IB 
Union Calendar No. 401 
118TH CONGRESS 
2D SESSION 
H. R. 4763 
[Report No. 118–484, Parts I and II] 
To provide for a system of regulation of digital assets by the Commodity 
Futures Trading Commission and the Securities and Exchange Commis-
sion, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 20, 2023 
Mr. THOMPSON of Pennsylvania (for himself, Mr. HILL, Mr. JOHNSON of 
South Dakota, Mr. DAVIDSON, and Mr. EMMER) introduced the following 
bill; which was referred to the Committee on Financial Services, and in 
addition to the Committee on Agriculture, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
MAY 6, 2024 
Additional sponsors: Mr. MOLINARO, Mr. CUELLAR, Mr. NICKEL, Mr. CURTIS, 
Mr. BANKS, Mr. MCHENRY, and Mr. TORRES of New York 
MAY 6, 2024 
Reported from the Committee on Agriculture with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
MAY 6, 2024 
Reported from the Committee on Financial Services with an amendment; com-
mitted to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in boldface roman] 
[For text of introduced bill, see copy of bill as introduced on July 20, 2023] 
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A BILL 
To provide for a system of regulation of digital assets by 
the Commodity Futures Trading Commission and the 
Securities and Exchange Commission, and for other pur-
poses. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Fi-
nancial Innovation and Technology for the 21st Century 
Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—DEFINITIONS; RULEMAKING; NOTICE OF INTENT TO 
REGISTER 
Sec. 101. Definitions under the Securities Act of 1933. 
Sec. 102. Definitions under the Commodity Exchange Act. 
Sec. 103. Definitions under this Act. 
Sec. 104. Joint rulemakings. 
Sec. 105. Notice of intent to register for digital commodity exchanges, brokers, 
and dealers. 
Sec. 106. Notice of intent to register for digital asset brokers, dealers, and trading 
systems. 
Sec. 107. Commodity Exchange Act savings provisions. 
Sec. 108. International harmonization. 
Sec. 109. Implementation. 
TITLE II—DIGITAL ASSET EXEMPTIONS 
Sec. 201. Exempted transactions in digital assets. 
Sec. 202. Requirements to transact in certain digital assets. 
Sec. 203. Enhanced disclosure requirements. 
Sec. 204. Certification of certain digital assets. 
Sec. 205. Effective date. 
TITLE III—REGISTRATION FOR DIGITAL ASSET INTERMEDIARIES 
AT THE SECURITIES AND EXCHANGE COMMISSION 
Sec. 301. Treatment of digital commodities and other digital assets. 
Sec. 302. Antifraud authority over permitted payment stablecoins. 
Sec. 303. Registration of digital asset trading systems. 
Sec. 304. Requirements for digital asset trading systems. 
Sec. 305. Registration of digital asset brokers and digital asset dealers. 
Sec. 306. Requirements of digital asset brokers and digital asset dealers. 
Sec. 307. Rules related to conflicts of interest. 
Sec. 308. Treatment of certain digital assets in connection with federally regu-
lated intermediaries. 
Sec. 309. Dual registration. 
Sec. 310. Exclusion for ancillary activities. 
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Sec. 311. Registration and requirements for notice-registered digital asset clearing 
agencies. 
Sec. 312. Treatment of custody activities by banking institutions. 
TITLE IV—REGISTRATION FOR DIGITAL ASSET INTERMEDIARIES 
AT THE COMMODITY FUTURES TRADING COMMISSION 
Sec. 401. Commission jurisdiction over digital commodity transactions. 
Sec. 402. Requiring futures commission merchants to use qualified digital com-
modity custodians. 
Sec. 403. Trading certification and approval for digital commodities. 
Sec. 404. Registration of digital commodity exchanges. 
Sec. 405. Qualified digital commodity custodians. 
Sec. 406. Registration and regulation of digital commodity brokers and dealers. 
Sec. 407. Registration of associated persons. 
Sec. 408. Registration of commodity pool operators and commodity trading advi-
sors. 
Sec. 409. Exclusion for ancillary activities. 
Sec. 410. Funding for implementation, administration, and enforcement. 
Sec. 411. Effective date. 
TITLE V—INNOVATION AND TECHNOLOGY IMPROVEMENTS 
Sec. 501. Codification of the SEC Strategic Hub for Innovation and Financial 
Technology. 
Sec. 502. Codification of LabCFTC. 
Sec. 503. CFTC-SEC Joint Advisory Committee on Digital Assets. 
Sec. 504. Modernization of the Securities and Exchange Commission mission. 
Sec. 505. Study on decentralized finance. 
Sec. 506. Study on non-fungible digital assets. 
Sec. 507. Study on financial market infrastructure improvements. 
