,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #bcfe  ,,in ,,the ,,house ,,of  
,,representatives  ,march #bf1 #bjbe,mr4
 ,emmer 7for himself and ,mr4 ,soto7    
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,a ,,bill  ,to    
amend the securities laws to exclude    
investment contract assets from the     
definition of a security4  #a4 ,short   
title ,this ,act may be referred to as  
the ,securities ,clarity ,act of #bjbe4 
#b4 ,treatment of investment contract   
assets  7a7 ,securities ,act of #aicc   
,section #b7;a7 of the ,securities ,act 
of #aicc 7#ae ,u4,s4,c4 #gg;b7a77 is    
amended-- 7#a7 in paragraph 7#a71 by    
adding at the end the following3 ,the   
term security does not include an       
investment contract asset42 and  7#b7 by
 adding at the end the following3  7#bj7
 ,the term investment contract asset    
means a fungible digital representation 
of value-- 7,a7 that can be exclusively 
possessed and transferred1 person to    

person1 without necessary reliance on an
 intermediary1 and is recorded on a     
cryptographically secured public        
distributed ledger2  7,b7 sold or       
otherwise transferred1 or intended to be
 sold or otherwise transferred1 pursuant
 to an investment contract2 and  7,c7   
that is not otherwise a security        
pursuant to the first sentence of       
paragraph 7#a74  4  7b7 ,investment     
,advisers ,act of #aidj ,section        
#bjb7;a77#ah7 of the ,investment        
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#b7;a77#ah77 is amended by adding 
at the end the following3 ,the term     
security does not include an investment 
contract asset 7as such term is defined 
under section #b7;a7 of the ,securities 
,act of #aicc744  7c7 ,investment       
,company ,act of #aidj ,section         
#b7;a77#cf7 of the ,investment ,company 
,act of #aidj 7#ae ,u4,s4,c4            
#hj;a-#b7;a77#cf77 is amended by adding 
at the end the following3 ,the term     
security does not include an investment 

contract asset 7as such term is defined 
under section #b7;a7 of the ,securities 
,act of #aicc744  7d7 ,securities       
,exchange ,act of #aicd ,section        
#c7;a77#aj7 of the ,securities ,exchange
 ,act of #aicd 7#ae ,u4,s4,c4           
#gh;c7a77#aj77 is amended by adding at  
the end the following3 ,the term        
security does not include an investment 
contract asset 7as such term is defined 
under section #b7;a7 of the ,securities 
,act of #aicc744  7e7 ,securities       
,investor ,protection ,act of #aigj     
,section #af7ad7 of the ,securities     
,investor ,protection ,act of #aigj 7#ae
 ,u4,s4,c4 #ghlll7#ad77 is amended by   
adding at the end the following3 ,the   
term security does not include an       
investment contract asset 7as such term 
is defined under section #b7;a7 of the  
,securities ,act of #aicc744