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‘‘(D) analyze technological advancements 
and the impact of regulatory requirements on 
financial technology companies; 
‘‘(E) advise the Commission with respect 
to rulemakings or other agency or staff action 
regarding financial technology; 
‘‘(F) provide businesses working in emerg-
ing financial technology fields with information 
on the Commission, its rules and regulations; 
and 
‘‘(G) encourage firms working in emerging 
technology fields to engage with the Commis-
sion and obtain feedback from the Commission 
on potential regulatory issues. 
‘‘(5) ACCESS TO DOCUMENTS.—The Commis-
sion shall ensure that FinHub has full access to the 
documents and information of the Commission and 
any self-regulatory organization, as necessary to 
carry out the functions of FinHub. 
‘‘(6) REPORT TO CONGRESS.— 
‘‘(A) IN GENERAL.—Not later than Octo-
ber 31 of each year after 2024, FinHub shall 
submit to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of 
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Representatives a report on the activities of 
FinHub during the immediately preceding fiscal 
year. 
‘‘(B) CONTENTS.—Each report required 
under subparagraph (A) shall include— 
‘‘(i) the total number of persons that 
met with FinHub; 
‘‘(ii) the total number of market par-
ticipants FinHub met with, including the 
classification of those participants; 
‘‘(iii) a summary of general issues dis-
cussed during meetings with persons; 
‘‘(iv) information on steps FinHub 
has taken to improve Commission services, 
including responsiveness to the concerns of 
persons; 
‘‘(v) recommendations— 
‘‘(I) with respect to the regula-
tions of the Commission and the guid-
ance and orders of the Commission; 
and 
‘‘(II) for such legislative actions 
as FinHub determines appropriate; 
and 
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‘‘(vi) any other information, as deter-
mined appropriate by the Director of 
FinHub. 
‘‘(C) CONFIDENTIALITY.—A report under 
subparagraph (A) may not contain confidential 
information. 
‘‘(7) SYSTEMS OF RECORDS.— 
‘‘(A) IN GENERAL.—The Commission shall 
establish a detailed system of records (as de-
fined under section 552a of title 5, United 
States Code) to assist FinHub in commu-
nicating with interested parties. 
‘‘(B) ENTITIES
COVERED
BY
THE
SYS-
TEM.—Entities covered by the system required 
under subparagraph (A) include entities or per-
sons submitting requests or inquiries and other 
information to Commission through FinHub. 
‘‘(C) 
SECURITY
AND
STORAGE
OF 
RECORDS.—FinHub shall store— 
‘‘(i) electronic records— 
‘‘(I) in the system required under 
subparagraph (A); or 
‘‘(II) on the secure network or 
other electronic medium, such as 
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encrypted hard drives or back-up 
media, of the Commission; and 
‘‘(ii) paper records in secure facilities. 
‘‘(8) EFFECTIVE DATE.—This subsection shall 
take effect on the date that is 180 days after the 
date of the enactment of this subsection.’’. 
SEC. 603. CODIFICATION OF LABCFTC. 
(a) IN GENERAL.—Section 18 of the Commodity Ex-
change Act (7 U.S.C. 22) is amended by adding at the 
end the following: 
‘‘(c) LABCFTC.— 
‘‘(1) ESTABLISHMENT.—There is established in 
the Commission LabCFTC. 
‘‘(2) PURPOSE.—The purposes of LabCFTC 
are to— 
‘‘(A) promote responsible financial tech-
nology innovation and fair competition for the 
benefit of the American public; 
‘‘(B) serve as an information platform to 
inform the Commission about new financial 
technology innovation; and 
‘‘(C) provide outreach to financial tech-
nology innovators to discuss their innovations 
and the regulatory framework established by 
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this Act and the regulations promulgated there-
under. 
‘‘(3) DIRECTOR.—LabCFTC shall have a Direc-
tor, who shall be appointed by the Commission and 
serve at the pleasure of the Commission. Notwith-
standing section 2(a)(6)(A), the Director shall re-
port directly to the Commission and perform such 
functions and duties as the Commission may pre-
scribe. 