TITLE 
I.—DEFINITIONS; 
RULE-
MAKING; NOTICE OF INTENT 
TO REGISTER 
SEC. 101. DEFINITIONS UNDER THE SECURITIES ACT OF 
1933. 
Section 2(a) of the Securities Act of 1933 (15 U.S.C. 
77b(a)) is amended by adding at the end the following: 
‘‘(20) AFFILIATED PERSONS.—The term ‘affili-
ated person’ means a person (including a related per-
son) that— 
‘‘(A) with respect to a digital asset issuer— 
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‘‘(i) directly, or indirectly through one 
or more intermediaries, controls, or is con-
trolled by, or is under common control with, 
such digital asset issuer; and 
‘‘(ii) was described under clause (i) at 
any point in the previous 3-month period; 
or 
‘‘(B) with respect to any digital asset— 
‘‘(i) beneficially owns 5 percent or 
more of the units of such digital asset that 
are then outstanding; and 
‘‘(ii) was described under clause (i) at 
any point in the previous 3-month period. 
‘‘(21) 
BLOCKCHAIN.—The 
term 
‘blockchain’ 
means any technology— 
‘‘(A) where data is— 
‘‘(i) shared across a network to create 
a public ledger of verified transactions or 
information among network participants; 
‘‘(ii) linked using cryptography to 
maintain the integrity of the public ledger 
and to execute other functions; and 
‘‘(iii) distributed among network par-
ticipants in an automated fashion to con-
currently update network participants on 
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the state of the public ledger and any other 
functions; and 
‘‘(B) composed of source code that is pub-
licly available. 
‘‘(22) 
BLOCKCHAIN
PROTOCOL.—The 
term 
‘blockchain protocol’ means any executable software 
deployed to a blockchain composed of source code that 
is publicly available and accessible, including a smart 
contract or any network of smart contracts. 
‘‘(23) 
BLOCKCHAIN
SYSTEM.—The 
term 
‘blockchain 
system’ 
means 
any 
blockchain 
or 
blockchain protocol. 
‘‘(24) DECENTRALIZED NETWORK.—With respect 
to a blockchain system to which a digital asset relates, 
the term ‘decentralized network’ means the following 
conditions are met: 
‘‘(A) During the previous 12-month period, 
no person— 
‘‘(i) had the unilateral authority, di-
rectly or indirectly, through any contract, 
arrangement, understanding, relationship, 
or otherwise, to control or materially alter 
the functionality or operation of the 
blockchain system; or 
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‘‘(ii) had the unilateral authority to 
restrict or prohibit any person who is not 
a digital asset issuer, related person, or an 
affiliated person from— 
‘‘(I) using, earning, or transmit-
ting the digital asset; 
‘‘(II) deploying software that uses 
or integrates with the blockchain sys-
tem; 
‘‘(III) participating in a decen-
tralized governance system with respect 
to the blockchain system; or 
‘‘(IV) operating a node, validator, 
or other form of computational infra-
structure with respect to the blockchain 
system. 
‘‘(B) During the previous 12-month pe-
riod— 
‘‘(i) no digital asset issuer or affiliated 
person beneficially owned, in the aggregate, 
20 percent or more of the total amount of 
units of such digital asset that— 
‘‘(I) can be created, issued, or dis-
tributed in such blockchain system; 
and 
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‘‘(II) were freely transferrable or 
otherwise used or available to be used 
for the purposes of such blockchain net-
work; 
‘‘(ii) no digital asset issuer or affili-
ated person had the unilateral authority to 
direct the voting, in the aggregate, of 20 
percent or more of the outstanding voting 
power of such digital asset or related decen-
tralized governance system; or 
‘‘(iii) the digital asset did not include 
voting power. 
‘‘(C) During the previous 3-month period, 
the digital asset issuer, any affiliated person, or 
any related person has not implemented or con-
tributed any intellectual property to the source 
code of the blockchain system that materially al-
ters the functionality or operation of the 
blockchain system, unless such implementation 
or contribution to the source code— 
‘‘(i) addressed vulnerabilities, errors, 
regular maintenance, cybersecurity risks, or 
other 
technical 
improvements 
to 
the 
blockchain system; or 
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‘‘(ii) were adopted through the con-
sensus or agreement of a decentralized gov-
ernance system. 
‘‘(D) During the previous 3-month period, 
neither any digital asset issuer nor any affili-
ated person described under paragraph (20)(A) 
has marketed to the public the digital assets as 
an investment. 
‘‘(E) During the previous 12-month period, 
all issuances of units of such digital asset were 
end user distributions made through the pro-
grammatic functioning of the blockchain system. 
‘‘(25) DECENTRALIZED GOVERNANCE SYSTEM.— 
‘‘(A) IN GENERAL.—The term ‘decentralized 
governance system’ means, with respect to a 
blockchain system, any rules-based system per-
mitting persons using the blockchain system or 
the digital assets related to such blockchain sys-
tem to form consensus or reach agreement in the 
development, provision, publication, manage-
ment, or administration of such blockchain sys-
tem. 
