,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cfaa  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #ab1 #bjbf,ms4 
,lummis 7= h]self & ,mr4 ,wyd57         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to cl>ify ! treatm5t ( c]ta9   
non-controll+ develop]s or provid]s (   
di/ribut$ l$g] s]vices involv$ 9 digital
 assets ) respect to money transmission 
laws1 & = o!r purposes4  #a4 ,%ort title
 ,?is ,act may be cit$ z ! ,block*a9    
,regulatory ,c]ta9ty ,act ( #bjbf4  #b4 
,treatm5t ( c]ta9 non-controll+         
develop]s ) respect to money            
transmission laws  7a7 ,def9itions ,9   
?is section3 7#a7 ,develop] or provid]  
,! t]m develop] or provid] means any    
p]son or bus9ess t creates or publi%es  
s(tw>e to facilitate ! creation (1 or   
provide ma9t5ance to1 a di/ribut$ l$g]1 
or a s]vice associat$ ) a di/ribut$     
l$g]4  7#b7 ,digital asset ,! t]m       
digital asset means any digital         

repres5tation ( value :i* is record$ on 
a cryptographically secur$ di/ribut$    
l$g]4  7#c7 ,di/ribut$ l$g] ,! t]m      
di/ribut$ l$g] means te*nology 9 :i*    
data is %>$ across a network t-- 7,a7   
creates a public digital l$g] ( v]ifi$  
transactions or in=mation among network 
p>ticipants2 &  7,b7 uses cryptography  
to l9k ! data to ma9ta9 ! integrity ( ! 
public l$g] & execute o!r functions4    
7#d7 ,di/ribut$ l$g] s]vice ,! t]m      
di/ribut$ l$g] s]vice means any         
in=mation1 transaction1 or comput+      
s]vice or sy/em t provides or enables   
access to a di/ribut$ l$g] sy/em by     
multiple us]s1 includ+ a s]vice or sy/em
 t enables us]s to s5d1 receive1        
ex*ange1 or /ore digital assets describ$
 by di/ribut$ l$g] sy/ems4  7#e7        
,non-controll+ develop] or provid] ,!   
t]m non-controll+ develop] or provid]   
means a develop] or provid] ( a         
di/ribut$ l$g] s]vice t1 9 ! regul>     
c\rse ( op]ations1 does n h ! legal "r  
or ! unilat]al & indep5d5t ability to   

control1 initiate ^u dem&1 or effectuate
 transactions involv+ digital assets to 
:i* us]s are entitl$1 )\t ! approval1   
cons5t1 or direction ( any o!r ?ird     
p>ty4  7b7 ,treatm5t ,not)/&+ any o!r   
provision ( law1 a non-controll+        
develop] or provid]-- 7#a7 %all n be    
treat$ z-- 7,a7 a money transmitt+      
bus9ess1 z def9$ 9 section #eccj ( title
 #ca1 ,unit$ ,/ates ,code1 & !          
regulations promulgat$ "u t section2 or 
7,b7 engag$ 9 money transmitt+1 z def9$ 
9 section #aifj ( title #ah1 ,unit$     
,/ates ,code1 z am5d$ by ?is ,act2 &    
7#b7 on or aft] ! date ( enactm5t ( ?is 
,act1 %all n be o!rwise subject to any  
regi/ration requirem5t t is sub/antially
 simil> to a requirem5t 7z 9 effect on !
 day be=e ! date ( enactm5t ( ?is ,act7 
t applies to an entity describ$ 9       
subp>agraph 7,a7 or 7,b7 ( p>agraph     
7#a71 solely on ! basis (-- 7,a7 creat+ 
or publi%+ s(tw>e to facilitate !       
creation (1 or provid+ ma9t5ance s]vices
 to1 a di/ribut$ l$g] or a s]vice       

associat$ ) a di/ribut$ l$g]2  7,b7     
provid+ h>dw>e or s(tw>e to facilitate a
 cu/om]'s own cu/ody or safekeep+ ( !   
digital assets ( ! cu/om]2 or  7,c7     
provid+ infra/ructure support to ma9ta9 
a di/ribut$ l$g] s]vice4  7c7 ,rules (  
con/ruction ,no?+ 9 ?is section may be  
con/ru$-- 7#a7 to affect :e!r a develop]
 or provid] ( a block*a9 s]vice is      
o!rwise subject to classification or    
treatm5t z a money transmitt]1 or z     
engag$ 9 money transmitt+1 "u applicable
 ,f$]al or ,/ate law1 includ+ laws      
relat+ to anti-money laund]+ or c\nt]+ !
 f9anc+ ( t]rorism1 bas$ on conduct     
outside ! scope ( subsection 7b72  7#b7 
to affect :e!r a develop] or provid] is 
o!rwise subject to classification or    
treatm5t z a f9ancial in/itution "u     
sub*apt] ,,ii ( *apt] #ec ( title #ca1  
,unit$ ,/ates ,code1 ?is ,act1 any      
am5dm5t made by ?is ,act1 or any ,act   
enact$ aft] ! date ( enactm5t ( ?is     
,act2  7#c7 to limit or exp& any law    
p]ta9+ to intellectual prop]ty2  7#d7 to

 prev5t any ,/ate f en=c+ any ,/ate law 
t is consi/5t ) ?is section2 or  7#e7 to
 create a cause ( action or impose      
liability "u any ,/ate or local law t is
 inconsi/5t ) ?is section4