‘‘(4) DUTIES.—LabCFTC shall— 
‘‘(A) advise the Commission with respect 
to rulemakings or other agency or staff action 
regarding financial technology; 
‘‘(B) provide internal education and train-
ing to the Commission regarding financial tech-
nology; 
‘‘(C) advise the Commission regarding fi-
nancial technology that would bolster the Com-
mission’s oversight functions; 
‘‘(D) engage with academia, students, and 
professionals on financial technology issues, 
ideas, and technology relevant to activities 
under this Act; 
‘‘(E) provide persons working in emerging 
technology fields with information on the Com-
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mission, its rules and regulations, and the role 
of a registered futures association; and 
‘‘(F) encourage persons working in emerg-
ing technology fields to engage with the Com-
mission and obtain feedback from the Commis-
sion on potential regulatory issues. 
‘‘(5) ACCESS TO DOCUMENTS.—The Commis-
sion shall ensure that LabCFTC has full access to 
the documents and information of the Commission 
and any self-regulatory organization or registered fu-
tures association, as necessary to carry out the func-
tions of LabCFTC. 
‘‘(6) REPORT TO CONGRESS.— 
‘‘(A) IN GENERAL.—Not later than Octo-
ber 31 of each year after 2024, LabCFTC shall 
submit to the Committee on Agriculture of the 
House of Representatives and the Committee 
on Agriculture, Nutrition, and Forestry of the 
Senate a report on its activities. 
‘‘(B) CONTENTS.—Each report required 
under paragraph (1) shall include— 
‘‘(i) the total number of persons that 
met with LabCFTC; 
‘‘(ii) a summary of general issues dis-
cussed during meetings with the person; 
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‘‘(iii) information on steps LabCFTC 
has taken to improve Commission services, 
including responsiveness to the concerns of 
persons; 
‘‘(iv) recommendations made to the 
Commission with respect to the regula-
tions, guidance, and orders of the Commis-
sion and such legislative actions as may be 
appropriate; and 
‘‘(v) any other information determined 
appropriate by the Director of LabCFTC. 
‘‘(C) CONFIDENTIALITY.—A report under 
paragraph (A) shall abide by the confidentiality 
requirements in section 8. 
‘‘(7) SYSTEMS OF RECORDS.— 
‘‘(A) IN GENERAL.—The Commission shall 
establish a detailed system of records (as de-
fined in section 552a of title 5, United States 
Code) to assist LabCFTC in communicating 
with interested parties. 
‘‘(B) PERSONS
COVERED
BY
THE
SYS-
TEM.—The persons covered by the system of 
records shall include persons submitting re-
quests or inquiries and other information to the 
Commission through LabCFTC. 
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‘‘(C) 
SECURITY
AND
STORAGE
OF 
RECORDS.—The system of records shall store 
records electronically or on paper in secure fa-
cilities, and shall store electronic records on the 
secure network of the Commission and on other 
electronic media, such as encrypted hard drives 
and back-up media, as needed.’’. 
(b) 
CONFORMING
AMENDMENTS.—Section 
2(a)(6)(A) of such Act (7 U.S.C. 2(a)(6)(A)) is amend-
ed— 
(1) by striking ‘‘paragraph and in’’ and insert-
ing ‘‘paragraph,’’; and 
(2) by inserting ‘‘and section 18(c)(3),’’ before 
‘‘the executive’’. 
(c) EFFECTIVE DATE.—The Commodity Futures 
Trading Commission shall implement the amendments 
made by this section (including complying with section 
18(c)(7) of the Commodity Exchange Act) within 180 
days after the date of the enactment of this Act. 
SEC. 604. CFTC-SEC JOINT ADVISORY COMMITTEE ON DIG-
ITAL ASSETS. 
(a) ESTABLISHMENT.—The Commodity Futures 
Trading Commission and the Securities and Exchange 
Commission (in this section referred to as the ‘‘Commis-
sions’’) shall jointly establish the Joint Advisory Com-
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mittee on Digital Assets (in this section referred to as the 
‘‘Committee’’). 
