527 
(B) RELATIONSHIP TO EXCLUDED AC-
TIVITIES.—The term ‘‘decentralized fi-
nance’’ shall not be interpreted to 
limit or exclude any activity from the 
activities described in section 15I(a) 
of the Securities Exchange Act of 
1934 or section 4v(a) of the Com-
modity Exchange Act. 
(2) RELEVANT CONGRESSIONAL COMMIT-
TEES.—The term ‘‘relevant congressional 
committees’’ means— 
(A) the Committees on Financial 
Services and Agriculture of the House 
of Representatives; and 
(B) the Committees on Banking, 
Housing, and Urban Affairs and Agri-
culture, Nutrition, and Forestry of 
the Senate. 
SEC. 506. STUDY ON NON-FUNGIBLE TOKENS. 
(a) IN GENERAL.—The Comptroller General 
of the United States shall carry out a study of 
non-fungible tokens that analyzes— 
(1) the nature, size, role, purpose, and 
use of non-fungible tokens; 
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(2) the similarities and differences be-
tween non-fungible tokens and other dig-
ital commodities, including digital com-
modities 
and 
permitted 
payment 
stablecoins, and how the markets for 
those digital commodities intersect with 
each other; 
(3) how non-fungible tokens are mint-
ed by issuers and subsequently adminis-
tered to purchasers; 
(4) 
how 
non-fungible 
tokens 
are 
stored after being purchased by a con-
sumer; 
(5) the interoperability of non-fun-
gible 
tokens 
between 
different 
blockchain systems; 
(6) the scalability of different non- 
fungible tokens marketplaces; 
(7) the benefits of non-fungible to-
kens, including verifiable digital owner-
ship; 
(8) the risks of non-fungible tokens, 
including— 
(A) intellectual property rights; 
(B) cybersecurity risks; and 
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(C) market risks; 
(9) whether and how non-fungible to-
kens have integrated with traditional 
marketplaces, including those for music, 
real estate, gaming, events, and travel; 
(10) whether and how non-fungible 
tokens can be used to facilitate commerce 
or other activities through the represen-
tation of documents, identification, con-
tracts, licenses, and other commercial, 
government, or personal records; 
(11) any potential risks to traditional 
markets from such integration; and 
(12) the levels and types of illicit ac-
tivity in non-fungible tokens markets. 
(b) REPORT.—Not later than 1 year after 
the date of the enactment of this Act, the 
Comptroller General, shall make publicly 
available a report that includes the results of 
the study required by subsection (a). 
SEC. 507. STUDY ON EXPANDING FINANCIAL LITERACY 
AMONGST DIGITAL COMMODITY HOLDERS. 
(a) IN GENERAL.—The Commodity Futures 
Trading Commission with the Securities and 
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Exchange Commission shall jointly conduct a 
study to identify— 
(1) the existing level of financial lit-
eracy among retail digital commodity 
holders, including subgroups of investors 
identified by the Commodity Futures 
Trading Commission with the Securities 
and Exchange Commission; 
(2) methods to improve the timing, 
content, and format of financial literacy 
materials regarding digital commodities 
provided by the Commodity Futures 
Trading Commission and the Securities 
and Exchange Commission; 
(3) methods to improve coordination 
between the Securities and Exchange 
Commission and the Commodity Futures 
Trading Commission with other agencies, 
including the Financial Literacy and 
Education Commission as well as non-
profit organizations and State and local 
jurisdictions, to better disseminate finan-
cial literacy materials; 
(4) the efficacy of current financial 
literacy efforts with a focus on rural com-
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munities and communities with majority 
minority populations; 
(5) the most useful and understand-
able relevant information, including clear 
disclosures, that retail digital commodity 
holders need to make informed financial 
decisions before engaging with or pur-
chasing a digital commodity or service 
that is typically sold to retail investors of 
digital commodities; 
(6) the most effective public-private 
partnerships in providing financial lit-
eracy regarding digital commodities to 
consumers; 
(7) the most relevant metrics to meas-
ure successful improvement of the finan-
cial literacy of an individual after engag-
ing with financial literacy efforts; and 
(8) in consultation with the Financial 
Literacy and Education Commission, a 
strategy (including to the extent prac-
ticable, measurable goals and objectives) 
to increase financial literacy of investors 
regarding digital commodities. 
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(b) REPORT.—Not later than 1 year after 
the date of the enactment of this Act, the Com-
modity Futures Trading Commission and the 
Securities and Exchange Commission shall 
jointly submit a written report on the study 
required by subsection (a) to the Committees 
on Financial Services and on Agriculture of 
the House of Representatives and the Com-
mittees on Banking, Housing, and Urban Af-
fairs and on Agriculture, Nutrition, and For-
estry of the Senate. 
SEC. 508. STUDY ON FINANCIAL MARKET INFRASTRUCTURE 
IMPROVEMENTS. 
(a) IN GENERAL.—The Commodity Futures 
Trading Commission and the Securities and 
Exchange Commission shall jointly conduct a 
study to assess whether additional guidance 
or rules are necessary to facilitate the devel-
opment of tokenized securities and deriva-
tives products, and to the extent such guid-
ance or rules would foster the development of 
fair and orderly financial markets, be nec-
essary or appropriate in the public interest, 
and be consistent with the protection of in-
vestors and customers. 
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