,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #egde  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #bg1        
#bjbc,mr4 ,bey] introduc$ ! foll[+ bill2
 :i* 0 ref]r$ to ! ,committee on        
,f9ancial ,s]vices1 & 9 addition to !   
,committees on ,agriculture1 & ,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 provide = ! regulation (   
digital assets1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,digital ,asset ,m>ket ,/ructure &      
,inve/or ,protection ,act4  #b4 ,table (
 cont5ts ,! table ( cont5ts = ?is ,act  
is z foll[s3 ,sec4 #a4 ,%ort title4,sec4
 #b4 ,table ( cont5ts4,title            
,i--,digital ,asset ,securities "u !    
,f$]al ,securities ,laws,subtitle       
,a--,securities ,ex*ange ,act (         
#aicd,sec4 #aja4 ,def9ition ( digital   
asset security4,sec4 #ajb4 ,delay$      
regi/ration = digital asset             

securities4,sec4 #ajc4 ,desecuritization
 ( digital asset securities4,sec4 #ajd4 
,jo9t ,,sec & ,,cftc rulemak+ on major  
digital asset classification4,sec4 #aje4
 ,con=m+ am5dm5ts4,subtitle ,b--,o!r    
,securities ,laws,sec4 #aaa4 ,securities
 ,act ( #aicc4,sec4 #aab4 ,inve/m5t     
,advis]s ,act ( #aidj4,sec4 #aac4       
,inve/m5t ,company ,act ( #aidj4,sec4   
#aad4 ,securities ,inve/or ,protection  
,act ( #aigj4,title ,,ii--,treatm5t (   
,digital ,assets "u ! ,commodity        
,ex*ange ,act,sec4 #bja4                
,def9itions4,sec4 #bjb4 ,actual deliv]y 
( digital assets4,sec4 #bjc4 ,optional  
,f$]al *>t] = digital asset trad+ &     
cle>+4,sec4 #bjd4 ,report+              
requirem5ts4,sec4 #bje4 ,,cta & ,c,p,os3
 ,commodity ,int]e/s4,sec4 #bjf4 ,swap  
data repositories & digital asset trade 
repositories4,title ,,iii--,digital     
,f$]al ,res]ve ,notes1 ,legal ,t5d]     
,/atus1 ! ,regulation ( ,digital ,asset 
,fiat-,bas$ ,/ableco9s1 & ,f$]al        
,deposit & ,%>e ,insurance = ,digital   

,assets,subtitle ,a--,digital ,f$]al    
,res]ve ,notes,sec4 #cja4 ,9 g5]al4,sec4
 #cjb4 ,digital asset legal t5d]        
/atus4,subtitle ,b--,regulation (       
,digital ,asset ,fiat-,bas$             
,stablecoins,sec4 #caa4 ,dep>tm5t (     
,treasury regulation ( digital asset    
fiat-bas$ /ableco9s4,sec4 #cab4 ,con=m+ 
am5dm5t4,subtitle ,c--,f$]al ,deposit & 
,%>e ,insurance = ,digital ,assets,sec4 
#cba4 ,digital asset n deposits = ,f$]al
 deposit & %>e insurance4,sec4 #cbb4    
,direct$ rulemak+ ,,fdic & ,,ncua       
website disclosure on digital assets &  
insurance noncov]age4,title ,,iv--,bank 
,secrecy ,act,sec4 #dja4 ,bank ,secrecy 
,act4,sec4 #djb4 ,anonymiz+ s]vices1    
money mule1 & anonymity-enhanc$         
conv]tible virtual curr5cies4,sec4 #djc4
 ,digital asset transaction actual      
deliv]y report+4,sec4 #djd4 ,virtual    
digital asset s]vice provid]s4,title    
,v--,v>i\s ,digital ,asset ,reports,sec4
 #eja4 ,,irs report on digital asset    
own]%ip_/taxes4,sec4 #ejb4 ,report on   

ransomw>e & digital assets4,sec4 #ejc4  
,report on dec5traliz$ f9ance4,sec4     
#ejd4 ,report on cu/ody ( digital assets
 & digital asset securities4,sec4 #eje4 
,report on digital asset trad+          
plat=ms4,sec4 #ejf4 ,report on false    
trade report+1 wa% trad+1 & (f-*a9      
transaction on digital asset trad+      
plat=ms4,sec4 #ejg4 ,relevant committees
 def9$4  ,i ,digital ,asset ,securities 
"u ! ,f$]al ,securities ,laws  ,a       
,securities ,ex*ange ,act ( #aicd  #aja4
 ,def9ition ( digital asset security    
7a7 ,def9ition ( security ,section      
#c7;a77#aj7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4             
#gh;c7a77#aj77 is am5d$-- 7#a7 by ins]t+
 digital asset security1 aft] inve/m5t  
contract12 &  7#b7 by /rik+ 2 b %all n  
include curr5cy & ins]t+ 2 b %all n     
include any fiat curr5cy1 commodity1    
digital asset14  7b7 ,o!r def9itions    
,section #c7;a7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77  
is am5d$-- 7#a7 by transf]r+ p>agraph   

7#gi7 s z to appe> aft] p>agraph 7#gh72 
7#b7 by r$esignat+ ! second p>agraph    
7#hj7 z p>agraph 7#ha72 &  7#c7 by add+ 
at ! end ! foll[+3  7#hb7 ,digital asset
 security  7,a7 ,9 g5]al ,! t]m digital 
asset security means a digital asset t3 
7i7 ,provides ! hold] ( ! digital asset 
) any ( ! foll[+ rights3 7,i7 ,equity or
 debt int]e/ 9 ! issu]4  7,,ii7 ,"r to  
pr(its1 int]e/1 or divid5d paym5ts f !  
issu]4  7,,iii7 ,vot+ rights 9 ! major  
corporate actions 7:i* %all n include   
new block creations1 h>d=ks1 or protocol
 *anges relat$ to ! digital asset7 ( !  
issu]4  7,,iv7 ,liquidation rights 9 !  
ev5t ( ! issu]'s liquidation4  7ii7 ,9 !
 case ( an issu] ) a s]vice1 goods1 or  
plat=m t is n :olly op]ational at ! "t (
 issu+ su* digital asset1 ) respect to  
any fundrais+ or capital =mation        
activity 7includ+ initial co9 (f]+s7 :i*
 is accompli%$ ?r\gh ! issuance ( su* a 
digital asset1 issues su* digital asset 
to a hold] 9 return = money 7includ+ o!r
 digital assets7 to fund ! developm5t ( 

! propos$ s]vice1 goods1 or plat=m ( !  
issu]4  7,b7 ,rule relat+ to digital    
assets ,! t]m digital asset security    
does n include any digital asset o!r ?an
 ! digital assets describ$ 9 subp>agraph
 7,a74 ,any digital asset n describ$ 9  
subp>agraph 7,a7 %all be consid]$ to be1
 & regulat$ z1 a commodity "u !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a et seq474  4  #ajb4 ,delay$        
regi/ration = digital asset securities  
,section #ab7;g77#a7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghl7g77#a77 is am5d$-- 7#a7 9          
subp>agraph 7,a77ii71 by /rik+ & at !   
end2  7#b7 9 subp>agraph 7,b71 by ins]t+
 & aft] p]sons12 &  7#c7 by ins]t+ aft] 
subp>agraph 7,b7 ! foll[+3  7,c7 9 !    
case ( an issu] ( a digital asset       
security1 n lat] ?an #abj days aft] !   
la/ day ( ! ?ird fiscal ye> on :i* !    
issu] fir/ has total assets exce$+      
#aj1jjj1jjj & a class ( equity security 
7o!r ?an an exempt$ security7 held (    
record by #b1jjj or m p]sons1  4  #ajc4 

,desecuritization ( digital asset       
securities ,section #ab7;g7 ( !         
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7g77 is am5d$ by add+ at !
 end ! foll[+3  7#g7 ,desecuritization (
 digital asset securities ,regi/ration (
 any class ( digital asset security     
pursuant to ?is subsection or /atus z a 
security 7or bo?7 %all be t]m9at$ n9ety 
days1 or su* %ort] p]iod z ! ,commission
 may det]m9e1 aft] ! issu] files a      
desecuritization c]tification ) !       
,commission4 ,! desecuritization        
c]tification %all demon/rate t ! issu]'s
 s]vice1 goods1 or plat=m are fully     
op]ational & t ! digital asset does n   
provide hold]s ( su* digital assets )   
any ( ! rights specifi$ 9 subclauses    
7,i7 ?r\gh 7,,iv7 ( section             
#c7;a77#hb77;,a74 ,! ,commission %all   
aft] notice & opportunity = he>+ d5y    
t]m9ation ( regi/ration or *ange 9 /atus
 z a security 7or bo?7 if x f9ds t !    
desecuritization c]tification is untrue4
 ,t]m9ation ( regi/ration or *ange 9    