(b) PURPOSE.— 
(1) IN GENERAL.—The Committee shall— 
(A) provide the Commissions with advice 
on the rules, regulations, and policies of the 
Commissions related to digital assets; 
(B) further the regulatory harmonization 
of digital asset policy between the Commissions; 
(C) examine and disseminate methods for 
describing, measuring, and quantifying digital 
asset— 
(i) decentralization; 
(ii) functionality; 
(iii) information asymmetries; and 
(iv) transaction and network security; 
(D) examine the potential for digital as-
sets, blockchain systems, and distributed ledger 
technology to improve efficiency in the oper-
ation of financial market infrastructure and 
better protect financial market participants, in-
cluding services and systems which provide— 
(i) improved customer protections; 
(ii) public availability of information; 
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(iii) greater transparency regarding 
customer funds; 
(iv) reduced transaction cost; and 
(v) increased access to financial mar-
ket services; and 
(E) discuss the implementation by the 
Commissions of this Act and the amendments 
made by this Act. 
(2) REVIEW BY AGENCIES.—Each Commission 
shall— 
(A) review the findings and recommenda-
tions of the Committee; 
(B) promptly issue a public statement each 
time the Committee submits a finding or rec-
ommendation to a Commission— 
(i) assessing the finding or rec-
ommendation of the Committee; 
(ii) disclosing the action or decision 
not to take action made by the Commis-
sion in response to a finding or rec-
ommendation; and 
(iii) explaining the reasons for the ac-
tion or decision not to take action; and 
(C) each time the Committee submits a 
finding or recommendation to a Commission, 
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provide the Committee with a formal response 
to the finding or recommendation not later than 
3 months after the date of the submission of 
the finding or recommendation. 
(c) MEMBERSHIP AND LEADERSHIP.— 
(1) NON-FEDERAL MEMBERS.— 
(A) IN GENERAL.—The Commissions shall 
appoint at least 20 nongovernmental stake-
holders who represent a broad spectrum of in-
terests, equally divided between the Commis-
sions, to serve as members of the Committee. 
The appointees shall include— 
(i) digital asset issuers; 
(ii) persons registered with the Com-
missions and engaged in digital asset re-
lated activities; 
(iii) individuals engaged in academic 
research relating to digital assets; and 
(iv) digital asset users. 
(B) MEMBERS NOT COMMISSION EMPLOY-
EES.—Members appointed under subparagraph 
(A) shall not be deemed to be employees or 
agents of a Commission solely by reason of 
membership on the Committee. 
(2) CO-DESIGNATED FEDERAL OFFICERS.— 
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(A) NUMBER; APPOINTMENT.—There shall 
be 2 co-designated Federal officers of the Com-
mittee, as follows: 
(i) The Director of LabCFTC of the 
Commodity Futures Trading Commission. 
(ii) The Director of the Strategic Hub 
for Innovation and Financial Technology 
of the Securities and Exchange Commis-
sion. 
(B) DUTIES.—The duties required by 
chapter 10 of title 5, United States Code, to be 
carried out by a designated Federal officer with 
respect to the Committee shall be shared by the 
co-designated Federal officers of the Com-
mittee. 
(3) COMMITTEE LEADERSHIP.— 
(A) COMPOSITION; ELECTION.—The Com-
mittee members shall elect, from among the 
Committee members— 
(i) a chair; 
(ii) a vice chair; 
(iii) a secretary; and 
(iv) an assistant secretary. 
(B) TERM
OF
OFFICE.—Each member 
elected under subparagraph (A) in a 2-year pe-
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riod referred to in section 1013(b)(2) of title 5, 
United States Code, shall serve in the capacity 
for which the member was so elected, until the 
end of the 2-year period. 
(d) NO COMPENSATION
FOR COMMITTEE MEM-
BERS.— 
(1) NON-FEDERAL MEMBERS.—All Committee 
members appointed under subsection (c)(1) shall— 
(A) serve without compensation; and 
(B) while away from the home or regular 
place of business of the member in the perform-
ance of services for the Committee, be allowed 
travel expenses, including per diem in lieu of 
subsistence, in the same manner as persons em-
ployed intermittently in the Government service 
are allowed expenses under section 5703(b) of 
title 5, United States Code. 
(2) NO
COMPENSATION
FOR
CO-DESIGNATED 
FEDERAL OFFICERS.—The co-designated Federal of-
ficers shall serve without compensation in addition 
to that received for their services as officers or em-
ployees of the United States. 
