section    
#baje ( title #e1 ,unit$ ,/ates ,code71 
includ+-- 7i7 an (fic] or employee ( !  
,unit$ ,/ates ,po/al ,s]vice & ! ,po/al 
,regulatory ,commission2  7ii7 not)/&+  
section #gdbe7;b7 ( title #ch1 ,unit$   
,/ates ,code1 employees appo9t$ "u *apt]
 #gc or #gd ( su* title #ch2 &  7iii7   
any o!r individual occupy+ a position 9 
! civil s]vice 7z t t]m is def9$ 9      
section #baja ( su* title #e72  7,b7 a  
,memb] ( ,congress z def9$ 9 section    
#aji7ab72  7,c7 ! ,presid5t2 &  7,d7 !  
,vice ,presid5t4  7#d7 ,cryptocurr5cy or
 o!r digital asset ,! t]m cryptocurr5cy 
or o!r digital asset means an asset t is
 issu$ or transf]r$ us+ di/ribut$ l$g]  
or block*a9 te*nology1 includ+3 virtual 

curr5cies1 co9s & tok5s1 or any o!r     
digital asset specifi$ by regulations ( 
a fil]'s sup]vis+ e?ics (fice4  7#e7    
,dep5d5t *ild ,! t]m dep5d5t *ild means 
an individual describ$ 9 section        
#aji7b74  7#f7 ,int]e/$ p>ty ,! t]m     
int]e/$ p>ty has ! mean+ giv5 ! t]m 9   
section #ajb7;f77#c77;,e74  7#g7 ,future
 ,! t]m future means a f9ancial contract
 obligat+ ! buy] to pur*ase an asset or 
! sell] to sell an asset1 su* z a       
physical commodity or a f9ancial        
inve/m5t1 at a pr$et]m9$ future date &  
price4  7#h7 ,qualifi$ bl9d tru/ ,! t]m 
qualifi$ bl9d tru/ has ! mean+ giv5 !   
t]m 9 section #ajb7;f77#c74  7#i7       
,qualifi$ div]sifi$ tru/ ,! t]m qualifi$
 div]sifi$ tru/ means a tru/ describ$ 9 
section #ajb7;f77#d77;,b74  7#aj7       
,security ,! t]m security has ! mean+   
giv5 ! t]m 9 section #c7;a7 ( !         
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a774  7#aa7 ,small      
,bus9ess ,conc]n ,! t]m small bus9ess   
conc]n has ! mean+ giv5 t t]m "u section

 #c ( ! ,small ,bus9ess ,act 7#ae       
,u4,s4,c4 #fcb74  7#ab7 ,sup]vis+ e?ics 
(fice ,! t]m sup]vis+ e?ics (fice has ! 
mean+ giv5 ! t]m 9 section #aji7ah74    
#bjb4 ,own]%ip ( cov]$ inve/m5ts  7a7   
,conduct dur+ f$]al s]vice ,except z    
describ$ 9 p>agraph 7#b7 ( subsection   
7b7 or subsections 7c7 ?r\gh 7h71 no    
cov]$ p]son may own or trade any cov]$  
inve/m5t4  7b7 ,compliance ,to comply ) 
! requirem5ts "u p>agraph 7#a7--  7#a7 a
 cov]$ p]son %all n pur*ase any cov]$   
inve/m5t beg9n+ #fj days aft] ! date (  
enactm5t ( ! ,,portfolio ,act or ! date 
on :i* an individual becomes a cov]$    
p]son1 :i*ev] is lat]2 &  7#b7 a cov]$  
p]son %all dive/ ( any cov]$ inve/m5t )9
 #ahj days ( ! effective date e/abli%$ 9
 subsection 7k77#b7 or ! date on :i* an 
individual becomes a cov]$ p]son1 :i*ev]
 is lat]--  7,a7 ?r\gh gift or *>itable 
donation ( a cov]$ inve/m5t2  7,b7 by   
conv]t+ a cov]$ inve/m5t to ca%2 or     
7,c7 by plac+ a cov]$ inve/m5t 9 a      
qualifi$ bl9d tru/ 9 accordance )       