/atus 7or bo?7 %all be def]r$ p5d+ f9al 
det]m9ation on ! "q ( d5ial4 ,a digital 
asset security s desecuritiz$ %all be   
consid]$ to be1 & regulat$ z1 a         
commodity "u ! ,commodity ,ex*ange ,act 
7#g ,u4,s4,c4 #a;a et seq474  4  #ajd4  
,jo9t ,,sec & ,,cftc rulemak+ on major  
digital asset classification ,!         
,securities ,ex*ange ,act ( #aicd is    
am5d$ by add+ at ! end ! foll[+3  #aje4 
,jo9t ,,sec & ,,cftc rulemak+ on major  
digital asset classification  7a7 ,9    
g5]al ,n lat] ?an #aej days aft] ! date 
( ! enactm5t ( ?is section1 !           
,commission & ! ,commodity ,futures     
,trad+ ,commission %all jo9tly publi%1 =
 purposes ( a #fj-;day public comm5t    
p]iod1 a propos$ rulemak+ t classifies  
ea* ( ! major digital assets by 7i7     
highe/ m>ket capitalization & 7ii7      
highe/ daily trad+ volume z ei!r-- 7#a7 
a digital asset2 or  7#b7 a digital     
asset security4  7b7 ,f9al rule ,n lat] 
?an #bgj days aft] ! date ( ! enactm5t (
 ?is ,act1 ! ,commission & ! ,commodity 

,futures ,trad+ ,commission %all jo9tly 
publi% a f9al rule t classifies ea* ( ! 
major digital assets by 7i7 highe/ m>ket
 capitalization & 7ii7 highe/ daily     
av]age trad+ volume z-- 7#a7 a digital  
asset2 or  7#b7 a digital asset         
security4  7c7 ,major digital assets    
def9$ ,9 ?is subsection1 ! t]m major    
digital assets means ! top #be digital  
assets 7includ+ digital asset           
securities7 by 7i7 ! highe/ m>ket       
capitalization & 7ii7 ! highe/ daily    
trad+ volume z ( ! date ( ! enactm5t ( !
 ,digital ,asset ,m>ket ,/ructure &     
,inve/or ,protection ,act z report$ on  
an appropriate publicly available       
website 7z jo9tly det]m9$ by !          
,commission & ! ,commodity ,futures     
,trad+ ,commission7 t publi%es su*      
in=mation1 su* z ,coin,market,cap4  4   
#aje4 ,con=m+ am5dm5ts  7a7 ,def9ition (
 brok] ,section #c7;a77#d77;,a7 ( !     
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a7 is am5d$ by ins]t+   
includ+ a digital asset security1 b n   

digital assets1 aft] security4  7b7     
,securities ,ex*ange ,act def9itions    
,section #c7;a7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a771 
z am5d$ by section #aja1 is fur!r am5d$ 
by add+ at ! end ! foll[+3  7#hc7       
,commodity ,ex*ange ,act t]ms ,! t]ms1  
commodity1 digital asset1 digital asset 
repository ( transactions1 & virtual    
curr5cy h ! mean+s giv5 su* t]ms1       
respectively1 9 section #a;a ( !        
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a74  4  ,b ,o!r ,securities ,laws    
#aaa4 ,securities ,act ( #aicc  7a7     
,def9ition ( security ,section          
#b7;a77#a7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;b7a77#a77 is am5d$-- 
7#a7 by ins]t+ digital asset security1  
aft] inve/m5t contract12 &  7#b7 by     
/rik+ ! p]iod at ! end & ins]t+ 2 b does
 n include any fiat curr5cy1 commodity1 
digital asset1 or any note1 draft1 bill 
( ex*ange1 or bank]'s acceptance :i* has
 a maturity at ! "t ( issuance ( n      
exce$+ n9e mon?s exclusive ( days (     

grace or any r5ewal !re( ! maturity (   
:i* is likewise limit$44  7b7 ,o!r      
def9itions ,section #b7;a7 ( !          
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77 is am5d$ by add+ ! foll[+3    
7#bj7 ,! t]ms commodity1 digital asset1 
digital asset repository ( transactions1
 & virtual curr5cy h ! mean+s giv5 su*  
t]ms1 respectively1 9 section #a;a ( !  
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a74  7#ba7 ,! t]m digital asset      
security has ! mean+ giv5 su* t]m 9     
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
4  #aab4 ,inve/m5t ,advis]s ,act ( #aidj
  7a7 ,def9ition ( ,security ,section   
#bjb7;a77#ah7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#ah77 is am5d$-- 7#a7 by   
ins]t+ digital asset security1 aft]     
inve/m5t contract12 &  7#b7 by /rik+ !  
p]iod at ! end & ins]t+ 2 b does n      
include any fiat curr5cy1 commodity1    
digital asset1 or any note1 draft1 bill 
( ex*ange1 or bank]'s acceptance :i* has

 a maturity at ! "t ( issuance ( n      
exce$+ n9e mon?s exclusive ( days (     
grace or any r5ewal !re( ! maturity (   
:i* is likewise limit$44  7b7 ,def9ition
 ( ,digital ,asset ,security ,section   
#bjb7;a7 ( ! ,inve/m5t ,advis]s ,act (  
7#ae ,u4,s4,c4 #hj;b-#b7;a77 is am5d$ by
 add+ at ! end ! foll[+3  7#ca7 ,! t]m  
digital asset security has ! mean+ giv5 
su* t]m section #c7;a7 ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a774  4  7c7 ,o!r def9itions ,!   
second p>agraph 7#bi7 ( section #bjb7;a7
 ( ! ,inve/m5t ,advis]s ,act ( #aidj    
7#ae ,u4,s4,c4 #hj;b-#b7;a77#bi77 is    
am5d$ by ins]t+ commodity1 digital      
asset1 digital asset repository (       
transactions1 virtual curr5cy1 aft]     
commodity trad+ advisor14  #aac4        
,inve/m5t ,company ,act ( #aidj  7a7    
,def9ition ( security ,section          
#b7;a77#cf7 ( ! ,inve/m5t ,company ,act 
( #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a77#cf7
 is am5d$-- 7#a7 by ins]t+ digital asset
 security1 aft] inve/m5t contract12 &   

7#b7 by /rik+ ! p]iod at ! end & ins]t+ 
2 b does n include any fiat curr5cy1    
commodity1 digital asset1 or any note1  
draft1 bill ( ex*ange1 or bank]'s       
acceptance :i* has a maturity at ! "t ( 
issuance ( n exce$+ n9e mon?s exclusive 
( days ( grace or any r5ewal !re( !     
maturity ( :i* is likewise limit$44  7b7
 ,commodity ,ex*ange ,act t]ms ,section 
#b7;a77#ed7 ( ! ,inve/m5t ,company ,act 
( #aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a77 is 
am5d$ by /rik+ & swap execution facility
 & ins]t+ swap execution facility1      
commodity1 digital asset1 digital asset 
repository ( transactions1 & virtual    
curr5cy4  7c7 ,def9ition ( digital asset
 security ,section #b7;a7 ( ! ,inve/m5t 
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#b7;a77 is am5d$ by add+ at ! end 
! foll[+3  7#ee7 ,! t]m digital asset   
security has ! mean+ giv5 su* t]m 9     
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
4  #aad4 ,securities ,inve/or           
,protection ,act ( #aigj  7a7 ,9 g5]al  

7#a7 ,def9ition ( ,security ,section    
#af7ad7 ( ! ,securities ,inve/or        
,protection ,act ( #aigj 7#ae ,u4,s4,c4 
#ghlll7#ad77 is am5d$-- 7,a7 by ins]t+ 1
 digital asset security1 aft] inve/m5t  
contract2  7,b7 by ins]t+ 1 digital     
asset security1 aft] if su* inve/m5t    
contract2 &  7,c7 9 ! la/ s5t5ce1 by    
ins]t+ digital asset1 aft] commodity14  
7#b7 ,o!r def9itions ,section #af ( !   
,securities ,inve/or ,protection ,act ( 
#aigj 7#ae ,u4,s4,c4 #ghlll7 is am5d$ by
 add+ ! foll[+3  7#ae7 ,commodity       
,ex*ange ,act t]ms ,! t]ms commodity1   
digital asset1 digital asset repository 
( transactions1 & virtual curr5cy h !   
mean+s giv5 su* t]ms1 respectively1 9   
section #a;a ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #a;a74  7#af7        
,digital asset security ,! t]m digital  
asset security has ! mean+ giv5 su* t]m 
9 section #c7;a7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a774  4  7b7 ,,sipc notice ,n lat]
 ?an #ij days aft] ! date ( ! enactm5t (

 ?is ,act1 ! ,securities ,inve/or       
,protection ,corporation %all make      
publicly available on ! website ( !     
,corporation a notice-- 7#a7 reg>d+ !   
/atus ( digital assets & digital asset  
securities & h[ su* /atus impacts       
,securities ,inve/or ,protection        
,corporation insurance cov]age2 &  7#b7 
t digital assets are n deposits &       
digital asset securities are 9 almo/ all
 cases n securities & nei!r w\ld be     
cov]$ by ,securities ,inve/or           
,protection ,corporation insurance1     
reg>dless ( :e!r-- 7,a7 an insur$ bank1 
sav+s association1 or cr$it union holds 
! digital assets or digital asset       
securities2 or  7,b7 a brok] or deal] 7z
 def9$ 9 section #c7;a7 ( ! ,securities 
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a777 holds ! digital assets or    
digital asset securities4  ,,ii         
,treatm5t ( ,digital ,assets "u !       
,commodity ,ex*ange ,act  #bja4         
,def9itions  7a7 ,def9ition ( commodity 
,section #a;a7#i7 ( ! ,commodity        

