datamatters24/research-document-archive huggingface dataset:
tem, deploys source code to create units of a dig-
ital asset which are incentive-based rewards— 
‘‘(i) to users of the digital asset or any 
blockchain system to which the digital asset 
relates; or 
‘‘(ii) for activities directly related to 
the operation of the blockchain system, such 
as mining, validating, staking, or other ac-
tivity directly tied to the operation of the 
blockchain system. 
‘‘(28) DIGITAL
ASSET
MATURITY
DATE.—The 
term ‘digital asset maturity date’ means, with respect 
to any units of a digital asset, the first date on which 
20 percent or more of the total units of such digital 
asset that are then outstanding as of such date are— 
‘‘(A) digital commodities; or 
‘‘(B) digital assets that have been registered 
with the Commission. 
‘‘(29) DIGITAL COMMODITY.—The term ‘digital 
commodity’ has the meaning given that term under 
section 1a of the Commodity Exchange Act (7 U.S.C. 
1a). 
‘‘(30) END USER DISTRIBUTION.—The term ‘end 
user distribution’ means an issuance of a unit of a 
digital asset that— 
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915 
(iii) the recruitment, retention, and 
workforce development policies of the De-
partment of Defense with respect to the per-
sonnel needed for military cyber operations; 
(iv) the division of responsibilities be-
tween a dedicated cyber force and the other 
Armed Forces with respect to network man-
agement, resourcing, policy, and operations; 
(v) the doctrine and use of the military 
cyber operations forces; and 
(vi) the costs to the Department result-
ing; 
(B) such other effects of the organizational 
model on the operations of the Department; and 
(C) the relevant authorities and policies of 
the Department of Defense. 
(c) SUPPORT FROM FEDERALLY FUNDED RESEARCH 
AND DEVELOPMENT CENTER.—Upon a request from the 
National Academies, the Secretary shall seek to enter into 
an agreement with a federally funded research and develop-
ment center under which such federally funded research and 
development center shall support the National Academies 
in conducting the evaluation of alternative organizational 
models under an agreement entered into pursuant to sub-
section (a).
916 
(d) ACCESS
TO DEPARTMENT
OF DEFENSE PER-
SONNEL, INFORMATION, AND RESOURCES.—An agreement 
entered into between the Secretary of Defense and the Na-
tional Academies pursuant to subsection (a) shall— 
(1) require the Secretary to provide to the Na-
tional Academies access to such personnel, informa-
tion, and resources of the Department of Defense as 
jointly determined necessary by the National Acad-
emies and the Secretary for the National Academies 
to conduct the evaluation of alternative organiza-
tional models under such agreement; and 
(2) if the Secretary refuses to provide the access 
described in paragraph (1) or any other major obsta-
cle to such access occurs, require the National Acad-
emies to notify the congressional defense committees of 
such refusal or obstacle not later than seven days after 
the date of such refusal or on which the National 
Academies become aware of such obstacle, as applica-
ble. 
(e) REPORT.— 
(1) SUBMISSION TO CONGRESS.—An agreement 
entered into between the Secretary of Defense and the 
National Academies under subsection (a) shall— 
(A) require the National Academies to sub-
mit to the congressional defense committees a
917 
consensus report containing the findings of the 
National Academies with respect to the evalua-
tion of alternative organizational models con-
ducted by the National Academies under an 
agreement entered into pursuant to subsection 
(a); 
(B) require the National Academies to sub-
mit such report in an unclassified manner; and 
(C) permit the National Academies to in-
clude in such report a classified annex. 
(2) PROHIBITION AGAINST INTERFERENCE.—No 
officer or employee of the Federal Government may 
take or fail to take any action, or cause any action 
to be taken or not be taken, for the purpose of altering 
the findings of the National Academies in the report 
required pursuant to paragraph (1) prior to the sub-
mission of such report pursuant to such paragraph. 