subsection 7c74  7c7 ,qualifi$ bl9d tru/
  7#a7 ,cov]$ p]sons z ( date ( enactm5t
 ,an individual :o is a cov]$ p]son z ( 
! date ( enactm5t ( ! ,,portfolio ,act  
may comply ) subsection 7b7 by plac+ any
 cov]$ inve/m5t own$ by su* p]son into a
 qualifi$ bl9d tru/ n lat] ?an #ahj days
 aft] ! effective date e/abli%$ 9       
subsection 7k77#b74  7#b7 ,cov]$ p]sons 
aft] date ( enactm5t ,an individual :o  
becomes a cov]$ p]son aft] ! date (     
enactm5t ( ! ,,portfolio ,act may comply
 ) subsection 7b7 by plac+ any cov]$    
inve/m5t own$ by su* p]son into a       
qualifi$ bl9d tru/ n lat] ?an #ahj days 
aft] ! effective date e/abli%$ 9        
subsection 7k77#b7 or ! date on :i* !   
individual becomes a cov]$ p]son1 :i*ev]
 is lat]4  7#c7 ,m+l+ ( assets ,a sp\se 
or dep5d5t *ild ( a cov]$ p]son may     
place a cov]$ inve/m5t 9 a qualifi$ bl9d
 tru/ e/abli%$ by a cov]$ p]son4  7d7   
,public notification ,n lat] ?an #cj    
days aft] receiv+ any writt5 notice "u  
section #ajb7;f77#c77;,c77iii71 !       

sup]vis+ e?ics (fice %all make su*      
notices publicly available 9 ! mann]    
provid$ "u section #aje7;a74  7e7       
,exception ,subsection 7a7 %all n apply 
to an individual :o ceases to be a cov]$
 p]son )9 #ahj days ( ! date ( !        
enactm5t ( ! ,,portfolio ,act4  7f7     
,complex f9ancial arrangem5ts  7#a7     
,tempor>y exemptions ,a sup]vis+ e?ics  
(fice may grant a tempor>y exemption to 
a cov]$ p]son reg>d+ _! compliance ) !  
requirem5ts ( subsection 7a7 = inve/m5ts
 held 9 tru/s or o!r complex f9ancial   
arrangem5ts 9 :i*-- 7,a7 ! cov]$ p]son  
ent]$ into1 or 0 made a b5efici>y ( or  
to1 a complex f9ancial arrangem5t be=e !
 enactm5t ( ! ,,portfolio ,act2 &  7,b7 
! cov]$ p]son is contractually prohibit$
 f-- 7i7 hav+ k or control ( ! cov]$    
p]son's inve/m5ts2 or  7ii7 )draw+ !    
inve/m5t 9 c]ta9 circum/ances4  7#b7    
,publication ,a sup]vis+ e?ics (fice    
%all make publicly available 9 ! mann]  
provid$ "u section #aje7;a7--  7,a7 any 
reque/s f a cov]$ p]son = a tempor>y    

exemption )9 #cj days ( receipt2 &  7,b7
 any decision by ! sup]vis+ e?ics (fice 
on ! tempor>y exemption reque/ ( a cov]$
 p]son )9 #cj days ( issu+ x4  7g7      
,assets acquir$ 9 special circum/ances  
7#a7 ,dive/m5t ,except z describ$ 9     
p>agraph 7#b71 9 ! ev5t t a cov]$ p]son 
acquires a cov]$ inve/m5t aft] ! date ( 
enactm5t ( ! ,,portfolio ,act o!r ?an by
 pur*ase 7su* z by m>riage1 inh]itance1 
divorce settlem5t1 or o!r circum/ance71 
! cov]$ p]son %all h #ahj days ( !      
effective date e/abli%$ 9 subsection    
7k77#b7 to dive/ ( su* inve/m5t ?r\gh   
any means provid$ "u subsection 7b77#b74
  7#b7 ,ext5sion ,a sup]vis+ e?ics (fice
 may grant a cov]$ p]son an ext5sion (  
"t to comply ) ! deadl9e specifi$ 9     
p>agraph 7#a7 9 accordance ) subsection 
7h74  7h7 ,ext5sions ,) respect to      
subsections 7a7 & 7g71 9 response to a  
writt5 reque/ = an ext5sion1 a sup]vis+ 
e?ics (fice may grant a cov]$ p]son "o  
or m ext5sions to comply ) su*          
subsections 9 ! foll[+ mann]3 7#a7 ,an  