,ex*ange ,act 7#g ,u4,s4,c4 #a;a7#i77 is
 am5d$ by add+ digital asset 7includ+   
,bitco91 ,e!r1 & _! h>d=ks71 aft]       
live/ock products14  7b7 ,o!r def9itions
 relat+ to digital assets ,section #a;a 
( ! ,commodity ,ex*ange ,act 7#g        
,u4,s4,c4 #a;a7 is am5d$ by add+ at !   
end ! foll[+3  7#eb7 ,digital asset ,!  
t]m digital asset-- 7,a7 means an       
asset-- 7i7 t is creat$ electronically  
or digitally ?r\gh s(tw>e code2  7ii7 t 
is programm$ ) rules t-- 7,i7 gov]n !   
creation1 supply1 own]%ip1 use1 &       
transf] ( su* digital asset2 &  7,,ii7  
are design$ to resi/ modification or    
tamp]+ by any s+le p]son or p]sons "u   
common control2  7iii7 t has a          
transaction hi/ory t-- 7,i7 is record$  
on a-- 7aa7 di/ribut$ digital l$g]2 or  
7bb7 digital data /ructure 9 :i*        
cons5sus is a*iev$ ?r\gh a ma!matically 
v]ifiable process2  7,,ii7 is updat$ z  
soon z possible 9 accordance ) ! digital
 asset programm+ rules relat$ to        
transactions & own]%ip2 &  7,,iii7 aft] 

cons5sus is rea*$1 is design$ to prev5t 
modification or tamp]+ ) ! own]%ip or   
transaction hi/ory by any s+le p]son or 
p]sons "u common control2  7iv7 t is    
capable ( be+ transf]r$ betwe5 p]sons   
?r\gh a dec5traliz$ me?od )\t an        
int]m$iate cu/odian2 &  7,b7 is a broad 
t]m :i* includes sev]al o!r t]ms us$ to 
describe digital assets by m>ket        
p>ticipants & regulators su* z virtual  
asset1 virtual curr5cy1 & conv]tible    
virtual curr5cy among o!rs4  7#ec7      
,digital asset security ,! t]m digital  
asset security has ! mean+ giv5 ! t]m 9 
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
7#ed7 ,digital asset repository (       
transactions ,! t]m digital asset       
repository ( transactions or ,,d>t means
 any p]son t collects & ma9ta9s         
in=mation or records ) respect to       
transactions or positions 91 or ! t]ms &
 conditions (1 contracts ( sale (       
digital assets 9 int]/ate comm]ce ent]$ 
into by ?ird p>ties 7bo? on *a9 public  

di/ribut$ l$g] transactions z well z    
(f-*a9 transactions7 = ! purpose (      
provid+ a c5traliz$ recordkeep+ facility
 = any digital asset1 b does n include a
 private or public di/ribut$ l$g] or !  
op]ator ( ei!r su* l$g] unless su*      
private or public di/ribut$ l$g] or     
op]ator seeks to aggregate or include   
(f-*a9 transactions z well4  7#ee7      
,di/ribut$ l$g] te*nology ,! t]m        
di/ribut$ l$g] te*nology1 means a       
dec5traliz$ pe]-to-pe] network (        
comput]s t op]ate on op5-s\rce s(tw>e   
:i* validate & irrevocably log digital  
asset own]%ip & transactions on a       
p]man5t public di/ribut$ l$g] :i* is    
visible to ! entire network4  7#ef7     
,virtual curr5cy ,! t]m virtual curr5cy 
means a digital asset :i* is a digital  
repres5tation ( value t does n h legal  
t5d] /atus & t functions z a m$ium (    
ex*ange1 a unit ( acc\nt1 or a /ore (   
value4  4  7c7 ,def9ition ( commodity   
trad+ advisor ,section                  
#a7;a77#ab77;,a77i7 ( ! ,commodity      

,ex*ange ,act 7#g ,u4,s4,c4             
#a7;a77#ab77;,a77i7 is am5d$ by add+    
commodity int]e/s1 includ+ any-- aft]   
advisability ( trad+ 94  7d7 ,def9ition 
( futures commission m]*ant ,section    
#a;a7#bh77;,a77i77,i77aa7 ,commodity    
,ex*ange ,act 7#g ,u4,s4,c4 #a;a7#i77 is
 am5d$-- 7#a7 9 subitem 7,,ee71 by /rik+
 or at ! end2 &  7#b7 by add+ at ! end !
 foll[+3  7,,gg7 any contract ( sale ( a
 digital asset 9 int]/ate comm]ce1 b n a
 digital asset security2 or  4  7e7     
,def9ition ( introduc+ brok] ,section   
#a;a7#ca77;,a77i77,i7 ( ! ,commodity    
,ex*ange ,act 7#g ,u4,s4,c4 #a;a7#ca77  
is am5d$-- 7#a7 9 item 7cc7 by /rik+ or 
at ! end2  7#b7 9 item 7dd71 by /rik+ & 
at ! end & ins]t+ or2 &  7#c7 by add+ at
 ! end ! foll[+3  7ee7 any contract (   
sale ( a digital asset 9 int]/ate       
comm]ce1 b n a digital asset security2 &
  4  #bjb4 ,actual deliv]y ( digital    
assets ,section                         
#b7;c77#b77;,d77ii77,,iii7 ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  

#b7;c77#b77;,d77ii77,,iii77 is am5d$--  
7#a7 9 item 7aa7-- 7,a7 by /rik+ o!r    
long] & ins]t+ %ort]2 &  7,b7 by /rik+ 2
 or & ins]t+ a semicolon2 &  7#b7 by    
add+ at ! end ! foll[+3  7cc7 ) respect 
to digital assets1 results 9 actual     
deliv]y 7includ+ transf] ( control ov]  
private keys7 n lat] ?an #bd h\rs aft] !
 transaction is ent]$ into & su* deliv]y
 is accompli%$ by ei!r-- 7,,aa7 record+ 
! transaction on ! public di/ribut$ l$g]
 = ! digital asset2 or 7,,bb7 ) respect 
to digital asset transactions :i* are n 
record$ on a public di/ribut$ l$g] = !  
digital asset1 report+ ! transaction to 
a ,,cftc regi/]$ digital asset          
repository ( transactions2 or  4  #bjc4 
,optional ,f$]al *>t] = digital asset   
trad+ & cle>+ ,section #b7;a77#a7 ( !   
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;a77#a77 is am5d$ by add+ at ! end ! 
foll[+3  7,j7 ,optional ,f$]al *>t] =   
digital asset trad+ & cle>+ ,not)/&+ any
 o!r provision ( law1 a regi/]$ entity  
may li/1 trade1 or cle> a contract (    

sale ( a commodity 9 int]/ate comm]ce   
7includ+ digital assets74 ,! regi/]$    
entity %all apply all ! core pr9ciples &
 relat$ regulations1 includ+ ,bank      
,secrecy ,act1 anti-money laund]+ & "k  
y\r cu/om] requirem5ts1 to su*          
contracts4 ,! ,commission %all h        
exclusive jurisdiction "u ?is p>agraph  
ov] any agreem5t1 contract1 or          
transaction involv+ a contract ( sale ( 
a commodity 9 int]/ate comm]ce 7includ+ 
any digital asset7 :i* is li/$1 trad$1  
or cle>$ on or ?r\gh a regi/]$ entity &1
 provid$ fur!r1 su* contracts %all be   
treat$ = regulatory & en=cem5t purposes 
z if !y 7 contracts ( sale ( a commodity
 = future deliv]y4  4  #bjd4 ,report+ ( 
digital asset transactions to ,,d>t ,a  
digital asset trad+ plat=m %all report  
to ! digital asset repository (         
transactions ea* contract ( sale ( a    
digital asset 9 int]/ate comm]ce        
transaction execut$ on su* digital asset
 trad+ plat=m1 n lat] ?an #bd h\rs aft] 
su* trade has execut$4  #bje4 ,,cta &   