(3) DEPARTMENT
OF
DEFENSE
VIEWS
ON
AS-
SESSMENT.—Not later than 90 days after the date on 
which the National Academies submits to the congres-
sional defense committees the report required pursu-
ant to paragraph (1) with respect to the evaluation 
of alternative organizational models conducted by the 
National Academies under an agreement entered into 
pursuant to subsection (a), the Secretary of Defense
5, United States Code, for each day during which 
the members is engaged in the actual performance 
of the duties of the Committee; and 
‘‘(2) while away from the home or regular place 
of business of the member in the performance of 
services for the Committee, be allowed travel ex-
penses, including per diem in lieu of subsistence, in 
the same manner as persons employed intermittently 
in the Government service are allowed expenses 
under section 5703(b) of title 5, United States Code. 
‘‘(f) STAFF.—The Commission shall make available 
to the Committee such staff as the Chair of the Committee 
determines are necessary to carry out this section. 
‘‘(g) REVIEW
BY COMMISSION.—The Commission 
shall— 
‘‘(1) review the findings and recommendations 
of the Committee; and 
‘‘(2) each time the Committee submits a finding 
or recommendation to the Commission, promptly 
issue a public statement— 
‘‘(A) assessing the finding or recommenda-
tion of the Committee; and 
‘‘(B) disclosing the action, if any, the Com-
mission intends to take with respect to the find-
ing or recommendation.
regulator, pursuant to section 5, to issue payment 
stablecoins. 
(8) INSTITUTION-AFFILIATED PARTY.—With re-
spect to a permitted payment stablecoin issuer, the 
term ‘‘institution-affiliated party’’ means any direc-
tor, officer, employee, or person in control of, or 
agent for, the permitted payment stablecoin issuer. 
(9) INSURED DEPOSITORY INSTITUTION.—The 
term ‘‘insured depository institution’’ means— 
(A) an insured depository institution, as 
defined in section 3 of the Federal Deposit In-
surance Act (12 U.S.C. 1813); and 
(B) an insured credit union, as defined in 
section 101 of the Federal Credit Union Act 
(12 U.S.C. 1752). 
(10) MONETARY VALUE.—The term ‘‘monetary 
value’’ means a national currency or deposit (as de-
fined under Section 3 of the Federal Deposit Insur-
ance Act) denominated in a national currency. 
(11) NATIONAL
CURRENCY.—The term ‘‘na-
tional currency’’ means a Federal Reserve note, (as 
the term is used in the first undesignated paragraph 
of section 16 of the Federal Reserve Act (12 U.S.C. 
411)), money issued by a central bank, and money 
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issuer shall, upon request, submit reports to the 
primary Federal payment stablecoin regulator 
as to— 
(i) the Federal qualified nonbank pay-
ment stablecoin issuer’s financial condition, 
systems for monitoring and controlling fi-
nancial and operating risks; and 
(ii) compliance by the Federal quali-
fied nonbank payment stablecoin issuer 
(and any subsidiary thereof) with this Act. 
(B) EXAMINATIONS.—The primary Fed-
eral payment stablecoin regulator may make ex-
aminations of a Federal qualified nonbank pay-
ment stablecoin issuer and each subsidiary of a 
Federal qualified nonbank stablecoin issuer in 
order to inform the regulator of— 
(i) the nature of the operations and fi-
nancial condition of the Federal qualified 
nonbank stablecoin issuer; 
(ii) the financial, operational, and 
other risks within the Federal qualified 
nonbank stablecoin issuer that may pose a 
threat to— 
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(2) MATTERS
INCLUDED.—The report under 
paragraph (1) shall include the following: 
(A) An assessment of the activities under-
taken by the People’s Republic of China and 
Chinese-registered companies to support illicit 
financial networks in Afghanistan, particularly 
such networks involved in narcotics trafficking, 
illicit financial transactions, official corruption, 
natural resources exploitation, and terrorist net-
works. 