‘‘(B) RELATIONSHIP OF PERSONS TO DE-
CENTRALIZED
GOVERNANCE
SYSTEMS.—Persons 
acting through a decentralized governance system 
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shall be treated as separate persons unless such 
persons are under common control. 
‘‘(C) EXCLUSION.—The term ‘decentralized 
governance system’ does not include a system in 
which— 
‘‘(i) a person or group of persons 
under common control have the ability to— 
‘‘(I) unilaterally alter the rules of 
consensus 
or 
agreement 
for 
the 
blockchain system; or 
‘‘(II) determine the final outcome 
of decisions related to the development, 
provision, publication, management, or 
administration of such blockchain sys-
tem; 
‘‘(ii) a person or group of persons is 
directly engaging in an activity that re-
quires registration with the Commission or 
the Commodity Futures Trading Commis-
sion other than— 
‘‘(I) developing, providing, pub-
lishing, managing, or administering a 
blockchain system; or 
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‘‘(II) an activity with respect to 
which the organization is exempt from 
such registration; or 
‘‘(iii) a person or group of persons 
seeking to knowingly evade the requirements 
imposed on a digital asset issuer, a related 
person, an affiliated person, or any other 
person registered (or required to be reg-
istered) under this Act, the Financial Inno-
vation and Technology for the 21st Century 
Act, or the Commodity Exchange Act. 
‘‘(26) DIGITAL ASSET.— 
‘‘(A) IN GENERAL.—The term ‘digital asset’ 
means any fungible digital representation of 
value that can be exclusively possessed and 
transferred, person to person, without necessary 
reliance on an intermediary, and is recorded on 
a cryptographically secured public distributed 
ledger. 
‘‘(B) EXCLUSIONS.—The term ‘digital asset’ 
does not include— 
‘‘(i) any note, stock, treasury stock, se-
curity future, security-based swap, bond, de-
benture, evidence of indebtedness, certificate 
of interest or participation in any profit- 
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sharing agreement, collateral-trust certifi-
cate, preorganization certificate or subscrip-
tion, or transferable share; or 
‘‘(ii) any asset which represents, oper-
ates as the functional equivalent of, or oth-
erwise has embedded functionality or char-
acteristics which make it an agreement, 
contract, or transaction that is— 
‘‘(I) a contract of sale of a com-
modity (as defined under section 1a of 
the Commodity Exchange Act) for fu-
ture delivery or an option thereon; 
‘‘(II) a security futures product; 
‘‘(III) a swap; 
‘‘(IV) an agreement, contract, or 
transaction 
described 
in 
section 
2(c)(2)(C)(i) or 2(c)(2)(D)(i) of the 
Commodity Exchange Act; 
‘‘(V) a commodity option author-
ized under section 4c of the Commodity 
Exchange Act; or 
‘‘(VI) a leverage transaction au-
thorized under section 19 of the Com-
modity Exchange Act. 
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‘‘(C) RELATIONSHIP TO A BLOCKCHAIN SYS-
TEM.—A digital asset is considered to relate to 
a blockchain system if the digital asset is intrin-
sically linked to the blockchain system, includ-
ing— 
‘‘(i) where the digital asset’s value is 
reasonably expected to be generated by the 
programmatic functioning of the blockchain 
system; 
‘‘(ii) where the asset has voting rights 
with respect to the blockchain system; or 
‘‘(iii) where the digital asset is issued 
through the programmatic functioning of 
the blockchain system. 
‘‘(D) TREATMENT OF CERTAIN DIGITAL AS-
SETS SOLD PURSUANT TO AN INVESTMENT CON-
TRACT.—A digital asset sold or transferred or 
intended to be sold or transferred pursuant to an 
investment contract is not and does not become 
a security as a result of being sold or otherwise 
transferred pursuant to that investment contract. 
‘‘(27) DIGITAL ASSET ISSUER.—With respect to 
a digital asset, the term ‘digital asset issuer’— 
‘‘(A) means— 
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‘‘(i) any person that, in exchange for 
any consideration— 
‘‘(I) issues or causes to be issued 
a unit of such digital asset to a person; 
or 
‘‘(II) offers or sells a right to a fu-
ture issuance of a unit of such digital 
asset to a person; or 
‘‘(ii) any person who seeks to know-
ingly evade classification as a ‘digital asset 
issuer’ and facilitate an arrangement for 
the primary purpose of effecting a sale, dis-
tribution, or other issuance of such digital 
asset, by— 
‘‘(I) the granting of a license or 
assignment of intellectual property; 
‘‘(II) the making available of free 
software or open source licenses; or 
‘‘(III) the granting of other rights 
or transfer of assets material to execu-
tion of such sale, distribution, or other 
issuance; and 
‘‘(B) does not include any person solely be-
cause such person, for the purpose of such person 
participating in operations of a blockchain sys-
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‘‘(A) does not involve an exchange of more 
than a nominal value of cash, property, or other 
assets; and 
‘‘(B) is distributed in a broad, equitable, 
and non-discretionary manner based on condi-
tions capable of being satisfied by any partici-
pant in the blockchain system, including, as in-
centive-based rewards— 
‘‘(i) to users of the digital asset or any 
blockchain system to which the digital asset 
relates; 
‘‘(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; or 
‘‘(iii) to the existing holders of another 
digital asset, in proportion to the total 
units of such other digital asset as are held 
by each person. 