ext5sion ( up to #cj days may be grant$ 
b ! total ( all ext5sions = ea* cov]$   
p]son 9 a cal5d> ye> may n exce$ #ij    
days4  7#b7 ,a copy ( ea* ext5sion      
grant$ by ! sup]vis+ e?ics (fice %all be
 made publicly available 9 ! mann]      
provid$ "u section #aje7;a74  7i7 ,rules
 provid+ nonrecognition ( ga9 on sales  
,to comply ) conflict-(-,int]e/         
requirem5ts n applicable ,= purposes (  
section #ajdc ( ! ,int]nal ,rev5ue ,code
 ( #aihf1 ?is title 7& any regulation or
 rule issu$ pursuant to ?is title7 %all 
n be treat$ z a /atute1 regulation1 or  
rule describ$ 9 subsection 7b77#b77;,a7 
( su* section4  7j7 ,assets ^u sep>ation
 ,an individual :o is a cov]$ p]son "u  
?is section may n dissolve any qualifi$ 
bl9d tru/ 9 :i* a cov]$ inve/m5t has be5
 plac$ pursuant to subsection 7c71 or   
o!rwise control su* an inve/m5t1 until !
 date t is #ahj days aft] ! date su*    
individual ceases to be a cov]$ p]son4  
7k7 ,adm9i/ration & en=cem5t  7#a7 ,9   
g5]al ,! provisions ( ?is section %all  

be adm9i/]$ by ! sup]vis+ e?ics (fice = 
ea* bran*4  7#b7 ,regulations ,)9 #ahj  
days ( enactm5t ( ! ,,portfolio ,act1 ! 
sup]vis+ e?ics (fice = ea* bran* %all   
issue regulations implem5t+ ! provisions
 ( ?is section & specify+ an effective  
date = ! provisions ( ?is section4  7#c7
 ,guidance ,! sup]vis+ e?ics (fice = ea*
 bran* is au?oriz$ to issue guidance on 
any matt] conta9$ 9 ?is section = its   
respective jurisdiction4  #bjc4         
,p5alties = violations ( re/rictions on 
trad+ & own]%ip ( cov]$ inve/m5ts  7a7  
,p5alties  7#a7 ,9 g5]al ,any cov]$     
p]son :o violates ! re/rictions on trad+
 or own]%ip ( cov]$ inve/m5ts 9 section 
#bjb %all1 at ! direction ( ! sup]vis+  
e?ics (fice1 pay a fee ( #a1jjj aft] be+
 notifi$ by ! sup]vis+ e?ics (fice ( su*
 violation4  7#b7 ,assessm5t (          
additional p5alties ,if ! violation t is
 ! subject ( a notice "u p>agraph 7#a7  
cont9ues = m ?an #cj days aft] ! date ( 
! notice 7includ+ a violation result+ f 
a cov]$ p]son :o cont9ues to own a cov]$

