,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #bcfe  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #bf1 #bjbe,mr4   
,emm] 7= himself & ,mr4 ,soto7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! securities laws to   
exclude inve/m5t contract assets f !    
def9ition ( a security4  #a4 ,%ort title
 ,?is ,act may be ref]r$ to z !         
,securities ,cl>ity ,act ( #bjbe4  #b4  
,treatm5t ( inve/m5t contract assets    
7a7 ,securities ,act ( #aicc ,section   
#b7;a7 ( ! ,securities ,act ( #aicc 7#ae
 ,u4,s4,c4 #gg;b7a77 is am5d$-- 7#a7 9  
p>agraph 7#a71 by add+ at ! end !       
foll[+3 ,! t]m security does n include  
an inve/m5t contract asset42 &  7#b7 by 
add+ at ! end ! foll[+3  7#bj7 ,! t]m   
inve/m5t contract asset means a fungible
 digital repres5tation ( value-- 7,a7 t 
c be exclusively possess$ & transf]r$1  
p]son to p]son1 )\t necess>y reliance on
 an int]m$i>y1 & is record$ on a        
cryptographically secur$ public         

di/ribut$ l$g]2  7,b7 sold or o!rwise   
transf]r$1 or int5d$ to be sold or      
o!rwise transf]r$1 pursuant to an       
inve/m5t contract2 &  7,c7 t is n       
o!rwise a security pursuant to ! fir/   
s5t5ce ( p>agraph 7#a74  4  7b7         
,inve/m5t ,advis]s ,act ( #aidj ,section
 #bjb7;a77#ah7 ( ! ,inve/m5t ,advis]s   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#ah77 is am5d$ by add+ at !
 end ! foll[+3 ,! t]m security does n   
include an inve/m5t contract asset 7z   
su* t]m is def9$ "u section #b7;a7 ( !  
,securities ,act ( #aicc744  7c7        
,inve/m5t ,company ,act ( #aidj ,section
 #b7;a77#cf7 ( ! ,inve/m5t ,company ,act
 ( #aidj 7#ae ,u4,s4,c4                 
#hj;a-#b7;a77#cf77 is am5d$ by add+ at !
 end ! foll[+3 ,! t]m security does n   
include an inve/m5t contract asset 7z   
su* t]m is def9$ "u section #b7;a7 ( !  
,securities ,act ( #aicc744  7d7        
,securities ,ex*ange ,act ( #aicd       
,section #c7;a77#aj7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    

#gh;c7a77#aj77 is am5d$ by add+ at ! end
 ! foll[+3 ,! t]m security does n       
include an inve/m5t contract asset 7z   
su* t]m is def9$ "u section #b7;a7 ( !  
,securities ,act ( #aicc744  7e7        
,securities ,inve/or ,protection ,act ( 
#aigj ,section #af7ad7 ( ! ,securities  
,inve/or ,protection ,act ( #aigj 7#ae  
,u4,s4,c4 #ghlll7#ad77 is am5d$ by add+ 
at ! end ! foll[+3 ,! t]m security does 
n include an inve/m5t contract asset 7z 
su* t]m is def9$ "u section #b7;a7 ( !  
,securities ,act ( #aicc744