,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #hcch  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #af1 #bjbf,mr4 
,licc>do 7= himself & ,mr4 ,lawl]7      
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to prev5t ! premature seizure (
 an individual's securities1 digital    
assets1 or inve/m5t acc\nts 9 ! cu/ody (
 a f9ancial in/itution "u ,/ate         
es*eatm5t laws1 & = o!r purposes4  #a4  
,%ort title  ,?is ,act may be cit$ z !  
,safegu>d+ ,am]icans' ,fairly ,e>n$     
,retirem5t ,act ( #bjbf or ! ,,saf] ,act
 ( #bjbf4  #b4 ,es*eatm5t ( c]ta9       
securities1 digital assets1 or inve/m5t 
acc\nts held by cu/odians  7a7 ,9 g5]al 
,) respect to any cov]$ asset t is      
directly held or b5eficially own$ by a  
p]son or entity & cu/odi$ by a f9ancial 
in/itution1 ! f9ancial in/itution may n 
yield cu/ody ( ! cov]$ asset1 any       
proce$s f ! sale ( ! cov]$ asset1 or a  
paym5t relat$ to ! cov]$ asset 7su* z a 
divid5d1 pr9cipal paym5t1 =k1 or        

airdrop7 pursuant to a ,/ate unclaim$   
prop]ty law1 regulation1 or adm9i/rative
 action or o!r means ( es*eatm5t1       
unless-- 7#a7 9 ! case ( a cov]$ asset  
directly held or b5eficially own$ by a  
natural p]son--  7,a7 ! f9ancial        
in/itution receives confirmation ( !    
natural p]son's dea? at lea/ #c ye>s    
be=e yield+ cu/ody2  7,b7 no fiduci>y   
appo9t$ to repres5t ! e/ate ( ! natural 
p]son has made an expression ( int]e/ 9 
su* asset1 proce$s1 or paym5t = at lea/ 
#c ye>s be=e yield+ cu/ody2 &  7,c7 9 ! 
case ( an asset1 proce$s1 or a paym5t   
:]e ano!r natural p]son has an own]%ip  
int]e/1 ! f9ancial in/itution receives  
confirmation ( ! o!r natural p]sons's   
dea?2 or  7#b7 9 ! case ( a cov]$ asset 
directly held or b5eficially own$ by a  
p]son or entity o!r ?an a natural p]son1
 ! f9ancial in/itution has no record (  
contact ) a repres5tative ( ! p]son or  
entity = at lea/ #e ye>s4  7b7 ,*eck+ ( 
c]ta9 inactive acc\nts  7#a7  ,9 g5]al  
,9 ! case ( a cov]$ asset describ$ 9    

subsection 7a7 t is directly held or    
b5eficially own$ by a natural p]son :o  
has atta9$ retirem5t age & cu/odi$ by a 
f9ancial in/itution1 at ! end ( ! #e-ye>
 p]iod beg9n+ on ! date t ! f9ancial    
in/itution la/ has a record ( contact ) 
! natural p]son 7or a repres5tative     
!re(71 & e five ye>s !reaft]1 ! f9ancial
 in/itution %all conduct a comp>ison (  
its records ) a ,/ate or ,f$]al         
,gov]nm5t database ( dea?s to id5tify   
:e!r ! natural p]son is deceas$4  7#b7  
,retirem5t age def9$ ,9 ?is subsection &
 ) respect to a natural p]son1 ! t]m    
retirem5t age means ! applicable age1 z 
def9$ 9 section #dja7;a77#i77;,c77v7 ( !
 ,int]nal ,rev5ue ,code ( #aihf4  7c7   
,dea? det]m9ation ,= purposes ( ?is     
section1 a f9ancial in/itution may      
confirm ! dea? ( a natural p]son if--   
7#a7 ! f9ancial in/itution obta9s a dea?
 c]tificate = ! natural p]son2 or  7#b7 
! f9ancial in/itution obta9s su* o!r    
legal docum5ts z ! in/itution det]m9es  
suffici5t to confirm ! dea? ( ! natural 

p]son4  7d7 ,preemption ,?is section    
preempts any ,/ate law1 regulation1     
ord9ance1 or o!r provision t requires a 
f9ancial in/itution to remit1 es*eat1   
yield cu/ody1 or o!rwise transf] any    
asset1 security1 or inve/m5t acc\nt to a
 ,/ate or local gov]nm5t 9 any mann] t  
conflicts ) ?is section4  7e7 ,s5se (   
,congress ,x is ! s5se ( ,congress t--  
7#a7 ?is section does n preempt any     
,/ate law1 regulation1 ord9ance1 or o!r 
provision requir+ communication betwe5 !
 ,/ate & a f9ancial in/itution or a     
p]son or entity t directly holds or     
b5eficially owns a cov]$ asset2 &  7#b7 
?is section does n prev5t an own] ( a   
cov]$ asset f seek+ rem$ies ?r\gh ,/ate 
or ,f$]al law = mi%&l+ or improp]       
es*eatm5t ( a cov]$ asset4  7f7         
,def9itions ,9 ?is section3 7#a7 ,cov]$ 
asset ,! t]m cov]$ asset--  7,a7 means  
any-- 7i7 security2  7ii7 digital asset2
 or  7iii7 inve/m5t acc\nt2 &  7,b7 does
 n include an employee b5efit plan      
subject to title ,i ( ! ,employee       

,retirem5t ,income ,security ,act (     
#aigd4  7#b7 ,digital asset ,! t]m      
digital asset means any digital         
repres5tation ( value :i* is record$ on 
a cryptographically-secur$ di/ribut$    
l$g] or o!r simil> te*nology4  7#c7     
,employee b5efit plan ,! t]m employee   
b5efit plan has ! mean+ giv5 t t]m "u   
section #c7c7 ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajjb7c774  7#d7 ,f9ancial    
in/itution ,! t]m f9ancial in/itution-- 
7,a7 has ! mean+ giv5 t t]m "u section  
#ecab ( title #ca1 ,unit$ ,/ates ,code2 
&  7,b7 includes any--  7i7 national    
bank2  7ii7 transf] ag5t2 or  7iii7     
c5traliz$ digital asset ex*ange4  7#e7  
,inve/m5t acc\nt ,! t]m inve/m5t acc\nt 
means an acc\nt1 includ+ a retirem5t    
acc\nt1 t c be us$ to hold1 manage1 buy1
 sell1 or trade a digital asset or      
security4  7#f7 ,security ,! t]m        
security has ! mean+ giv5 t t]m "u      
section #c ( ! ,securities ,ex*ange ,act
 ( #aicd 7#ae ,u4,s4,c4 #gh;c74  7#g7   

,/ate ,! t]m ,/ate means ea* ( ! sev]al 
,/ates1 ! ,di/rict ( ,columbia1 & ea*   
t]ritory or possession ( ! ,unit$       
,/ates4  7g7 ,rule ( application ,?is   
section %all apply to a cov]$ asset1    
proce$s f ! sale ( a cov]$ asset1 & a   
paym5t relat$ to a cov]$ asset-- 7#a7 t 
is held or b5eficially own$ by a p]son  
or entity on or aft] ! date ( enactm5t (
 ?is ,act2 &  7#b7 ! cu/ody ( :i* has n 
be5 yield$ pursuant to a ,/ate unclaim$ 
prop]ty law1 regulation1 or adm9i/rative
 action or o!r means ( es*eatm5t z ( !  
date ( enactm5t ( ?is ,act4