(B) An assessment of financial, commer-
cial, and economic activities undertaken by 
China and Chinese companies in Afghanistan to 
support Chinese policies counter to American 
strategic interests. 
(C) Any recommendations to Congress re-
garding legislative or regulatory improvements 
necessary to support the identification and dis-
ruption of Chinese-supported illicit financial 
networks in Afghanistan. 
(3) FORM.—The report under paragraph (1) 
may include a classified annex. 
Æ 
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I 
118TH CONGRESS 
1ST SESSION H. R. 4766 
To provide for the regulation of payment stablecoins, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 20, 2023 
Mr. MCHENRY introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To provide for the regulation of payment stablecoins, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Clarity for Payment 
Stablecoins Act of 2023’’. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) BANK SECRECY ACT.—The term ‘‘Bank Se-
crecy Act’’ means— 
(A) section 21 of the Federal Deposit In-
surance Act (12 U.S.C. 1829b); 
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(B) chapter 2 of title I of Public Law 91– 
508 (12 U.S.C. 1951 et seq.); and 
(C) subchapter II of chapter 53 of title 31, 
United States Code. 
(2) BOARD.—The term ‘‘Board’’ means the 
Board of Governors of the Federal Reserve System. 
(3) COMPTROLLER.—The term ‘‘Comptroller’’ 
means the Comptroller of the Currency. 
(4) CORPORATION.—The term ‘‘Corporation’’ 
means the Federal Deposit Insurance Corporation. 
(5) DIGITAL ASSET.—The term ‘‘digital asset’’ 
means any digital representation of value which is 
recorded on a cryptographically-secured distributed 
ledger. 
(6) DISTRIBUTED LEDGER.—The term ‘‘distrib-
uted ledger’’ means technology where data is shared 
across a network that creates a public digital ledger 
of verified transactions or information among net-
work participants and the data is linked using cryp-
tography to maintain the integrity of the public ledg-
er and execute other functions. 
(7) 
FEDERAL
QUALIFIED
NONBANK 
STABLECOIN ISSUER.—The term ‘‘Federal qualified 
nonbank stablecoin issuer’’ means a nonbank entity 
approved by the primary Federal payment stablecoin 
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(ii) compliance by the Federal quali-
fied nonbank payment stablecoin issuer 
(and any subsidiary thereof) with this Act. 
(B) EXAMINATIONS.—The primary Federal 
payment stablecoin regulator may make exami-
nations of a Federal qualified nonbank payment 
stablecoin issuer and each subsidiary of a Fed-
eral qualified nonbank stablecoin issuer in order 
to inform the regulator of— 
(i) the nature of the operations and fi-
nancial condition of the Federal qualified 
nonbank stablecoin issuer; 
(ii) the financial, operational, and 
other risks within the Federal qualified 
nonbank stablecoin issuer that may pose a 
threat to— 
(I) the safety and soundness of the 
Federal qualified nonbank stablecoin 
issuer; or 
(II) the stability of the financial 
system of the United States; and 
(iii) the systems of the Federal quali-
fied nonbank payment stablecoin issuer for 
monitoring and controlling the risks de-
scribed in clause (ii). 
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SEC. 13. CLARIFYING THAT PAYMENT STABLECOINS ARE 
NOT SECURITIES OR COMMODITIES. 
(a) INVESTMENT ADVISERS ACT OF 1940.—Section 
202(a)(18) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–2(a)(18)) is amended by adding at the end the 
following: ‘‘The term ‘security’ does not include a payment 
stablecoin issued by a permitted payment stablecoin issuer, 
as such terms are defined, respectively, in section 2 of the 
Clarity for Payment Stablecoins Act of 2023.’’. 
(b) INVESTMENT COMPANY ACT
OF 1940.—Section 
2(a)(36) of the Investment Company Act of 1940 (15 U.S.C. 
80a–2(a)(36)) is amended by adding at the end the fol-
lowing: ‘‘The term ‘security’ does not include a payment 
stablecoin issued by a permitted payment stablecoin issuer, 
as such terms are defined, respectively, in section 2 of the 
Clarity for Payment Stablecoins Act of 2023.’’. 