 inve/m5t 9 violation ( section #bjb7 = 
ea* subsequ5t #cj-;day p]iod aft] ! date
 ( ! notice dur+ :i* ! violation is     
ongo+1 su* p]son %all be assess$ an     
additional fee equal to--  7,a7 ! am\nt 
9 p>agraph 7#a72 plus  7,b7 an am\nt    
equal to #aj p]c5t ( ! value ( ! cov]$  
inve/m5t t is ! subject ( ! violation at
 ! beg9n+ ( ! additional #cj-;day p]iod 
( a cont9u+ violation4  7#c7 ,annual    
index+ ( p5alty = inflation ,by ,janu>y 
#ca ( ! cal5d> ye> foll[+ ! enactm5t ( !
 ,,portfolio ,act & 9 ea* ye> !reaft]1 !
 sup]vis+ e?ics (fice %all adju/ ! am\nt
 ( ! p5alty 9 p>agraph 7#a7 9 ! same    
mann] t civil monet>y p5alties are      
annually adju/$ = inflation pursuant to 
section #d ( ! ,f$]al ,civil ,p5alties  
,inflation ,adju/m5t ,act ( #aiij 7#bh  
,u4,s4,c4 #bdfa note74  7#d7 ,treatm5t (
 fees  7,a7 ,deposit ,all su* fees      
collect$ "u ?is section %all be deposit$
 9 ! miscellane\s receipts ( !          
,treasury4  7,b7 ,delegation ( au?ority 
,! au?ority "u ?is section to direct !  

paym5t ( a fee may be delegat$ by !     
sup]vis+ e?ics (fice 9 ! executive bran*
 to o!r ag5cies 9 ! executive bran*4    
7b7 ,waiv] or r$uction  7#a7 ,9 g5]al ,!
 sup]vis+ e?ics (fice may waive or r$uce
 ! am\nt ( a fee "u subsection 7a7 9    
extraord9>y circum/ances 9 response to a
 writt5 reque/ sign$ by ! cov]$ p]son to
 :om ! fee w\ld o!rwise apply4  7#b7    
,publication ,9 ! ev5t ! sup]vis+ e?ics 
(fice grants a reque/ = a fee waiv] or  
r$uction1 ! response ( ! sup]vis+ (fice 
%all be made public 9 ! same mann] z "u 
section #aje7;a74  7c7 ,civil p5alties  
,! ,attorney ,g5]al may br+ a civil     
action 9 any appropriate ,unit$ ,/ates  
di/rict c\rt 9 ! same mann] z au?oriz$  
by section #ajd7;a77#a7 aga9/ any       
individual :o--  7#a7 kn[+ly & willfully
 makes a transaction 9 a mann] t is     
prohibit$ by section #bjb2 or  7#b7     
kn[+ly & willfully holds a cov]$        
inve/m5t 9 a mann] t is prohibit$ by    
section #bjb4  #bjd4 ,acc\ntability &   
public disclosure ( en=cem5t measures   

7a7 ,ref]ral to attorney g5]al ,! head (
 ea* ag5cy1 ea* ,secret>y conc]n$1 !    
,director ( ! ,(fice ( ,gov]nm5t ,e?ics1
 ea* congressional e?ics committee1 or !
 ,judicial ,conf]5ce1 %all ref] to !    
,attorney ,g5]al ! "n ( any individual  
:om su* (ficial or committee has        
reasonable cause to believe has         
willfully violat$ ! requirem5ts "u      
section #bjb4  7b7 ,judicial (fic]s     
,:5ev] ! ,judicial ,conf]5ce ref]s a "n 
to ! ,attorney ,g5]al "u ?is section1 ! 
,judicial ,conf]5ce also %all notify !  
judicial c\ncil ( ! circuit 9 :i* ! nam$
 individual s]ves ( ! ref]ral4  7c7     
,report to ,congress  7#a7 ,9 g5]al ,!  
,attorney ,g5]al %all annually submit to
 ,congress a report on ! crim9al & civil
 actions br\ght aga9/ any individual "u 
titles ,i or ,,ii4  7#b7 ,tim+ ,su*     
report %all be fil$ by ,janu>y #ca ( ea*
 ye> cov]+ ! prior cal5d> ye>4  7d7     
,reports by sup]vis+ e?ics (fice  7#a7  
,9 g5]al ,ea* sup]vis+ e?ics (fice %all 
annually make a public report ab\t      

