,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #hdfd  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ag1 #bjbd,mr4   
,timmons 7= himself & ,mr4 ,torres (    
,new ,york7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,a ,,bill  ,to require ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 
! ,bo>d ( ,directors ( ! ,f$]al ,deposit
 ,insurance ,corporation1 ! ,comptroll] 
( ! ,curr5cy1 & ! ,national ,cr$it      
,union ,adm9i/ration ,bo>d to jo9tly    
submit a report on tr5ds 9 ! use (      
block*a9 te*nology to tok5ize           
traditional assets1 & = o!r purposes4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,tok5ization ,report ,act ( #bjbd4    
#b4 ,report on tr5ds 9 tok5ization (    
traditional assets us+ block*a9         
te*nology  7a7 ,report requir$ ,n lat]  
?an #ahj days aft] ! date ( ! enactm5t (
 ?is ,act1 ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit
 ,insurance ,corporation1 ! ,comptroll] 
( ! ,curr5cy1 & ! ,national ,cr$it      

,union ,adm9i/ration ,bo>d %all jo9tly  
submit to ! ,committee on ,f9ancial     
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate a report on tr5ds 9 
! use ( block*a9 te*nology to tok5ize   
traditional assets4  7b7 ,cont5ts (     
report ,! report requir$ "u subsection  
7a7 %all include ! foll[+ elem5ts3 7#a7 
,! pot5tial b5efits & risks ( utiliz+   
block*a9 networks = traditional asset   
tok5ization1 includ+ ! impacts to       
settlem5t effici5cy1 co/1 c\nt]p>ty     
risk1 & any o!r impacts4  7#b7 ,!       
critical diff]5ces betwe5 p]mission$ &  
p]missionless block*a9 networks =       
traditional asset tok5ization4  7#c7 ,! 
curr5t /ate ( block*a9 int]op]ability & 
integration capabilities across diff]5t 
networks & plat=ms1 & ! effects on      
widespread adoption ( su* capabilities4 
7#d7 ,em]g+ global regulatory approa*es 
to tok5iz$ traditional assets1 includ+  
diff]5tial capital requirem5ts bas$ on  
und]ly+ te*nology4  7#e7 ,:e!r          

additional guidance or rules are        
necess>y to facilitate traditional asset
 tok5ization4  7#f7 ,h[ control features
 ( block*a9 networks impact ! ability ( 
tok5iz$ traditional assets to reta9 _!  
exi/+ risk pr(ile4  7#g7 ,a summ>y ( !  
legal p]missibility & regulatory        
requirem5ts ( ! use ( block*a9 te*nology
 to tok5ize traditional assets4  7c7    
,public input ,! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit
 ,insurance ,corporation1 ! ,comptroll] 
( ! ,curr5cy1 & ! ,national ,cr$it      
,union ,adm9i/ration ,bo>d %all collect 
public input to in=m ! draft+ ( ! report
 requir$ "u subsection 7a74  7d7        
,block*a9 def9$ ,9 ?is section1 ! t]m   
block*a9 means any te*nology :]e data   
is-- 7#a7 %>$ across a network to create
 a l$g] ( v]ifi$ transactions or        
in=mation among network p>ticipants2    
7#b7 l9k$ us+ cryptography to ma9ta9 !  
integrity ( ! l$g] & to execute o!r     
functions2 &  7#c7 di/ribut$ among      
network p>ticipants 9 an automat$ fa%ion

 to concurr5tly update network          
p>ticipants on ! /ate ( ! l$g] & any o!r
 functions4