(c) SECURITIES ACT OF 1933.—Section 2(a)(1) of the 
Securities Act of 1933 (15 U.S.C. 77b(a)(1)) is amended 
by adding at the end the following: ‘‘The term ‘security’ 
does not include a payment stablecoin issued by a permitted 
payment stablecoin issuer, as such terms are defined, re-
spectively, in section 2 of the Clarity for Payment 
Stablecoins Act of 2023.’’. 
(d) SECURITIES EXCHANGE ACT OF 1934.—Section 
3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 
78c(a)(10)) is amended by adding at the end the following: 
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(c) DEFINITIONS.—In this section: 
(1) DEPOSITORY
INSTITUTION.—The terms 
‘‘depository institution’’ has the meaning given that 
term under section 3 of the Federal Deposit Insur-
ance Act. 
(2) CREDIT UNION TERMS.—The terms ‘‘Fed-
eral credit union’’ and ‘‘State credit union’’ have the 
meaning given those terms, respectively, under sec-
tion 101 of the Federal Credit Union Act. 
SEC. 13. CLARIFYING THAT PAYMENT STABLECOINS ARE 
NOT SECURITIES OR COMMODITIES. 
(a) INVESTMENT ADVISERS ACT OF 1940.—Section 
202(a)(18) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–2(a)(18)) is amended by adding at the end 
the following: ‘‘The term ‘security’ does not include a pay-
ment stablecoin issued by a permitted payment stablecoin 
issuer, as such terms are defined, respectively, in section 
2 of the Clarity for Payment Stablecoins Act of 2023.’’. 
(b) INVESTMENT COMPANY ACT OF 1940.—Section 
2(a)(36) of the Investment Company Act of 1940 (15 
U.S.C. 80a–2(a)(36)) is amended by adding at the end 
the following: ‘‘The term ‘security’ does not include a pay-
ment stablecoin issued by a permitted payment stablecoin 
issuer, as such terms are defined, respectively, in section 
2 of the Clarity for Payment Stablecoins Act of 2023.’’. 
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(c) SECURITIES ACT OF 1933.—Section 2(a)(1) of 
the Securities Act of 1933 (15 U.S.C. 77b(a)(1)) is 
amended by adding at the end the following: ‘‘The term 
‘security’ does not include a payment stablecoin issued by 
a permitted payment stablecoin issuer, as such terms are 
defined, respectively, in section 2 of the Clarity for Pay-
ment Stablecoins Act of 2023.’’. 
(d) SECURITIES EXCHANGE ACT OF 1934.—Section 
3(a)(10) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)(10)) is amended by adding at the end the 
following: ‘‘The term ‘security’ does not include a payment 
stablecoin issued by a permitted payment stablecoin 
issuer, as such terms are defined, respectively, in section 
2 of the Clarity for Payment Stablecoins Act of 2023.’’. 
(e) SECURITIES INVESTOR PROTECTION ACT
OF 
1970.—Section 16(14) of the Securities Investor Protec-
tion Act of 1970 (15 U.S.C. 78lll(14)) is amended by add-
ing at the end the following: ‘‘The term ‘security’ does 
not include a payment stablecoin issued by a permitted 
payment stablecoin issuer, as such terms are defined, re-
spectively, in section 2 of the Clarity for Payment 
Stablecoins Act of 2023.’’. 
Æ 
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registered proxy advisory firm shall file with the 
Commission an amendment to its registration, in 
such form as the Commission, by rule, may prescribe 
as necessary or appropriate in the public interest or 
for the protection of investors— 
‘‘(A) certifying that the information and 
documents in the application for registration of 
such registered proxy advisory firm continue to 
be accurate in all material respects; and 
‘‘(B) listing any material change that oc-
curred to such information or documents during 
the previous calendar year. 