compliance by individuals )9 its        
jurisdiction ) ! requirem5ts ( titles ,i
 or ,,ii4  7#b7 ,cont5ts ,su* public    
report %all include ! foll[+ in=mation3 
7,a7 ,! ov]all compliance by su*        
individuals4  7,b7 ,! measures tak5 by !
 sup]vis+ e?ics (fice to ensure         
compliance4  7,c7 ,! ef=ts tak5 to en=ce
 su* requirem5ts1 includ+ ?r\gh !       
issuance ( fees or o!r sanctions4  7,d7 
,! rate ( compliance ) ! en=cem5t       
measures describ$ "u subp>agraph 7,c74  
7,e7 ,! issuance ( waiv]s1 r$uctions1   
tempor>y exemptions1 & ext5sions =      
/atutory requirem5ts1 rules1 or en=cem5t
 measures describ$ "u subp>agraph 7,c74 
7#c7 ,tim+ ,su* public report %all be   
fil$ by ,janu>y #ca ( ea* ye> cov]+ !   
prior cal5d> ye>4  4  #c4 ,re=ms to     
f9ancial disclosure requirem5ts  7a7    
,updat$ income report+ requirem5ts      
,section #ajb7;a77#a77;,b7 ( ! ,e?ics 9 
,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4    
,app4 #ajb7;a77#a77;,b77 is am5d$-- 7#a7
 9 clause 7vii71 by add+ at ! end or2   

7#b7 9 clause 7viii71 by /rik+ great]   
?an #a1jjj1jjj ?r\gh n m ?an #e1jjj1jjj1
 or & ins]t+ great] ?an #a1jjj1jjj1 9   
:i* case ! fil] %all provide an         
indication ( ! value ( su* income r\nd$ 
to ! ne>e/ "o hundr$ ?\s& doll>s42 &    
7#c7 by /rik+ clause 7ix74  7b7         
,increas$ transp>5cy = int]e/s 9        
prop]ty1 liabilities1 transactions1 &   
qualifi$ bl9d tru/s ,section            
#ajb7;d77#a7 ( ! ,e?ics 9 ,gov]nm5t ,act
 ( #aigh 7#e ,u4,s4,c4 ,app4            
#ajb7;d77#a77 is am5d$-- 7#a7 9         
subp>agraph 7,g71 by add+ at ! end &2   
7#b7 by /rik+ subp>agraphs 7,h71 7,i71 &
 7,j72 &  7#c7 by ins]t+ aft]           
subp>agraph 7,g7 ! foll[+ subp>agraph3  
7,h7 great] ?an #e1jjj1jjj1 9 :i* case !
 fil] %all provide an indication ( !    
value r\nd$ to ! ne>e/ million doll>s4  
4  7c7 ,end+ disclosure loophole        
,section #ajb7;e77#a7 ( ! ,e?ics 9      
,gov]nm5t ,act ( #aigh 7#e ,u4,s4,c4    
,app4 #ajb7;e77#a77 is am5d$--  7#a7 9 !
 matt] prec$+ subp>agraph 7,a71 by /rik+

 ,except z provid$ 9 ! la/ s5t5ce ( ?is 
p>agraph1 ea* & ins]t ,ea*2 &  7#b7 by  
/rik+ subp>agraph 7,f74  7d7 ,swift]    
disclosure ( c]ta9 transactions ,section
 #ajc ( ! ,e?ics 9 ,gov]nm5t ,act (     
#aigh 7#e ,u4,s4,c4 ,app4 #ajc7 is      
am5d$-- 7#a7 9 subsection 7l71 by /rik+ 
,n lat] ?an & ins]t+ ,except z provid$ 9
 subsection 7m71 n lat] ?an2 &  7#b7 by 
add+ at ! end ! foll[+ subsection3  7m7 
,n lat] ?an #ad days aft] receiv+       
notification ( any transaction requir$  
to be report$ "u section                
#ajb7;a77#e77;,b71 :]e ! value ( !      
transaction is #ae1jjj or great]1 b 9 no
 case lat] ?an #ba days aft] su*        
transaction1 ! p]sons li/$ 9 subsection 
7l71 if requir$ to file a report "u any 
subsection ( section #aja1 subject to   
any waiv]s & exclusions1 %all file a    
report ( ! transaction4 ,9 su* case1 !  
fil] does n ne$ to file an additional   
report ( t transaction pursuant to      
subsection 7l74  4  7e7 ,disclosure (   
cryptocurr5cy or o!r digital assets     

