I 

118TH CONGRESS 

2D SESSION H. R. 8464 

To require the Board of Governors of the Federal Reserve System, the 

Board of Directors of the Federal Deposit Insurance Corporation, the 

Comptroller of the Currency, and the National Credit Union Administration Board to jointly submit a report on trends in the use of blockchain 

technology to tokenize traditional assets, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 17, 2024 

Mr. TIMMONS (for himself and Mr. TORRES of New York) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To require the Board of Governors of the Federal Reserve 

System, the Board of Directors of the Federal Deposit 

Insurance Corporation, the Comptroller of the Currency, 

and the National Credit Union Administration Board 

to jointly submit a report on trends in the use of 

blockchain technology to tokenize traditional assets, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Tokenization Report 

5 Act of 2024’’. 


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1 SEC. 2. REPORT ON TRENDS IN TOKENIZATION OF TRADI2 TIONAL ASSETS USING BLOCKCHAIN TECH3 NOLOGY. 

4 (a) REPORT REQUIRED.—Not later than 180 days 

5 after the date of the enactment of this Act, the Board 

6 of Governors of the Federal Reserve System, the Federal 

7 Deposit Insurance Corporation, the Comptroller of the 

8 Currency, and the National Credit Union Administration 

9 Board shall jointly submit to the Committee on Financial 

10 Services of the House of Representatives and the Com11 mittee on Banking, Housing, and Urban Affairs of the 

12 Senate a report on trends in the use of blockchain tech13 nology to tokenize traditional assets. 

14 (b) CONTENTS OF REPORT.—The report required 

15 under subsection (a) shall include the following elements: 

16 (1) The potential benefits and risks of utilizing 

17 blockchain networks for traditional asset 

18 tokenization, including the impacts to settlement ef19 ficiency, cost, counterparty risk, and any other im20 pacts. 

21 (2) The critical differences between 

22 permissioned and permissionless blockchain networks 

23 for traditional asset tokenization. 

24 (3) The current state of blockchain interoper25 ability and integration capabilities across different 


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1 networks and platforms, and the effects on wide2 spread adoption of such capabilities. 

3 (4) Emerging global regulatory approaches to 

4 tokenized traditional assets, including differential 

5 capital requirements based on underlying technology. 

6 (5) Whether additional guidance or rules are 

7 necessary to facilitate traditional asset tokenization. 

8 (6) How control features of blockchain net9 works impact the ability of tokenized traditional as10 sets to retain their existing risk profile. 

11 (7) A summary of the legal permissibility and 

12 regulatory requirements of the use of blockchain 

13 technology to tokenize traditional assets. 

14 (c) PUBLIC INPUT.—The Board of Governors of the 

15 Federal Reserve System, the Federal Deposit Insurance 

16 Corporation, the Comptroller of the Currency, and the Na17 tional Credit Union Administration Board shall collect 

18 public input to inform the drafting of the report required 

19 under subsection (a). 

20 (d) BLOCKCHAIN DEFINED.—In this section, the 

21 term ‘‘blockchain’’ means any technology where data is— 

22 (1) shared across a network to create a ledger 

23 of verified transactions or information among net24 work participants; 


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1 (2) linked using cryptography to maintain the 

2 integrity of the ledger and to execute other func3 tions; and 

4 (3) distributed among network participants in 

5 an automated fashion to concurrently update net6 work participants on the state of the ledger and any 

7 other functions. 

Æ 


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