(e) FREQUENCY
OF MEETINGS.—The Committee 
shall meet— 
(1) not less frequently than twice annually; and 
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(2) at such other times as either Commission 
may request. 
(f) DURATION.—Section 1013(a)(2) of title 5, United 
States Code, shall not apply to the Committee. 
(g) TIME LIMITS.—The Commissions shall— 
(1) adopt a joint charter for the Committee 
within 90 days after the date of the enactment of 
this section; 
(2) appoint members to the Committee within 
120 days after such date of enactment; and 
(3) hold the initial meeting of the Committee 
within 180 days after such date of enactment. 
(h) FUNDING.—Subject to the availability of funds, 
the Commissions shall jointly fund the Committee. 
SEC. 605. STUDY ON DECENTRALIZED FINANCE. 
(a) IN GENERAL.—The Commodity Futures Trading 
Commission and the Securities and Exchange Commission 
shall jointly carry out a study on decentralized finance 
that analyzes— 
(1) the nature, size, role, and use of decentral-
ized finance blockchain protocols; 
(2) the operation of blockchain protocols that 
comprise decentralized finance; 
(3) the interoperability of blockchain protocols 
and blockchain systems; 
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(4) the interoperability of blockchain protocols 
and software-based systems, including websites and 
wallets; 
(5) 
the 
decentralized 
governance 
systems 
through which blockchain protocols may be devel-
oped, published, constituted, administered, main-
tained, or otherwise distributed, including— 
(A) whether the systems enhance or de-
tract from— 
(i) the decentralization of the decen-
tralized finance; and 
(ii) the inherent benefits and risks of 
the decentralized governance system; and 
(B) any procedures, requirements, or best 
practices that would mitigate the risks identi-
fied in subparagraph (A)(ii); 
(6) the benefits of decentralized finance, includ-
ing— 
(A) operational resilience and availability 
of blockchain systems; 
(B) interoperability of blockchain systems; 
(C) market competition and innovation; 
(D) transaction efficiency; 
(E) transparency and traceability of trans-
actions; and 
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(F) disintermediation; 
(7) the risks of decentralized finance, includ-
ing— 
(A) pseudonymity of users and trans-
actions; 
(B) disintermediation; and 
(C) cybersecurity vulnerabilities; 
(8) the extent to which decentralized finance 
has integrated with the traditional financial markets 
and any potential risks or improvements to the sta-
bility of the markets; 
(9) how the levels of illicit activity in decentral-
ized finance compare with the levels of illicit activity 
in traditional financial markets; 
(10) methods for addressing illicit activity in 
decentralized finance and traditional markets that 
are tailored to the unique attributes of each; 
(11) how decentralized finance may increase the 
accessibility of cross-border transactions; and 
(12) the feasibility of embedding self-executing 
compliance and risk controls into decentralized fi-
nance. 
(b) CONSULTATION.—In carrying out the study re-
quired under subsection (a), the Commodity Futures 
Trading Commission and the Securities and Exchange 
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Commission shall consult with the Secretary of the Treas-
ury on the factors described under paragraphs (7) through 
(10) of subsection (a). 
(c) REPORT.—Not later than 1 year after the date 
of enactment of this Act, the Commodity Futures Trading 
Commission and the Securities and Exchange Commission 
shall jointly submit to the relevant congressional commit-
tees a report that includes the results of the study re-
quired by subsection (a). 
(d) GAO STUDY.—The Comptroller General of the 
United States shall— 
(1) carry out a study on decentralized finance 
that analyzes the information described under para-
graphs (1) through (12) of subsection (a); and 
(2) not later than 1 year after the date of en-
actment of this Act, submit to the relevant congres-
sional committees a report that includes the results 
of the study required by paragraph (1). 
(e) DEFINITIONS.—In this section: 
(1) DECENTRALIZED FINANCE.— 
(A) IN GENERAL.—The term ‘‘decentral-
ized finance’’ means blockchain protocols that 
allow users to engage in financial transactions 
in a self-directed manner so that a third-party 
intermediary does not effectuate the trans-
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actions or take custody of digital assets of a 
user during any part of the transactions. 