,c,p,os3 ,commodity ,int]e/s ,section   
#dm 7#c77;,c7 ( ! ,commodity ,ex*ange   
,act 7#g ,u4,s4,c4 #fm7#c77;,c77 is     
am5d$ by replac+ ! ^w p>agraph ) ,act & 
/rik+ ! ^w physical4  #bjf4 ,swap data  
repositories & digital asset trade      
repositories ,section #ba ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4 #bd;a7 is  
am5d$ to read z foll[s3  #ba4 ,swap data
 repositories & digital asset trade     
repositories  7a7 ,regi/ration          
requirem5t  7#a7 ,requirem5t2 au?ority (
 d]ivatives cle>+ organization  7,a7 ,9 
g5]al ,x %all be unlawful = any p]son1  
unless regi/]$ ) ! ,commission1 directly
 or indirectly to make use ( ! mails or 
any means or in/rum5tality ( int]/ate   
comm]ce to p]=m ! functions ( a swap    
data repository or a digital asset      
repository ( transactions4  7,b7        
,regi/ration ( d]ivatives cle>+         
organizations ,a d]ivatives cle>+       
organization may regi/] z a swap data   
repository4  7#b7 ,inspection &         
exam9ation ,ea* regi/]$ swap data       

repository & digital asset repository ( 
transactions %all be subject to         
inspection & exam9ation by any          
repres5tative ( ! ,commission4  7#c7    
,compliance ) core pr9ciples  7,a7 ,9   
g5]al ,to be regi/]$1 & ma9ta9          
regi/ration1 z a swap data repository or
 a digital asset repository (           
transactions1 ! swap data repository or 
digital asset repository ( transactions 
%all comply )-- 7i7 ! requirem5ts & core
 pr9ciples describ$ 9 ?is section2 &    
7ii7 any requirem5t t ! ,commission may 
impose by rule or regulation pursuant to
 section #h;a7#e74  7,b7 ,reasonable    
discretion ( repository ,unless o!rwise 
det]m9$ by ! ,commission by rule or     
regulation1 a swap data repository or a 
digital asset repository ( transactions 
describ$ 9 subp>agraph 7,a7 %all h      
reasonable discretion 9 e/abli%+ ! mann]
 9 :i* ! swap data repository or !      
digital asset repository ( transactions 
complies ) ! core pr9ciples describ$ 9  
?is section4  7b7 ,/&>d sett+  7#a7     

,data id5tification  7,a7 ,9 g5]al ,9   
accordance ) subp>agraph 7,b71 !        
,commission %all prescribe /&>ds t      
specify ! data elem5ts = ea* swap or    
digital asset t %all be collect$ &      
ma9ta9$ by ea* regi/]$ swap data        
repository or digital asset repository (
 transactions1 respectively4  7,b7      
,requirem5t ,9 c>ry+ out subp>agraph    
7,a71 ! ,commission %all prescribe      
consi/5t data elem5t /&>ds applicable to
 regi/]$ entities & report+ c\nt]p>ties4
  7#b7 ,data collection & ma9t5ance ,!  
,commission %all prescribe data         
collection & data ma9t5ance /&>ds = swap
 data repositories & digital asset trade
 repositories4  7#c7 ,comp>ability ,!   
/&>ds prescrib$ by ! ,commission "u ?is 
subsection %all be comp>able to ! data  
/&>ds impos$ by ! ,commission on        
d]ivatives cle>+ organizations 9        
connection ) ! cle>+ ( swaps or digital 
assets1 z appropriate4  7c7 ,duties ,a  
swap data repository or a digital asset 
repository ( transactions %all-- 7#a7   

accept data prescrib$ by ! ,commission =
 ea* swap or digital asset transaction  
"u subsection 7b71 respectively2  7#b7  
confirm ) bo? c\nt]p>ties to ! swap or !
 digital asset transaction ! accuracy ( 
! data t 0 submitt$2  7#c7 ma9ta9 ! data
 describ$ 9 p>agraph 7#a7 9 su* =m1 9   
su* mann]1 & = su* p]iod z may be       
requir$ by ! ,commission2  7#d7 7,a7    
provide direct electronic access to !   
,commission 7or any designee ( !        
,commission1 includ+ ano!r regi/]$      
entity72 &  7,b7 provide ! in=mation    
describ$ 9 p>agraph 7#a7 9 su* =m & at  
su* frequ5cy z ! ,commission may require
 to comply ) ! public report+           
requirem5ts conta9$ 9 section           
#b7;a77#ac72  7#e7 at ! direction ( !   
,commission1 e/abli% automat$ sy/ems =  
monitor+1 scre5+1 & analyz+ swap or     
digital asset data1 includ+ compliance &
 frequ5cy ( end us] cle>+ exemption     
claims by individual & affiliat$        
entities2  7#f7 ma9ta9 ! privacy ( any &
 all swap or digital asset transaction  

in=mation t ! swap data repository or   
digital asset repository ( transactions1
 respectively1 receives f a swap deal]1 
c\nt]p>ty1 or any o!r regi/]$ entity2   
7#g7 on a confid5tial basis pursuant to 
section #h1 ^u reque/1 & aft] notify+ ! 
,commission ( ! reque/1 make available  
swap or digital asset data obta9$ by !  
swap data repository or digital asset   
repository ( transactions1 respectively1
 includ+ individual c\nt]p>ty trade &   
position data1 to-- 7,a7 ea* appropriate
 prud5tial regulator2  7,b7 ! ,f9ancial 
,/ability ,ov]sight ,c\ncil2  7,c7 !    
,securities & ,ex*ange ,commission2     
7,d7 ! ,dep>tm5t ( ,ju/ice2 &  7,e7 any 
o!r p]son t ! ,commission det]m9es to be
 appropriate1 includ+-- 7i7 =eign       
f9ancial sup]visors 7includ+ =eign      
futures au?orities72  7ii7 =eign c5tral 
banks2  7iii7 =eign m9i/ries2 &  7iv7   
o!r =eign au?orities2 &  7#h7 e/abli% & 
ma9ta9 em]g5cy proc$ures1 backup        
facilities1 & a plan = disa/] recov]y t 
all[s timely recov]y & resumption (     

op]ations & ! fulfillm5t ( !            
responsibilities & obligations ( !      
organization4  7d7 ,confid5tiality      
agreem5t ,be=e ! swap data repository or
 digital asset repository ( transactions
 may %>e in=mation ) any entity describ$
 9 subsection 7c77#g71 ! swap data      
repository or digital asset repository (
 transactions %all receive a writt5     
agreem5t f ea* entity /at+ t ! entity   
%all abide by ! confid5tiality          
requirem5ts describ$ 9 section #ab ( ?is
 title relat+ to in=mation on swap or   
digital asset transactions1             
respectively1 t is provid$4  7e7        
,designation ( *ief compliance (fic]    
7#a7 ,9 g5]al ,ea* swap data repository 
or digital asset repository (           
transactions %all designate an          
individual to s]ve z a *ief compliance  
(fic]4  7#b7 ,duties ,! *ief compliance 
(fic] %all-- 7,a7 report directly to !  
bo>d or to ! s5ior (fic] ( ! swap data  
repository or digital asset repository (
 transactions2  7,b7 review ! compliance

 ( ! swap data repository or digital    
asset repository ( transactions )       
respect to requirem5ts & core pr9ciples 
describ$ 9 ?is section2  7,c7 9         
consultation ) ! bo>d ( ! swap data     
repository or digital asset repository (
 transactions1 a body p]=m+ a function  
simil> to ! bo>d ( ! swap data          
repository or digital asset repository (
 transactions1 or s5ior (fic] ( ! swap  
data repository or digital asset        
repository ( transactions resolve any   
conflicts ( int]e/ t may arise2  7,d7 be
 responsible = adm9i/]+ ea* policy &    
proc$ure t is requir$ to be e/abli%$    
pursuant to ?is section2  7,e7 ensure   
compliance ) ?is ,act 7includ+          
regulations7 relat+ to agreem5ts1       
contracts1 or transactions1 includ+ ea* 
rule prescrib$ by ! ,commission "u ?is  
section2  7,f7 e/abli% proc$ures = !    
rem$iation ( noncompliance issues       
id5tifi$ by ! *ief compliance (fic]     
?r\gh any-- 7i7 compliance (fice review2
  7ii7 look-back2  7iii7 int]nal or     

ext]nal audit f9d+2  7iv7 self-report$  
error2 or  7v7 validat$ compla9t2 &     
7,g7 e/abli% & foll[ appropriate        
proc$ures = h&l+1 managem5t response1   
rem$iation1 rete/+1 & clos+ (           
noncompliance issues4  7#c7 ,annual     
,reports  7,a7 ,9 g5]al ,9 accordance ) 
rules prescrib$ by ! ,commission1 ! *ief
 compliance (fic] %all annually prep>e &
 sign a report t conta9s a description  
(-- 7i7 ! compliance ( ! swap data      
repository or ! digital asset repository
 ( transactions1 z appropriate1 ( ! *ief
 compliance (fice ) respect to ?is ,act 
7includ+ regulations72 &  7ii7 ea*      
policy & proc$ure ( ! swap data         
repository or ! digital asset repository
 ( transactions1 z appropriate1 ( ! *ief
 compliance (fic] 7includ+ ! code (     
e?ics & conflict ( int]e/ policies ( !  
swap data repository or ! digital asset 
repository ( transactions1 z            
appropriate74  7,b7 ,requirem5ts ,a     
compliance report "u subp>agraph 7,a7   
%all-- 7i7 accompany ea* appropriate    

f9ancial report ( ! swap data repository
 or digital asset repository (          
transactions t is requir$ to be furni%$ 
to ! ,commission pursuant to ?is        
section2 &  7ii7 include a c]tification 
t1 "u p5alty ( law1 ! compliance report 
is accurate & complete4  7f7 ,core      
pr9ciples applicable to swap data       
repositories & digital asset trade      
repositories  7#a7 ,antitru/            
consid]ations ,unless necess>y or       
appropriate to a*ieve ! purposes ( ?is  
,act1 a swap data repository or digital 
asset repository ( transactions %all n--
 7,a7 adopt any rule or take any actions
 t result 9 any unreasonable re/ra9t (  
trade2 or  7,b7 impose any mat]ial      
anticompetitive burd5 on ! trad+1 cle>+1
 or report+ ( transactions4  7#b7       
,gov]nance arrangem5ts ,ea* swap data   
repository or digital asset repository (
 transactions %all e/abli% gov]nance    
arrangem5ts t are transp>5t-- 7,a7 to   
fulfill public int]e/ requirem5ts2 &    
7,b7 to support ! objectives ( ! ,f$]al 

