,i  #aahth ,,congress  #b;d ,session    
,h4 ,r4 #hdfd  ,,in ,,the ,,house ,,of  
,,representatives  ,may #ag1 #bjbd,mr4  
,timmons 7for himself and ,mr4 ,torres  
of ,new ,york7 introduced the following 
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to require the ,board of       
,governors of the ,federal ,reserve     
,system1 the ,board of ,directors of the
 ,federal ,deposit ,insurance           
,corporation1 the ,comptroller of the   
,currency1 and the ,national ,credit    
,union ,administration ,board to jointly
 submit a report on trends in the use of
 blockchain technology to tokenize      
traditional assets1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,tokenization       
,report ,act of #bjbd4  #b4 ,report on  
trends in tokenization of traditional   
assets using blockchain technology  7a7 
,report required ,not later than #ahj   
days after the date of the enactment of 
this ,act1 the ,board of ,governors of  

the ,federal ,reserve ,system1 the      
,federal ,deposit ,insurance            
,corporation1 the ,comptroller of the   
,currency1 and the ,national ,credit    
,union ,administration ,board shall     
jointly submit to the ,committee on     
,financial ,services of the ,house of   
,representatives and the ,committee on  
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate a report on trends in the
 use of blockchain technology to        
tokenize traditional assets4  7b7       
,contents of report ,the report required
 under subsection 7a7 shall include the 
following elements3 7#a7 ,the potential 
benefits and risks of utilizing         
blockchain networks for traditional     
asset tokenization1 including the       
impacts to settlement efficiency1 cost1 
counterparty risk1 and any other        
impacts4  7#b7 ,the critical differences
 between permissioned and permissionless
 blockchain networks for traditional    
asset tokenization4  7#c7 ,the current  
state of blockchain interoperability and

 integration capabilities across        
different networks and platforms1 and   
the effects on widespread adoption of   
such capabilities4  7#d7 ,emerging      
global regulatory approaches to         
tokenized traditional assets1 including 
differential capital requirements based 
on underlying technology4  7#e7 ,whether
 additional guidance or rules are       
necessary to facilitate traditional     
asset tokenization4  7#f7 ,how control  
features of blockchain networks impact  
the ability of tokenized traditional    
assets to retain their existing risk    
profile4  7#g7 ,a summary of the legal  
permissibility and regulatory           
requirements of the use of blockchain   
technology to tokenize traditional      
assets4  7c7 ,public input ,the ,board  
of ,governors of the ,federal ,reserve  
,system1 the ,federal ,deposit          
,insurance ,corporation1 the            
,comptroller of the ,currency1 and the  
,national ,credit ,union ,administration
 ,board shall collect public input to   

inform the drafting of the report       
required under subsection 7a74  7d7     
,blockchain defined ,in this section1   
the term blockchain means any technology
 where data is-- 7#a7 shared across a   
network to create a ledger of verified  
transactions or information among       
network participants2  7#b7 linked using
 cryptography to maintain the integrity 
of the ledger and to execute other      
functions2 and  7#c7 distributed among  
network participants in an automated    
fashion to concurrently update network  
participants on the state of the ledger 
and any other functions4