(B) RELATIONSHIP TO EXCLUDED ACTIVI-
TIES.—The term ‘‘decentralized finance’’ shall 
not be interpreted to limit or exclude any activ-
ity from the activities described in section 
15I(a) of the Securities Exchange Act of 1934 
or section 4v(a) of the Commodity Exchange 
Act. 
(2) 
RELEVANT
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘relevant congressional commit-
tees’’ means— 
(A) the Committees on Financial Services 
and Agriculture of the House of Representa-
tives; and 
(B) the Committees on Banking, Housing, 
and Urban Affairs and Agriculture, Nutrition, 
and Forestry of the Senate. 
SEC. 606. STUDY ON NON-FUNGIBLE DIGITAL ASSETS. 
(a) IN GENERAL.—The Comptroller General of the 
United States shall carry out a study of non-fungible dig-
ital assets that analyzes— 
(1) the nature, size, role, purpose, and use of 
non-fungible digital assets; 
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(10) whether non-fungible tokens can be used 
to facilitate commerce or other activities through the 
representation 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 activity in 
non-fungible digital asset 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 re-
sults of the study required by subsection (a). 
SEC. 607. STUDY ON EXPANDING FINANCIAL LITERACY 
AMONGST DIGITAL ASSET HOLDERS. 
(a) IN GENERAL.— The Commodity Futures Trading 
Commission with the Securities and Exchange Commis-
sion shall jointly conduct a study to identify— 
(1) the existing level of financial literacy among 
retail digital asset holders, including subgroups of 
investors identified by the Commodity Futures Trad-
ing Commission with the Securities and Exchange 
Commission; 
(2) methods to improve the timing, content, and 
format of financial literacy materials regarding dig-
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ital assets provided by the Commodity Futures 
Trading Commission and the Securities and Ex-
change 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 Edu-
cation Commission as well as nonprofit organizations 
and State and local jurisdictions, to better dissemi-
nate financial literacy materials; 
(4) the efficacy of current financial literacy ef-
forts with a focus on rural communities and commu-
nities with majority minority populations; 
(5) the most useful and understandable relevant 
information that retail digital asset holders need to 
make informed financial decisions before engaging 
with or purchasing a digital asset or service that is 
typically sold to retail investors of digital assets; 
(6) the most effective public-private partner-
ships in providing financial literacy regarding digital 
assets to consumers; 
(7) the most relevant metrics to measure suc-
cessful improvement of the financial literacy of an 
individual after engaging with financial literacy ef-
forts; and 
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(8) in consultation with the Financial Literacy 
and Education Commission, a strategy (including to 
the extent practicable, measurable goals and objec-
tives) to increase financial literacy of investors re-
garding digital assets. 
(b) REPORT.—Not later than 1 year after the date 
of the enactment of this Act, the Commodity 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 Fi-
nancial Services and on Agriculture of the House of Rep-
resentatives and the Committees on Banking, Housing, 
and Urban Affairs and on Agriculture, Nutrition, and 
Forestry of the Senate. 
SEC. 608. 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 develop-
ment of tokenized securities and derivatives products, and 
to the extent such guidance or rules would foster the devel-
opment of fair and orderly financial markets, be necessary 
or appropriate in the public interest, and be consistent 
with the protection of investors and customers. 
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(b) REPORT.— 
(1) TIME LIMIT.—Not later than 1 year after 
the date of enactment of this Act, the Commodity 
Futures Trading Commission and the Securities and 
Exchange Commission shall jointly submit to the rel-
evant congressional committees a report that in-
cludes the results of the study required by sub-
section (a). 
(2) RELEVANT
CONGRESSIONAL
COMMITTEES 
DEFINED.—In this section, the term ‘‘relevant con-
gressional committees’’ means— 
(A) the Committees on Financial Services 
and on Agriculture of the House of Representa-
tives; and 
(B) the Committees on Banking, Housing, 
and Urban Affairs and on Agriculture, Nutri-
tion, and Forestry of the Senate. 
Passed the House of Representatives May 22, 2024. 
Attest: 
KEVIN F. MCCUMBER, 
Clerk. 
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E:\BILLS\H4763.RFS
H4763
ssavage on LAPJG3WLY3PROD with BILLS