‘‘(d) CENSURE, DENIAL, OR SUSPENSION OF REG-
ISTRATION; NOTICE AND HEARING.—The Commission, by 
order, shall censure, place limitations on the activities, 
functions, or operations of, suspend for a period not ex-
ceeding 12 months, or revoke the registration of any reg-
istered proxy advisory firm if the Commission finds, on 
the record after notice and opportunity for hearing, that 
such censure, placing of limitations, suspension, or revoca-
tion is necessary for the protection of investors and in the 
public interest and that such registered proxy advisory 
firm, or any person associated with such an organization, 
whether prior to or subsequent to becoming so associ-
ated— 
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118TH CONGRESS 
2D SESSION 
H. R. 4768 
AN ACT 
To require the Secretary of the Treasury to instruct the 
United States Executive Directors at the international 
financial institutions to advocate for investment in 
projects that decrease reliance on Russia for agricultural 
commodities. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘No Russian Agri-
culture Act’’. 
SEC. 2. UNITED STATES ADVOCACY FOR INVESTMENT IN 
PROJECTS THAT DECREASE RELIANCE ON 
RUSSIA FOR AGRICULTURAL COMMODITIES. 
(a) IN GENERAL.—Title XIV of the International Fi-
nancial Institutions Act (22 U.S.C. 262n-262n-3) is 
amended by adding at the end the following: 
‘‘SEC. 1405. ADVOCACY FOR INVESTMENT IN PROJECTS 
THAT DECREASE RELIANCE ON RUSSIA FOR 
AGRICULTURAL COMMODITIES. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall instruct the United States Executive Director at each 
international financial institution (as defined in section 
1701(c)(2)) to use the voice, vote, and influence of the 
United States, to the maximum extent practicable, to en-
courage the respective institution to— 
‘‘(1) support projects that decrease the reliance 
of countries on Russia for agricultural commodities, 
particularly fertilizer and grain; 
‘‘(2) ensure the resilience of global grain sup-
plies; and 
‘‘(3) stimulate private investment in the 
projects.
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2022. 
SEC. 3. DEPENDENT CARE EXPENSES ALLOWED FOR CHIL-
DREN AND DEPENDENTS UP TO AGE 15. 
(a) IN GENERAL.—Section 129(e)(1) of the Internal 
Revenue Code of 1986, as amended by section 1, is 
amended— 
(1) by striking ‘‘or provision of, qualified adop-
tion expenses’’ and inserting ‘‘or provision of, with 
respect to a qualifying individual, qualified adoption 
expenses’’, 
(2) by striking ‘‘The term’’ and inserting the 
following: 
‘‘(A) IN GENERAL.—The term’’, and 
(3) by adding at the end the following: 
‘‘(B) SPECIAL
RULE.—For purposes of 
subparagraph (A), the term ‘qualifying indi-
vidual’ has the meaning given in paragraph (1) 
of section 21(b), except such paragraph shall be 
applied by substituting ‘age 15’ for ‘age 13’.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2022. 
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‘‘(b) WAIVER AUTHORITY.—The Secretary of the 
Treasury may waive subsection (a) with respect to a 
project upon notifying Congress that the waiver is in the 
national interest of the United States.’’. 
(b) REPEAL.—Section 1405 of such Act, as added by 
this section, is repealed effective on the earlier of— 
(1) the date that is 5 years after the date of the 
enactment of this Act; or 
(2) the date that is 30 days after the date the 
President reports to the Congress that the termi-
nation of such section 1405 is important to the na-
tional interest of the United States, with an expla-
nation of the reasons therefor. 
Passed the House of Representatives January 12, 
2024. 
Attest: 
Clerk.
118TH CONGRESS 
2D SESSION 
H. R. 4768 
AN ACT 
To require the Secretary of the Treasury to in-
struct the United States Executive Directors at 
the international financial institutions to advo-
cate for investment in projects that decrease reli-
ance on Russia for agricultural commodities.