,gov]nm5t1 own]s1 & p>ticipants4  7#c7  
,conflicts ( int]e/ ,ea* swap data      
repository or digital asset repository (
 transactions %all-- 7,a7 e/abli% &     
en=ce rules to m9imize conflicts (      
int]e/ 9 ! decision mak+ process ( !    
swap data repository or ! digital asset 
repository ( transactions2 &  7,b7      
e/abli% a process = resolv+ conflicts ( 
int]e/ describ$ 9 subp>agraph 7,a74     
7#d7 ,additional duties develop$ by !   
,commission  7,a7 ,9 g5]al ,!           
,commission may develop #a or m         
additional duties applicable to swap    
data repositories or digital asset trade
 repositories4  7,b7 ,consid]ation (    
evolv+ /&>ds ,9 develop+ additional     
duties "u subp>agraph 7,a71 !           
,commission may take into consid]ation  
any evolv+ /&>d ( ! ,unit$ ,/ates or !  
int]national community4  7,c7           
,additional duties = ,commission        
designees ,! ,commission %all e/abli%   
additional duties = any regi/]$ swap    
data repository or digital asset        

repository ( transactions 9 ord] to     
m9imize conflicts ( int]e/1 protect     
data1 ensure compliance1 & gu>antee     
safety & security ( ! swap data         
repository or digital asset repository (
 transactions4  7g7 ,requir$ regi/ration
 ( swap data repositories & digital     
asset trade repositories ,any p]son t is
 requir$ to be regi/]$ z a swap data    
repository or a digital asset repository
 ( transactions "u ?is section %all     
regi/] ) ! ,commission reg>dless ( :e!r 
t p]son is also lic5s$ z a bank1 tru/   
company1 money s]vices bus9ess1 or      
regi/]$ ) ! ,securities & ,ex*ange      
,commission z a security-bas$ swap data 
repository1 brok]-deal]1 qualifi$       
cu/odian1 or transf] ag5t4  7h7 ,rules  
,! ,commission %all adopt rules gov]n+  
p]sons t are regi/]$ "u ?is section4  4 
,,iii ,digital ,f$]al ,res]ve ,notes1   
,legal ,t5d] ,/atus1 ! ,regulation (    
,digital ,asset ,fiat-,bas$ ,/ableco9s1 
& ,f$]al ,deposit & ,%>e ,insurance =   
,digital ,assets  ,a ,digital ,f$]al    

,res]ve ,notes  #cja4 ,9 g5]al  7a7     
,sup]vis+ & regulat+ issue & retirem5t (
 ,f$]al ,res]ve notes ,section #aa7;d7 (
 ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4   
#bdh7;d77 is am5d$ to read z foll[s3    
7d7 ,to sup]vise & regulate ?r\gh !     
,secret>y ( ! ,treasury ! issue &       
retirem5t ( ,f$]al ,res]ve notes 7bo?   
physical & digital71 except = !         
cancellation & de/ruction1 & acc\nt+ )  
respect to su* cancellation &           
de/ruction1 ( notes unfit = circulation1
 & to prescribe rules & regulations     
7includ+ appropriate te*nology7 "u :i*  
su* notes may be deliv]$ by ! ,secret>y 
( ! ,treasury to ! ,f$]al ,res]ve ag5ts 
apply+ !re=4  4  7b7 ,issuance to res]ve
 banks2 nature ( obligation2 r$emption  
,section #af ( ! ,f$]al ,res]ve ,act    
7#ab ,u4,s4,c4 #daa7 is am5d$ by /rik+ !
 fir/ two s5t5ces & ins]t+3 ,f$]al      
res]ve notes1 to be issu$ at !          
discretion ( ! ,bo>d ( ,gov]nors ( !    
,f$]al ,res]ve ,sy/em = ! purpose ( mak+
 advances to ,f$]al res]ve banks ?r\gh !

 ,f$]al res]ve ag5ts z h]e9aft] set =? &
 = no o!r purpose1 are au?oriz$4        
,not)/&+ any o!r provision ( law1 !     
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em is au?oriz$ to issue digital     
v]sions ( ,f$]al res]ve notes 9 addition
 to curr5t physical ,f$]al res]ve notes4
 ,fur!r1 ! ,bo>d ( ,gov]nors ( ! ,f$]al 
,res]ve ,sy/em1 aft] consultation ) !   
,secret>y ( ! ,treasury1 is au?oriz$ to 
use di/ribut$ l$g] te*nology = !        
creation1 di/ribution & recordation (   
all transactions involv+ digital ,f$]al 
res]ve notes4 ,! said notes %all be     
obligations ( ! ,unit$ ,/ates & %all be 
consid]$ legal t5d] & %all be receivable
 by all national & memb] banks & ,f$]al 
res]ve banks & = all taxes1 cu/oms1 &   
o!r public dues4 ,!y %all be r$eem$ 9   
lawful money on dem& at ! ,treasury     
,dep>tm5t ( ! ,unit$ ,/ates1 9 ! city ( 
,wa%+ton1 ,di/rict ( ,columbia1 or at   
any ,f$]al ,res]ve bank44  #cjb4        
,digital asset legal t5d] /atus ,section
 #eajc ( title #ca1 ,unit$ ,/ates ,code1

 is am5d$ to read z foll[s3  #eajc4     
,legal t5d] ,unit$ ,/ates co9s & curr5cy
 7includ+ ,f$]al res]ve notes &         
circulat+ notes ( ,f$]al res]ve banks & 
national banks7 are legal t5d] = all    
debts1 public *>ges1 taxes1 & dues4     
,=eign fiat curr5cies1 digital assets1  
digital asset securities & =eign gold & 
silv] co9s are n legal t5d]4  4  ,b     
,regulation ( ,digital ,asset           
,fiat-,bas$ ,/ableco9s  #caa4 ,dep>tm5t 
( ,treasury regulation ( digital asset  
fiat-bas$ /ableco9s ,sub*apt] ,i ( *apt]
 #ea ( subtitle ,,iv ( title #ca1 ,unit$
 ,/ates ,code is am5d$ by add+ at ! end 
! foll[+3  #eajd4 ,dep>tm5t ( ,treasury 
regulation ( digital asset fiat-bas$    
/ableco9s  7a7 ,9 g5]al ,beg9n+ on !    
date ( ! enactm5t ( ?is section1 no     
p]son may issue1 use1 or p]mit to be us$
 a digital asset fiat-bas$ /ableco9 t is
 n approv$ by ! ,secret>y ( ! ,treasury 
"u subsection 7b74  7b7 ,applications   
7#a7 ,9 g5]al ,n lat] ?an #ij days aft] 
! date ( ! enactm5t ( ?is section1 !    

,secret>y ( ! ,treasury %all e/abli% an 
application process "u :i* ! ,secret>y  
may approve or disapprove a p]son wi%+  
to issue a digital asset fiat-bas$      
/ableco91 "u su* t]ms & conditions z !  
,secret>y det]m9es necess>y &           
appropriate4  7#b7 ,consultation ,9     
c>ry+ out p>agraph 7#a71 ! ,secret>y ( !
 ,treasury %all1 9 consid]+ applications
 = digital asset fiat-bas$ /ableco9s1   
consult )-- 7,a7 ! ,bo>d ( ,gov]nors ( !
 ,f$]al ,res]ve ,sy/em2  7,b7 !         
,securities & ,ex*ange ,commission2     
7,c7 ! ,commodity ,futures ,trad+       
,commission2 &  7,d7 su* o!r =eign      
c5tral banks or =eign treasury dep>tm5ts
 or ag5cies z ! ,secret>y ( ! ,treasury 
det]m9es appropriate4  7#c7 ,approval or
 disapproval2 t]ms & conditions *anges2 
t]m9ation  7,a7 ,9 g5]al ,subject to    
subp>agraph 7,b71 ! ,secret>y ( !       
,treasury may approve or disapprove an  
application by an issu] ( a digital     
asset fiat-bas$ /ableco9 or may )draw an
 approval or modify ! t]ms & conditions 

