,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #igeh  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #bc1        
#bjbd,mr4 ,davidson introduc$ ! foll[+  
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to      
require ! ,securities & ,ex*ange        
,commission1 ,commodity ,futures ,trad+ 
,commission1 & ! ,secret>y ( ! ,treasury
 to jo9tly c>ry out a /udy on           
dec5traliz$ f9ance4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,evaluat+     
,de,fi ,opportunities ,act4  #b4 ,/udy  
on dec5traliz$ f9ance  7a7 ,/udy requir$
 ,! ,secret>y ( ! ,treasury1 9          
coord9ation ) ! ,securities & ,ex*ange  
,commission & ,commodity ,futures ,trad+
 ,commission1 %all c>ry out a /udy on   
dec5traliz$ f9ance t analyzes-- 7#a7 !  
nature1 size1 role1 & use ( dec5traliz$ 
f9ance block*a9-bas$ protocols2  7#b7 ! 
op]ation ( block*a9-bas$ protocols t    
comprise dec5traliz$ f9ance2  7#c7 !    
int]op]ability ( block*a9-bas$ protocols
 & block*a9 sy/ems2  7#d7 !             

int]op]ability ( block*a9-bas$ protocols
 & s(tw>e-bas$ sy/ems1 includ+ websites 
& wallets2  7#e7 ! dec5traliz$ gov]nance
 sy/ems ?r\gh :i* block*a9-bas$         
protocols may be develop$1 publi%$1     
con/itut$1 adm9i/]$1 ma9ta9$1 or o!rwise
 di/ribut$1 includ+-- 7,a7 :e!r ! sy/ems
 enhance or detract f-- 7i7 !           
dec5tralization ( ! dec5traliz$ f9ance2 
&  7ii7 ! inh]5t b5efits & risks ( !    
dec5traliz$ gov]nance sy/em2 &  7,b7 any
 proc$ures1 requirem5ts1 or be/         
practices t w\ld mitigate ! risks       
id5tifi$ 9 subp>agraph 7,a77ii72  7#f7 !
 b5efits ( dec5traliz$ f9ance1 includ+--
 7,a7 op]ational resili5ce &            
availability ( block*a9 sy/ems2  7,b7   
int]op]ability ( block*a9 sy/ems2  7,c7 
m>ket competition & innovation2  7,d7   
transaction effici5cy2  7,e7 transp>5cy 
& traceability ( transactions2  7,f7    
dis9t]m$iation2  7,g7 privacy ( us]     
data2  7,h7 security ( us] p]sonally    
id5tifiable in=mation2  7,i7 autonomy2  
7,j7 accessibility by us]s2 &  7,k7     

af=dability = us]s2  7#g7 ! risks (     
dec5traliz$ f9ance1 includ+-- 7,a7      
pseudonymity ( us]s & transactions2     
7,b7 dis9t]m$iation2 &  7,c7            
cyb]security vuln]abilities2  7#h7 !    
ext5t to :i* dec5traliz$ f9ance has     
integrat$ ) ! traditional f9ancial      
m>kets & any pot5tial risks or          
improvem5ts to ! /ability ( ! m>kets2   
7#i7 h[ ! levels ( illicit activity 9   
dec5traliz$ f9ance comp>e ) ! levels (  
illicit activity 9 traditional f9ancial 
m>kets2  7#aj7 me?ods = address+ illicit
 activity 9 dec5traliz$ f9ance &        
traditional m>kets t are tailor$ to !   
unique attributes ( ea*2  7#aa7 h[      
dec5traliz$ f9ance may increase !       
accessibility & effici5cy ( cross-bord] 
transactions2  7#ab7 ! feasibility (    
emb$d+ self-execut+ compliance & risk   
controls into dec5traliz$ f9ance2 &     
7#ac7 any bus9esses or s]vice provid]s t
 are necess>y to ! communication ( us]  
in=mation = a mat]ial portion ( any     
dec5traliz$ f9ance transaction4  7b7    

,report ,n lat] ?an #ahj days aft] !    
date ( enactm5t ( ?is ,act1 ! ,secret>y 
( ! ,treasury1 9 coord9ation ) !        
,securities & ,ex*ange ,commission &    
,commodity ,futures ,trad+ ,commission1 
%all submit to ! relevant congressional 
committees a report t includes ! results
 ( ! /udy requir$ by subsection 7a74    
7c7 ,,gao /udy ,! ,comptroll] ,g5]al ( !
 ,unit$ ,/ates %all-- 7#a7 c>ry out a   
/udy on dec5traliz$ f9ance t analyzes ! 
in=mation describ$ 9 p>agraphs 7#a7     
?r\gh 7#ac7 ( subsection 7a72 &  7#b7 n 
lat] ?an #ahj days aft] ! date (        
enactm5t ( ?is ,act1 submit to !        
relevant congressional committees a     
report t includes ! results ( ! /udy    
requir$ by p>agraph 7#a74  7d7          
,def9itions ,9 ?is section3 7#a7        
,dec5traliz$ f9ance ,! t]m dec5traliz$  
f9ance means block*a9-bas$ protocols t  
all[ us]s to engage 9 f9ancial          
transactions 9 a self-direct$ mann] s t 
a ?ird-p>ty int]m$i>y does n effectuate 
! transactions or take cu/ody ( digital 

assets ( a us] dur+ any "p ( !          
transactions4  7#b7 ,relevant           
congressional committees ,! t]m relevant
 congressional committees means-- 7,a7 !
 ,committees on ,f9ancial ,s]vices &    
,agriculture ( ! ,h\se (                
,repres5tatives2 &  7,b7 ! ,committees  
on ,bank+1 ,h\s+1 & ,urban ,affairs &   
,agriculture1 ,nutrition1 & ,=e/ry ( !  
,s5ate4