,,ii  #aai? ,,congress  #b;d ,session   
,s4 #daeg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ai1 #bjbf ,mr4   
,durb9 7= himself1 ,ms4 ,w>r51 ,mr4     
,wel*1 ,mr4 ,s&]s1 ,ms4 ,smi?1 & ,ms4   
,hirono7 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to prohibit bail\ts ( digital  
asset m>ket p>ticipants1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,no ,bail\t = ,crypto ,act4
  #b4 ,prohibition on bail\ts ( digital 
asset m>ket p>ticipants  7a7 ,def9itions
 ,9 ?is section3  7#a7 ,block*a9 ,! t]m 
block*a9 means te*nology-- 7,a7 ?r\gh   
:i* data is %>$ across a network t      
creates a public block*a9 ( v]ifi$      
transactions or in=mation among network 
p>ticipants2 &  7,b7 9 :i* cryptography 
is us$ to l9k ! data describ$ 9         
subp>agraph 7,a7-- 7i7 to ma9ta9 !      
integrity ( ! block*a9 describ$ 9 t     
subp>agraph2 &  7ii7 to execute o!r     
functions4  7#b7 ,dec5traliz$ f9ance    

trad+ protocol ,! t]m dec5traliz$ f9ance
 trad+ protocol means a block*a9 sy/em  
?r\gh :i* multiple p>ticipants c execute
 a f9ancial transaction--  7,a7 9       
accordance ) an automat$ rule or        
algori?m t is pr$et]m9$ &               
non-discretion>y2 &  7,b7 )\t reliance  
on any o!r p]son to ma9ta9 control ( !  
digital assets ( ! us] dur+ any "p ( !  
f9ancial transaction4  7#c7 ,digital    
asset int]m$i>y ,! t]m digital asset    
int]m$i>y means any p]son t provides    
s]vices t are f9ancial 9 nature1 z def9$
 9 section #d7k77#d7 ( ! ,bank ,hold+   
,company ,act 7#ab ,u4,s4,c4            
#ahdc7k77#d771 ) respect to any digital 
asset4  7#d7 ,f9ancial s]vice provid] ,!
 t]m f9ancial s]vice provid] means a    
f9ancial s]vice provid] t is regulat$ by
 a ,f$]al bank+ ag5cy1 z def9$ 9 section
 #c ( ! ,f$]al ,deposit ,insurance ,act 
7#ab ,u4,s4,c4 #ahac74  7#e7 ,,g5ius    
,act t]ms ,! t]ms digital asset1 digital
 asset s]vice provid]1 & di/ribut$ l$g] 
protocol h ! mean+s giv5 ^? t]ms1       

respectively1 9 section #b ( ! ,,g5ius  
,act 7#ab ,u4,s4,c4 #eija74  7b7        
,prohibition on f9ancial assi/ance ,a   
,f$]al ag5cy may n provide f9ancial     
assi/ance to a digital asset int]m$i>y1 
digital asset s]vice provid]1 di/ribut$ 
l$g] protocol1 dec5traliz$ f9ance trad+ 
protocol1 or f9ancial s]vice provid] )  
respect to digital asset activities1 to 
prev5t ! failure or bankruptcy ( !      
digital asset commodity int]m$i>y4  7c7 
,em]g5cy liquidity facilities ,a digital
 asset int]m$i>y1 digital asset s]vice  
provid]1 di/ribut$ l$g] protocol1       
dec5traliz$ f9ance trad+ protocol1 or   
f9ancial s]vice provid] ) respect to    
digital asset activities may n h access 
to any em]g5cy liquidity facility       
e/abli%$ "u section #ac7c7 ( ! ,f$]al   
,res]ve ,act 7#ab ,u4,s4,c4 #cdc74  7d7 
,ex*ange ,/abilization ,fund ,!         
,secret>y ( ! ,treasury may n use any   
am\nts 9 ! ,ex*ange ,/abilization ,fund 
e/abli%$ "u section #ecjb ( title #ca1  
,unit$ ,/ates ,code1 = ! b5efit ( any   

digital asset int]m$i>y1 digital asset  
s]vice provid]1 di/ribut$ l$g] protocol1
 dec5traliz$ f9ance trad+ protocol or   
f9ancial s]vice provid] ) respect to    
digital asset activities4  7e7 ,rule (  
con/ruction ,! prohibition "u subsection
 7b7 %all n alt] ! ,f$]al ,res]ve's     
au?ority to l5d to depository           
in/itutions "u section #aj;,b ( ! ,f$]al
 ,res]ve ,act 7#ab ,u4,s4,c4 #cdg;b74