,section #ajb7;a7 ( ! ,e?ics 9 ,gov]nm5t
 ,act ( #aigh 7#e ,u4,s4,c4 ,app4       
#ajb7;a77 is am5d$-- 7#a7 9 p>agraph    
7#c71 by ins]t+ ,= purposes ( ?is       
p>agraph1 prop]ty includes cryptocurr5cy
 or o!r digital assets t are issu$ or   
transf]r$ us+ di/ribut$ l$g] or block*a9
 te*nology includ+3 virtual curr5cies1  
co9s & tok5s or any o!r digital asset   
specifi$ by regulations ( a fil]'s      
sup]vis+ e?ics (fice4 aft] simil>       
f9ancial in/itution42 &  7#b7 9 p>agraph
 7#e77;,b71 by /rik+ o!r =ms (          
securities4 & ins]t+ o!r =ms (          
securities & 9 cryptocurr5cy or o!r     
digital assets t are issu$ or transf]r$ 
us+ di/ribut$ l$g] or block*a9 te*nology
 includ+3 virtual curr5cies1 co9s &     
tok5s or any o!r digital asset specifi$ 
by regulations ( a fil]'s sup]vis+ e?ics
 (fice44  7f7 ,m&atory electronic fil+  
,section #ajc7;a7 ( ! ,e?ics 9 ,gov]nm5t
 ,act ( #aigh 7#e ,u4,s4,c4 ,app4       
#ajc7;a77 is am5d$ by /rik+ or 9 :i* he 
w s]ve4 & ins]t+ or 9 :i* ! individual w

 s]ve us+ ! sy/em = electronically fil+ 
reports implem5t$ by t ag5cy's sup]vis+ 
e?ics (fice44  7g7 ,sup]vis+ e?ics (fice
  7#a7 ,add$ au?orities ,section #aaa ( 
! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e   
,u4,s4,c4 ,app4 #aaa7 is am5d$-- 7,a7 by
 /rik+ ,! provisions ( ?is title &      
ins]t+ 7a7 ,! provisions ( ?is title2   
7,b7 by /rik+ ,! ,judicial ,conf]5ce may
 delegate any au?ority x has "u ?is     
title to an e?ics committee e/abli%$ by 
! ,judicial ,conf]5ce42  7,c7 9 p>agraph
 7#c7 by /rik+ #aja7;f74 & ins]t+       
#aja7;f74 ,! ,judicial ,conf]5ce may    
delegate any au?ority x has "u ?is title
 to an e?ics committee e/abli%$ by !    
,judicial ,conf]5ce42 &  7,d7 by add+   
aft] subsection 7a71 z r$esignat$ by ?is
 subsection1 ! foll[+ subsection3  7b7  
,ea* sup]vis+ e?ics (fice--  7#a7 %all  
develop & make available =ms = ! report+
 ( in=mation requir$ by titles ,i or    
,,ii1 includ+ modifications to ! sy/em =
 electronically fil+ reports implem5t$  
by t ag5cy's sup]vis+ e?ics (fice1 z    

necess>y2  7#b7 may issue rules or      
regulations implem5t+ titles ,i or ,,ii2
  7#c7 may e/abli% proc$ures &          
promulgate =ms2  7#d7 may r5d] advisory 
op9ions int]pret+ titles ,i or ,,ii 9 ! 
same mann] z au?oriz$ by section        
#ajf7;b77#g72  7#e7 may impose & collect
 fees z provid$ 9 sections #ajd & #bjc2 
7#f7 %all notify any individual )9 its  
jurisdiction ( ! *anges to disclosure   
requirem5ts1 includ+ revisions to ! =ms 
& electronic fil+ sy/em & any           
regulations issu$ by ! sup]vis+ e?ics   
(fice2 &  7#g7 %all provide a writt5    
notice ab\t ! *anges to titles ,i & ,,ii
 to any individual )9 its jurisdiction  
)9 #ae days ( any su* *ange4  4  7#b7   
,tim+ ,= purposes ( section #aaa7;b77#a7
 ( ! ,e?ics 9 ,gov]nm5t ,act ( #aigh1 z 
add$ by p>agraph 7#a71 ! sup]vis+ e?ics 
(fice %all develop ! fir/ it]ation ( !  
=m requir$ "u su* section )9 #ij days ( 
! date ( enactm5t ( ! ,,portfolio ,act4 
7h7 ,effective date ,! am5dm5ts made by 
?is section %all apply to any report due

