,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cecc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ba1 #bjbe,mr4   
,emm] 7= himself & ,mr4 ,torres ( ,new  
,york7 introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to provide a safe 
h>bor f lic5s+ & regi/ration = c]ta9    
non-controll+ block*a9 develop]s &      
provid]s ( block*a9 s]vices4  #a4 ,%ort 
title ,?is ,act may be cit$ z !         
,block*a9 ,regulatory ,c]ta9ty ,act4    
#b4 ,safe h>bor = non-controll+ block*a9
 develop]s & provid]s ( block*a9 s]vices
  7a7 ,protection = non-,controll+      
block*a9 s]vices & s(tw>e develop]s ,no 
block*a9 develop] or provid] ( a        
block*a9 s]vice %all be treat$ z a money
 transmitt] or z engag+ 9 money         
transmitt+ 7z def9$ "u any ,/ate or     
,f$]al law71 a f9ancial in/itution 7z   
def9$ "u section #ecab ( title #ca1     
,unit$ ,/ates ,code71 any o!r ,/ate or  
,f$]al legal designation requir+ lic5s+ 
or regi/ration1 or trigg]+ liability =  

unlic5s$ or unregi/]$ conduct1 unless ! 
develop] or provid] has1 9 ! regul>     
c\rse ( bus9ess1 control ov] digital    
assets to :i* a us] is entitl$ "u !     
block*a9 s]vice or ! s(tw>e creat$1     
ma9ta9$1 or dissem9at$ by ! block*a9    
develop] or provid]4  7b7 ,effect on o!r
 laws  7#a7 ,intellectual prop]ty law   
,no?+ 9 ?is section %all be con/ru$ to  
limit or exp& any law p]ta9+ to         
intellectual prop]ty4  7#b7 ,/ate law   
,no?+ 9 ?is section %all be con/ru$ to  
prev5t any ,/ate f en=c+ any ,/ate law t
 is consi/5t ) ?is section4 ,no cause ( 
action may be br\ght & no liability may 
be impos$ "u any ,/ate or local law t is
 inconsi/5t ) ?is section4  7c7         
,def9itions ,z us$ 9 ?is section3 7#a7  
,block*a9 develop] ,! t]m block*a9      
develop] means any p]son or bus9ess t   
creates1 ma9ta9s1 or dissem9ates s(tw>e 
facilitat+ ! creation or ma9t5ance ( a  
block*a9 network or a block*a9 s]vice4  
7#b7 ,block*a9 network ,! t]m block*a9  
network means any sy/em ( network$      

comput]s t coop]ates to rea* cons5sus   
ov] ! /ate ( a comput] program & all[s  
us]s to p>ticipate 9 ! cons5sus-mak+    
process )\t ! ne$ to lic5se propriet>y  
s(tw>e or obta9 p]mission f any o!r us]4
 ,! t]m block*a9 network includes1      
specifically1 a public network (        
comput]s t coop]ates to rea* cons5sus   
ov] ! /ate ( a di/ribut$ l$g] describ+  
transactions 9 a digital asset4  7#c7   
,block*a9 s]vice ,! t]m block*a9 s]vice 
means any in=mation1 transaction1 or    
comput+ s]vice or sy/em t provides or   
enables access to a block*a9 network by 
multiple us]s1 includ+ specifically a   
s]vice or sy/em t enables us]s to s5d1  
receive1 ex*ange1 or /ore digital assets
 describ$ by block*a9 networks4  7#d7   
,control ,! t]m control means !         
unilat]al & indep5d5t legal "r1         
au?ority1 or ability to obta9 ^u dem&   
data suffici5t to initiate transactions 
sp5d+ an am\nt ( digital assets1 )\t    
requir+ ! approval1 cons5t1 or direction
 ( any o!r ?ird p>ty4  7#e7 ,digital    

asset ,! t]m digital asset means any =m 
( intangible p]sonal prop]ty t c be     
exclusively possess$ & transf]r$ p]son  
to p]son )\t necess>y reliance on an    
int]m$i>y4