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HOUSE 4763118th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Financial Innovation and Technology for the 21st Century Act

Last Action
9/9/2024

Actions

  • 2024-09-09Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • 2024-05-22Motion to reconsider laid on the table Agreed to without objection.
  • 2024-05-22On passage Passed by recorded vote: 279 - 136 (Roll no. 226). (text: CR H3432-3455)
  • 2024-05-22Passed/agreed to in House: On passage Passed by recorded vote: 279 - 136 (Roll no. 226). (text: CR H3432-3455)
  • 2024-05-22The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
  • 2024-05-22The previous question was ordered pursuant to the rule.
  • 2024-05-22The House rose from the Committee of the Whole House on the state of the Union to report H.R. 4763.
  • 2024-05-22POSTPONED PROCEEDINGS - At the conclusion of debate on the Perry amendment No. 4, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
  • 2024-05-22DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Perry amendment No. 4.
  • 2024-05-22POSTPONED PROCEEDINGS - At the conclusion of debate on the Norman amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
  • 2024-05-22DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Norman amendment No. 3.
  • 2024-05-22DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 2.
  • 2024-05-22POSTPONED PROCEEDINGS - At the conclusion of debate on the Casar amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced that the noes prevailed. Mr. Casar demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
  • 2024-05-22DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Casar amendment No. 1.
  • 2024-05-22GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 4763.

Showing 15 of 20 actions. Full history on Congress.gov.

CRS Summary

As of 2024-05-06 (07)

Financial Innovation and Technology for the 21st Century Act

This bill establishes a regulatory framework for digital assets.

The Commodity Futures Trading Commission (CFTC) must regulate a digital asset as a commodity if the blockchain, or digital ledger, on which it runs is functional and decentralized. The bill classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset. In addition, the bill provides the CFTC with exclusive regulatory authority over cash or spot markets for digital commodities.

The Securities and Exchange Commission (SEC) must regulate a digital asset as a security if its associated blockchain is functional but not decentralized. However, the bill establishes certain exceptions to SEC regulation for digital assets that limit annual sales, restrict nonaccredited investor access, and satisfy disclosure and compliance requirements. The bill also sets forth requirements for primary and secondary market transactions.

The CFTC and SEC must jointly issue rules to define terms and exempt dually registered exchanges from duplicative rules.

 

Cosponsors (11)

  • J. Hill (R-AR)
  • Dusty Johnson (R-SD)
  • Warren Davidson (R-OH)
  • Tom Emmer (R-MN)
  • Marcus Molinaro (R-NY)
  • Henry Cuellar (D-TX)
  • Wiley Nickel (D-NC)
  • John Curtis (R-UT)
  • Jim Banks (R-IN)
  • Patrick McHenry (R-NC)
  • Ritchie Torres (D-NY)

Subjects

  • Administrative law and regulatory procedures
  • Advanced technology and technological innovations
  • Commodities markets
  • Commodity Futures Trading Commission
  • Computers and information technology
  • Currency
  • Digital media
  • Licensing and registrations
  • Securities
  • Securities and Exchange Commission (SEC)
Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.