 beg9n+ #abj days aft] ! date ( !       
enactm5t ( ?is ,act1 except t ! am5dm5ts
 made by subsection 7f7 %all apply to   
any report due beg9n+ #fj days aft] !   
date ( ! enactm5t ( ?is ,act4  #d4 ,new 
& /r5g!n$ p5alties = noncompliance  7a7 
,p5alties = failure ,to timely file     
reports2 publication ( fees assess$     
,section #ajd7;d7 ( ! ,e?ics 9 ,gov]nm5t
 ,act ( #aigh 7#e ,u4,s4,c4 ,app4       
#ajd7;d77 is am5d$--  7#a7 9 ! matt]    
foll[+ p>agraph 7#a77;,b71 by /rik+ #bjj
 & ins]t+ #ejj2  7#b7 by r$esignat+     
p>agraph 7#b7 z p>agraph 7#e72  7#c7 by 
ins]t+ aft] p>agraph 7#a7 ! foll[+3     
7#b7 ,= ea* subsequ5t #cj-;day p]iod    
dur+ :i* ! individual has n fil$ a      
report requir$ to be fil$ "u ?is title1 
! individual %all be assess$ an         
additional fil+ fee equal to--  7,a7    
#ejj2 plus  7,b7 if ! report is requir$ 
"u section #ajc7l71 an am\nt equal to   
#aj p]c5t ( ! actual value ( !          
transactions t %\ld h be5 disclos$ on ! 
report4  7#c7 ,by ,janu>y #ca ( ! cal5d>

 ye> foll[+ ! enactm5t ( ! ,,portfolio  
,act & 9 ea* ye> !reaft]1 ! sup]vis+    
e?ics (fice %all adju/ ! #ejj figure 9  
p>agraphs 7#a7 & 7#b7 9 ! same mann] t  
civil monet>y p5alties are annually     
adju/$ = inflation pursuant to section  
#d ( ! ,f$]al ,civil ,p5alties          
,inflation ,adju/m5t ,act ( #aiij 7#bh  
,u4,s4,c4 #bdfa note74  7#d7 ,) respect 
to a fil+ fee requir$ to be paid "u ?is 
subsection1 ! sup]vis+ e?ics (fice %all 
make available1 on a publicly accessible
 website1 ! foll[+ in=mation3  7,a7 ,!  
"n & occupation ( ! individual requir$  
to pay su* fee4  7,b7 ,! am\nt ( ea* su*
 fee t su* individual is requir$ to pay4
  7,c7 ,! date on :i* ! sup]vis+ e?ics  
(fice assess$ ea* su* fee describ$ 9    
subp>agraph 7,b74  7,d7 ,an indication z
 to :e!r su* individual has paid ea*    
am\nt describ$ 9 subp>agraph 7,b74  2 & 
7#d7 by add+ aft] p>agraph 7#e71 z      
r$esignat$ by ?is subsection1 ! foll[+  
p>agraph3  7#f7 ,) respect to a waiv]   
grant$ "u p>agraph 7#e71 ! sup]vis+     

e?ics (fice %all make available ! "n &  
occupation ( ea* recipi5t ( su* waiv] on
 a publicly accessible website4  4  7b7 
,effective date ,! am5dm5ts made by ?is 
section %all apply = any report due     
beg9n+ #cj days aft] ! date ( enactm5t (
 ?is ,act4