( an approval previ\sly issu$ "u        
p>agraph 7#a74  7,b7 ,tim+ ,) respect to
 a )drawal or modification ( an approval
 "u subp>agraph 7,a71 ! ,secret>y ( !   
,treasury %all notify ! issu] at lea/   
#fj days be=e su* approval is s )drawn  
or modifi$4  7#d7 ,no gr&fa!r+ ( exi/+  
digital asset fiat-bas$ /ableco9s ,!    
,secret>y ( ! ,treasury %all n gr&fa!r !
 use ( any digital asset fiat-bas$      
/ableco94 ,all digital asset fiat-bas$  
/ableco9s1 includ+ digital asset        
fiat-bas$ /ableco9s exi/+ on ! date ( ! 
enactm5t ( ?is section1 %all apply to ! 
,secret>y ( ! ,treasury "u ?is section4 
7c7 ,digital asset fiat-,bas$ /ableco9  
def9$ ,9 ?is section1 ! t]m digital     
asset fiat-bas$ /ableco9 means a digital
 asset 7z def9$ 9 section #a;a ( !      
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a77 t is1 z det]m9$ by ! ,secret>y ( 
! ,treasury1 ti$1 pegg$ to1 or          
collat]aliz$ sub/antially by-- 7#a7 !   
,unit$ ,/ates doll> or2  7#b7 "o or m   
fiat curr5cies4  4  #cab4 ,con=m+       

am5dm5t ,! table ( cont5ts = sub*apt] ,i
 ( *apt] #ea ( subtitle ,,iv ( title    
#ca1 ,unit$ ,/ates ,code is am5d$ by    
add+ at ! end ! foll[+3  #eajd4         
,dep>tm5t ( ,treasury regulation (      
digital asset fiat-bas$ /ableco9s4  4   
,c ,f$]al ,deposit & ,%>e ,insurance =  
,digital ,assets  #cba4 ,digital asset n
 deposits = ,f$]al deposit & %>e        
insurance  7a7 ,f$]al ,deposit          
,insurance ,act ,section #c7l77#e7 ( !  
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac7l77#e77 is am5d$-- 7#a7 
9 subp>agraph 7,b71 by /rik+ 2 & &      
ins]t+ a semicolon2  7#b7 9 subp>agraph 
7,c71 by /rik+ ! p]iod at ! end & ins]t+
 2 &2 &  7#c7 by add+ at ! end ! foll[+3
  7,d7 any-- 7i7 digital asset 7z def9$ 
9 section #a;a ( ! ,commodity ,ex*ange  
,act 7#g ,u4,s4,c4 #a;a772 or  7ii7     
digital asset security 7z def9$ 9       
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
4  7b7 ,f$]al ,cr$it ,union ,act        
,section #aja7e7 ( ! ,f$]al ,cr$it      

,union ,act 7#ab ,u4,s4,c4 #ageb7e77 is 
am5d$ by /rik+ ,/ate law & ins]t+ ,/ate 
law3 ,provid$ fur!r3 ,t 9 no case may   
su* t]ms include a digital asset 7z     
def9$ 9 section #a;a ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4 #a;a77 or   
digital asset security 7z def9$ 9       
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
#cbb4 ,direct$ rulemak+ ,,fdic & ,,ncua 
website disclosure on digital assets &  
insurance noncov]age  7a7 ,,fdic &      
,,ncua notices ,n lat] ?an #ij days aft]
 ! date ( ! enactm5t ( ?is ,act1 !      
,f$]al ,deposit ,insurance ,corporation 
& ! ,national ,cr$it ,union             
,adm9i/ration %all ea* make publicly    
available on ! website ( su* entity a   
notice-- 7#a7 reg>d+ ! treatm5t (       
digital assets & digital asset          
securities2  7#b7 t digital assets &    
digital asset securities are n deposits 
or %>es & are n cov]$ by ,f$]al deposit 
insurance 7,,fdic or ,,ncua71 reg>dless 
( :e!r an insur$ bank1 sav+s            

association1 or cr$it union holds !     
digital assets or digital assets        
securities2 &  7#c7 su* notice %all     
specifically address :e!r ! ,,fdic      
,nondeposit ,inve/m5t ,product 7,,ndip7 
,policy ,/atem5t & relat$ disclosure    
obligations or simil> ,,ncua requirem5ts
 apply to digital assets & digital asset
 securities4  7b7 ,digital asset ,9 ?is 
section1 ! t]m digital asset has ! mean+
 giv5 ! t]m 9 section #a;a ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a74  7c7 ,digital asset security ,9  
?is section1 ! t]m digital asset        
security has ! mean+ giv5 ! t]m 9       
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 ,sec4       
#gh;c7a774  ,,iv ,bank ,secrecy ,act    
#dja4 ,bank ,secrecy ,act  7a7          
,def9ition ( monet>y in/rum5ts ,section 
#ecab7;a77#c77;,b7 ( title #ca1 ,unit$  
,/ates ,code1 is am5d$-- 7#a7 by ins]t+ 
digital assets1 aft] co9s & curr5cy ( a 
=eign c\ntry12 &  7#b7 by ins]t+ aft]   
pass$ on deliv]y1 ! foll[+3 1 digital   

asset security z su* t]m is def9$ 9     
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd4  7b7 ,def9ition ( digital 
,asset & virtual asset ,section         
#ecab7;a7 ( title #ca1 ,unit$ ,/ates    
,code1 is am5d$ by add+ aft] p>agraph   
7#f7 ! foll[+3  7#g7 ,digital ,asset ,! 
t]m digital asset has ! mean+ giv5 ! t]m
 9 section #a;a ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #a;a74  7#h7 ,virtual
 asset ,! t]m virtual asset means-- 7,a7
 a digital repres5tation ( value t c be 
digitally trad$1 or transf]r$1 & c be   
us$ = paym5t or inve/m5t purposes2 &    
7,b7 a digital asset4  4  7c7 ,def9ition
 ( ,virtual ,asset ,s]vice ,provid]     
,section #ecab7;a7 ( title #ca1 ,unit$  
,/ates ,code1 is fur!r am5d$ by add+ at 
! end ! foll[+3  7#i7 ,virtual ,asset   
,s]vice ,provid] ,! t]m virtual asset   
s]vice provid]-- 7,a7 means a p]son :o--
 7i7 ex*anges betwe5 digital asset &    
fiat curr5cies2  7ii7 ex*anges betwe5   
digital assets2  7iii7 transf]s (       
digital assets2  7iv7 is responsible = !

 cu/ody1 safekeep+ ( a digital asset or 
an in/rum5t t enables control ov] a     
digital asset2  7v7 issues or has !     
au?ority to r$eem a digital asset2 &    
7vi7 provides f9ancial s]vices relat$ to
 ! (f] or sale ( a digital asset by a   
p]son :o issues su* digital asset2 &    
7,b7 does n include any p]son :o-- 7i7  
obta9s a digital asset to pur*ase goods 
or s]vices = !mself2  7ii7 provides     
communication s]vice or network access  
s]vices us$ by a money transmitt]2 or   
7iii7 develops1 creates1 or dissem9ates 
s(tw>e design$ to be us$ to issue a     
digital asset or facilitate f9ancial    
activities associat$ ) a digital asset4 
4  7d7 ,additional def9itions ,section  
#ecab7;c77#a7 ( title #ca1 ,unit$ ,/ates
 ,code1 is am5d$-- 7#a7 9 subp>agraph   
7,a71 by /rik+ ! p]iod at ! end & ins]t+
 a semicolon2 &  7#b7 by add+ aft]      
subp>agraph 7,a71 ! foll[+3  7,b7 any   
virtual asset s]vice provid] t-- 7i7    
ex*anges betwe5 digital assets & fiat   
curr5cies2  7ii7 ex*anges betwe5 digital

 assets2  7iii7 transf]s digital assets2
  7iv7 is responsible = ! cu/ody1       
safekeep+ or adm9i/ration ( digital     
assets or in/rum5ts enabl+ control ov]  
digital assets2 or  7v7 provides        
f9ancial s]vices relat$ to ! (f] or sale
 ( a digital asset by an issu]4  4      
#djb4 ,anonymiz+ s]vices1 money mule1 & 
anonymity-enhanc$ conv]tible virtual    
curr5cies ,sub*apt] ,,ii ( *apt] #ec (  
subtitle ,,iv ( title #ca1 ,unit$ ,/ates
 ,code is am5d$ by add+ at ! end !      
foll[+3  #eccc4 ,anonymiz+ s]vices1     
money mule1 & anonymity-enhanc$         
conv]tible virtual curr5cies  7a7 ,9    
g5]al ,n lat] ?an #ahj days ( ! date ( !
 enactm5t ( ! ,digital ,asset ,m>ket    
,/ructure & ,inve/or ,protection ,act1 !
 ,secret>y ( ! ,treasury1 act+ ?r\gh !  
,f9ancial ,crimes ,en=cem5t ,network1   
%all issue a rule t gov]ns-- 7#a7       
anonymiz+ s]vices2  7#b7 money mules2 & 
7#c7 anonymity-enhanc$ conv]tible       
virtual curr5cy transactions4  7b7      
,purpose ,! purpose ( ! rule describ$ 9 

subsection 7a7 %all be to ensure t      
anonymiz+ s]vices1 money mule1 &        
anonymity-enhanc$ conv]tible virtual    
curr5cies are n us$ to prev5t           
association ( an individual cu/om] ) !  
movem5t ( a digital asset1 digital asset
 security1 or virtual curr5cy ( :i* !   
cu/om] is ! direct or b5eficial own]4   
7c7 ,requirem5ts ,! rule describ$ 9     
subsection 7a7 %all-- 7#a7 require any  
f9ancial in/itution to prohibit any     
p]son f engag+ 9 any transactions t     
involves digital assets or digital asset
 securities &-- 7,a7 anonymiz+ s]vices2 
7,b7 money mules2 or  7,c7              
anonymity-enhanc$ conv]tible virtual    
curr5cies2  7#b7 prohibit any f9ancial  
in/itution f in=m+ p]sons ab\t-- 7,a7 ! 
exi/5ce ( anonymiz+ s]vices1 money mules
 & anonymity-enhanc$ conv]tible virtual 
curr5cies2  7,b7 ! availability (       
anonymiz+ s]vices1 money mules &        
anonymity-enhanc$ conv]tible virtual    
curr5cies2 or  7,c7 means = id5tify+    
anonymiz+ s]vices1 money mules &        

anonymity-enhanc$ conv]tible virtual    
curr5cies2 &  7#c7 require any f9ancial 
in/itution to e/abli% writt5 proc$ures  
gov]n+ ! docum5tation ( ! p]sons &      
am\nts associat$ ) any transaction      
involv+-- 7,a7 an anonymiz+ s]vice2     
7,b7 a money mule2 or  7,c7             
anonymity-enhanc$ conv]tible virtual    
curr5cies4  7d7 ,def9itions ,9 ?is      
section1 ! t]m virtual curr5cy1         
anonymiz+ s]vice1 money mule1 &         
anonymity-enhanc$ conv]tible virtual    
curr5cy h ! mean+s giv5 su* t]ms by !   
,secret>y ( ! ,treasury1 act+ ?r\gh !   
,f9ancial ,crimes ,en=cem5t ,network4  4
  #djc4 ,digital asset transaction      
actual deliv]y report+ ,n lat] ?an #ahj 
days aft] ! date ( ! enactm5t ( ?is     
,act1 ! ,secret>y ( ! ,treasury1 9      
consultation ) ! ,commodity ,futures    
,trad+ ,commission1 %all issue a rule t 
requires1 = any transaction involv+ a   
contract ( sale ( a digital asset 7z    
def9$ 9 section #a;a ( ! ,commodity     
,ex*ange ,act 7#g ,u4,s4,c4 #a;a77 9    

int]/ate comm]ce-- 7#a7 ! transf] (     
possession & control 7includ+ transf] ( 
control ov] any private keys7 by ! sell]
 to ! pur*as] n lat] ?an #bd h\rs aft] !
 digital asset transaction is ent]$ into
 & su* deliv]y is accompli%$ by ei!r--  
7,a7 ! record+ ( ! transaction on !     
public di/ribut$ l$g] = ! digital asset2
 or  7,b7 ) respect to digital asset    
transactions :i* are n record$ on !     
public di/ribut$ l$g] = ! digital asset1
 report+ ! transaction to a ,,cftc      
regi/]$ digital asset repository (      
transactions4  #djd4 ,virtual digital   
asset s]vice provid]s  7a7 ,9 g5]al ,!  
,secret>y ( ! ,treasury %all1 n lat] ?an
 #bgj days aft] ! date ( ! enactm5t (   
?is ,act1 issue a rule requir+ virtual  
asset s]vice provid]s 7z def9$ 9 section
 #ecab7;a7 ( title #ca1 ,unit$ ,/ates   
,code71 :i* are engag$ 9 s]vices :i* are
 available 9 ! ,unit$ ,/ates & to ,unit$
 ,/ates p]sons1 ev5 if ! provid] is     
locat$ outside ! ,unit$ ,/ates1 relat$  
to digital asset securities & digital   

assets1 t su* p]sons %all be requir$    
to-- 7#a7 regi/] ) ! ,securities &      
,ex*ange ,commission or ) ! ,commodity  
,futures ,trad+ ,commission1 z          
appropriate & 9 su* capacities z are    
appropriate2  7#b7 ) respect to digital 
asset securities1 meet ! cu/om]         
protection & acc\nt cu/ody rules :i* are
 applicable to ,securities ,ex*ange     
,commission regi/]$ brok]-deal]s =      
cu/om] funds & securities2 &  7#c7 )    
respect to digital assets1 meet ! cu/om]
 acc\nt cu/ody & segregat$ funds rules  
:i* are applicable to ,commodity        
,futures ,trad+ ,commission regi/]$     
futures commission m]*ants4  7b7 ,cu/om]
 acc\nts ,! cu/om] acc\nts cu/ody       
requirem5ts ref]5c$ 9 subsection 7a7    
%all include1 b are n limit$ to1 us+    
regi/]$ & qualifi$ cu/odians1 prop]     
cu/om] acc\nt label+ & id5tification1   
m9imum ( qu>t]ly acc\nt /atem5ts be+    
issu$ to cu/om]s by ! regi/]$ & qualifi$
 cu/odian1 annual surprise audit        
requirem5ts & annual audits by acc\nt+  

firms :i* are regi/]$ ) ! ,public       
,company ,acc\nt+ ,ov]sight ,bo>d4  ,v  
,v>i\s ,digital ,asset ,reports  #eja4  
,,irs report on digital asset           
own]%ip_/taxes  7a7 ,9 g5]al ,n lat] ?an
 #bgj days aft] ! date ( ! enactm5t (   
?is ,act1 ! ,secret>y ( ! ,treasury1    
act+ ?r\gh ! ,int]nal ,rev5ue ,s]vice1  
aft] consult+ ) o!r ,f$]al & ,/ate      
regulators & m>ket p>ticipants z        
appropriate1 %all submit a report to !  
specifi$ committees on ! utilization (  
digital assets by ,unit$ ,/ates citiz5s 
t-- 7#a7 e/imates ! numb] & p]c5tage (  
,unit$ ,/ates citiz5s :o own digital    
assets z ( ! date ( ! enactm5t ( ?is    
,act & :o h paid tax on digital assets  
ea* ye> betwe5 #bjaf & #bjbj2  7#b7     
comp>es ! numb] & p]c5tage ( ,am]icans  
:o own /ocks & bonds & :o h paid taxes  
on su* assets ov] ! same "t p]iod       
ref]5c$ above2  7#c7 e/imates ! numb] & 
p]c5tage ( ,am]icans :o fail to report  
digital asset hold+s & income v]sus /ock
 & bond hold+s2  7#d7 id5tifies ! major 

digital asset trad+ plat=ms 9 ! ,unit$  
,/ates1 ! numb] ( cu/om] acc\nts ) ea*  
plat=m1 & ! annual trad+ volume ( ea*   
plat=m2  7#e7 e/imates ! numb] ( ,unit$ 
,/ates citiz5s :o use ,unit$ ,/ates     
regi/]$ digital asset trad+ plat=ms     
comp>$ to =eign digital asset trad+     
plat=ms2  7#f7 e/imates ! am\nt ( tax   
rev5ue :i* 0 n receiv$ by ! ,unit$      
,/ates ,treasury due to "u report+ by   
,unit$ ,/ates taxpay]s ea* ye> betwe5   
#bjaf & #bjbj2 &  7#g7 makes legislative
 & regulatory recomm5dations reg>d+     
*anges :i* w\ld improve report+ &       
collection ( taxes on digital assets s x
 w\ld be clos] to report+ & collection (
 taxes on securities hold+s4  7b7       
,specifi$ committees ,9 ?is section1 !  
t]m specifi$ committees means-- 7#a7 !  
,ways & ,means ,committee ( ! ,h\se (   
,repres5tatives2  7#b7 ! ,f9ance        
,committee ( ! ,s5ate2  7#c7 !          
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives2  7#d7 !        
,committee on ,bank+1 ,h\s+1 & ,urban   

,affairs ( ! ,s5ate2  7#e7 ! ,committee 
on ,agriculture ( ! ,h\se (             
,repres5tatives2 &  7#f7 ! ,committee on
 ,agriculture1 ,nutrition1 & ,=e/ry ( ! 
,s5ate4  #ejb4 ,report on ransomw>e &   
digital assets  7a7 ,report ,n lat] ?an 
#bgj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,dep>tm5t ( ,ju/ice1 ,dep>tm5t (
 ,homel& ,security1 ,dep>tm5t ( !       
,treasury1 & ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em %all jo9tly submit
 a report to ! appropriate committees   
t-- 7#a7 summ>izes ! numb] & size (     
rec5t ransomw>e attacks 9 ! ,unit$      
,/ates & ! _w2  7#b7 discusses !        
frequ5cy ( ransomw>e hack]s reque/+     
paym5t 9 digital assets & id5tifies !   
mo/ common digital assets :i* are dem&$2
  7#c7 discusses ! use ( mix+ & tumbl+  
s]vices & money mules to help obscure   
audit trail = ! digital assets involv$2 
7#d7 id5tifies ! digital asset trad+    
plat=ms mo/ frequ5tly us$ = transactions
 involv+ digital asset ransoms2 &  7#e7 
makes legislative & regulatory          

recomm5dations = address+ ! problem (   
ransomw>e & digital assets4  7b7        
,appropriate committees ,appropriate    
committees include ! ,committee on !    
,judici>y1 ,committee on ,homel&        
,security1 ,committee on ,f9ancial      
,s]vices1 & ! ,committee on ,agriculture
 ( ! ,h\se ( ,repres5tatives1 & !       
,committee on ! ,judici>y1 ,committee on
 ,homel& ,security & ,gov]nm5tal        
,affairs1 ,committee on ,bank+1 ,h\s+1 &
 ,urban ,affairs1 ,committee on         
,agriculture1 ,nutrition1 & ,=e/ry ( !  
,s5ate4  #ejc4 ,report on dec5traliz$   
f9ance ,n lat] ?an #bgj days aft] ! date
 ( ! enactm5t ( ?is ,act1 ! ,bo>d (     
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 !  
,(fice ( ! ,comptroll] ( ! ,curr5cy1 !  
,secret>y ( ! ,treasury1 ! ,securities &
 ,ex*ange ,commission1 & ! ,commodity   
,futures ,trad+ ,commission1 %all jo9tly
 submit a report to ! appropriate       
committees t-- 7#a7 summ>izes ! use (   
dec5traliz$ f9ance 9 ! ,unit$ ,/ates2   
7#b7 e/imates ! numb] & p]c5tage (      

,am]icans us+ dec5traliz$ f9ance        
products & s]vices v]sus ! global usage 
& id5tifies ! major dec5traliz$ f9ance  
products & s]vices by e/imat$ doll>     
volume usage2  7#c7 provides            
recomm5dations ) respect to ! def9ition 
( ! t]m dec5traliz$ f9ance to be adopt$ 
& codifi$ 9 ,unit$ ,/ates law2  7#d7    
discusses ! prim>y diff]5ces betwe5     
digital asset fiat-bas$ /ableco9s &     
c5tral bank digital curr5cies2  7#e7    
discusses :e!r !re are f9ancial /ability
 risks or conc]ns pos$ by dec5traliz$   
f9ance2  7#f7 provides recomm5dations   
reg>d+ appropriate regulation & inve/or 
protection = dec5traliz$ f9ance 9 ,unit$
 ,/ates bank+1 securities1 &            
commodities1 includ+ ) respect to ,unit$
 ,/ates jurisdiction & application (    
,unit$ ,/ates law2 &  7#g7 discusses !  
legal obligations ( creators1 own]s1 or 
op]ators ( dec5traliz$ f9ance           
applications1 di/ribut$ l$g]s1 sm>t     
contracts1 & o!r applications :i* are   
hack$ or are us$ = fraud & manipulation4

  #ejd4 ,report on cu/ody ( digital     
assets & digital asset securities ,n    
lat] ?an #bgj days aft] ! date ( !      
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission1 ! ,(fice ( !      
,comptroll] ( ! ,curr5cy1 ! ,secret>y ( 
! ,treasury1 & ! ,commodity ,futures    
,trad+ ,commission1 %all jo9tly submit a
 report to ! appropriate committees t-- 
7#a7 provides recomm5dations on !       
regulation1 lic5s+1 & audit+ ( digital  
asset cu/odians & digital asset security
 cu/odians2 &  7#b7 consid]s ea* ( !    
foll[+ issues3 7,a7 ,! cu/ody ( digital 
assets & digital asset securities4  7,b7
 ,e/imates on digital assets & digital  
asset securities cu/ody at trad+        
plat=ms1 lic5s$ cu/odians1 self cu/ody 9
 wallets4  7,c7 ,,f9ra ,guidance to     
,brok] ,deal]s on ,digital ,asset &     
,digital ,asset ,security ,cu/ody4  7,d7
 ,,aicpa position on cu/ody ( digital   
assets & digital asset securities4  7,e7
 ,cu/odian m>kets1 banks1 tru/          
companies1 brok]s1 deal]s1 & futures    

commissions m]*ants4  7,f7 ,! backgr\nd 
on major ,unit$ ,/ates & =eign digital  
asset & digital asset security cu/odians
 by size 7assets held7 & lic5s+4  #eje4 
,report on digital asset trad+ plat=ms  
,n lat] ?an #bgj days aft] ! date ( !   
enactm5t ( ?is section1 ! ,securities & 
,ex*ange ,commission1 ! ,commodity      
,futures ,trad+ ,commission1 ! ,secret>y
 ( ! ,treasury1 & ! ,f9ancial ,crimes   
,en=cem5t ,network1 9 consultation ) su*
 ,f$]al & ,/ate regulators & m>ket      
p>ticipants z ! ,commission det]m9es    
appropriate1 %all jo9tly submit to !    
relevant committees a report t-- 7#a7   
id5tifies ! #aj l>ge/ digital asset     
trad+ plat=ms 9 ! ,unit$ ,/ates1 _!     
regi/ration /atus1 ! numb] ( cli5t      
acc\nts ea* plat=m has1 & ! annual trad+
 volume on ea* trad+ plat=m ov] ! la/ #e
 ye>s2  7#b7 summ>izes & comp>es-- 7,a7 
! /atutory & regulatory requirem5ts     
applicable to ,unit$ ,/ates digital     
asset trad+ plat=ms 7,m,s,bs7 :i* are   
curr5tly available to ,unit$ ,/ates     

inve/ors2 &  7,b7 ! /atutory &          
regulatory requirem5ts applicable to    
national securities ex*anges1 alt]native
 trad+ sy/ems1 designat$ contract m>ket1
 & swap execution facility2  7#c7       
id5tifies & quantifies inve/or losses   
relat$ to all kn[n major =eign & dome/ic
 unau?oriz$ electronic access or hacks (
 digital asset trad+ plat=ms 9 ! #e-ye> 
p]iod prec$+ ! date ( ! enactm5t ( ?is  
,act2 &  7#d7 provides legislative &    
regulatory recomm5dations to promote &  
increase ,unit$ ,/ates inve/or          
protection ) respect to sale or trad+ ( 
digital assets & digital asset          
securities4  ,! report %all discuss !   
major diff]5ces betwe5 money s]vices    
bus9esses & securities_/commodities     
ex*anges & provide concrete legislative 
& regulatory recomm5dations :i* w\ld    
help cl>ify on :at entities & "u :at    
rules & requirem5ts ! trad+ ( digital   
assets & digital asset securities %\ld  
take place z di/+ui%$ f ! entities & !  
rules :i* %\ld apply to ! transmission (

 monet>y in/rum5ts4  #ejf4 ,report on   
false trade report+1 wa% trad+1 & (f-*a9
 transaction on digital asset trad+     
plat=ms ,n lat] ?an #bgj days aft] !    
date ( ! enactm5t ( ?is section1 !      
,commodity ,futures ,trad+ ,commission1 
! ,secret>y ( ! ,treasury1 & ! ,f9ancial
 ,crimes ,en=cem5t ,network1 9          
consultation ) su* ,f$]al & ,/ate       
regulators & m>ket p>ticipants z !      
,commission det]m9es appropriate1 %all  
jo9tly submit to ! relevant committees a
 report on false trade report+1 wa%     
trad+1 & (f-*a9 transactions ) respect  
to contracts ( sale ( digital assets 9  
int]/ate comm]ce t-- 7#a7 ) respect to !
 #e-ye> p]iod prec$+ ! date ( ! enactm5t
 ( ?is section1 exam9es ea* public      
report reg>d+ false trade report+ & wa% 
trad+ ( digital assets on digital asset 
trad+ plat=ms2  7#b7 id5tifies ! ,,u &  
=eign digital asset trad+ plat=ms :i* h 
engag$ 9 significant false trade report+
 & wa% trad+2  7#c7 quantifies &        
e/imates ! am\nt ( false trade report+ &

 wa% trad+ = ea* ye> ( ! la/ five ye>s2 
7#d7 discusses ! use ( omnibus acc\nts  
by digital asset trad+ plat=ms to hold  
cu/om] assets & :e!r int]nalization (   
digital asset transactions by digital   
asset trad+ plat=ms creates transp>5cy  
issues relat$ to ! public di/ribut$ l$g]
 hav+ an up-to-date record ( all        
transactions & curr5t own]%ip ( digital 
assets2  7#e7 quantifies ! am\nt &      
av]age daily trad+ volume ( (f-*a9      
digital asset transactions occurr+ on   
,unit$ ,/ates digital asset trad+       
plat=ms :i* are n report$ to ! public   
di/ribut$ l$g] = ! digital asset = ea* (
 ! la/ five ye>s2  7#f7 id5tifies !     
entities :i* h facilitat$ false trade   
report+2 &  7#g7 provides legislative & 
regulatory recomm5dations to promote &  
increase ,unit$ ,/ates inve/or          
protection ) respect to digital assets4 
#ejg4 ,relevant committees def9$ ,! 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