‘‘(31) FUNCTIONAL NETWORK.—With respect to a 
blockchain system to which a digital asset relates, the 
term ‘functional network’ means the network allows 
network participants to use such digital asset for— 
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‘‘(A) the transmission and storage of value 
on the blockchain system; 
‘‘(B) the participation in services provided 
by or an application running on the blockchain 
system; or 
‘‘(C) the participation in governance of the 
blockchain system. 
‘‘(32) PERMITTED PAYMENT STABLECOIN.—The 
term ‘permitted payment stablecoin’— 
‘‘(A) means a digital asset— 
‘‘(i) that is or is designed to be used as 
a means of payment or settlement; 
‘‘(ii) the issuer of which— 
‘‘(I) is obligated to convert, re-
deem, or repurchase for a fixed amount 
of monetary value; and 
‘‘(II) represents will maintain or 
creates the reasonable expectation that 
it will maintain a stable value relative 
to the value of a fixed amount of mone-
tary value; and 
‘‘(iii) that is subject to regulation by a 
Federal or State regulator with authority 
over entities that issue payment stablecoins; 
and 
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‘‘(B) that is not— 
‘‘(i) a national currency; or 
‘‘(ii) a security issued by an invest-
ment company registered under section 8(a) 
of the Investment Company Act of 1940 (15 
U.S.C. 80a–8(a)). 
‘‘(33) RELATED PERSON.—With respect to a dig-
ital asset issuer, the term ‘related person’ means— 
‘‘(A) a founder, promoter, employee, con-
sultant, advisor, or person serving in a similar 
capacity; 
‘‘(B) any person that is or was in the pre-
vious 6-month period an executive officer, direc-
tor, trustee, general partner, advisory board 
member, or person serving in a similar capacity; 
‘‘(C) any equity holder or other security 
holder of a digital asset issuer; or 
‘‘(D) any other person that received a unit 
of digital asset from such digital asset issuer 
through— 
‘‘(i) an exempt offering, other than an 
offering made in reliance on section 4(a)(8); 
or 
‘‘(ii) a distribution that is not an end 
user distribution described under section 
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42(d)(1) of the Securities Exchange Act of 
1934. 
‘‘(34) RESTRICTED DIGITAL ASSET.— 
‘‘(A) IN
GENERAL.—The term ‘restricted 
digital asset’ means— 
‘‘(i) any unit of a digital asset held by 
a person, other than a digital asset issuer, 
a related person, or an affiliated person, 
prior to the first date on which each 
blockchain system to which the digital asset 
relates is a functional network and certified 
to be a decentralized network under section 
44 of the Securities Exchange Act of 1934, 
that was— 
‘‘(I) issued to such person through 
a distribution, other than an end user 
distribution described under section 
42(d)(1) of the Securities Exchange Act 
of 1934; or 
‘‘(II) acquired by such person in 
a transaction that was not executed on 
a digital commodity exchange; 
‘‘(ii) any digital asset held by a related 
person or an affiliated person during any 
period when any blockchain system to 
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which the digital asset relates is not a func-
tional network or not certified to be a de-
centralized network under section 44 of the 
Securities Exchange Act of 1934; or 
‘‘(iii) any unit of a digital asset held 
by the digital asset issuer. 
‘‘(B) EXCLUSION.—The term ‘restricted dig-
ital asset’ does not include a permitted payment 
stablecoin. 
‘‘(35) SECURITIES LAWS.—The term ‘securities 
laws’ has the meaning given that term under section 
3(a) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)). 
‘‘(36) 
SOURCE
CODE.—With 
respect 
to 
a 
blockchain system, the term ‘source code’ means a list-
ing of commands to be compiled or assembled into an 
executable computer program.’’. 
SEC. 102. DEFINITIONS UNDER THE COMMODITY EX-
CHANGE ACT. 
Section 1a of the Commodity Exchange Act (7 U.S.C. 
1a) is amended— 
(1) in paragraph (10)(A)— 
(A) by redesignating clauses (iii) and (iv) 
as clauses (iv) and (v), respectively; and 
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subsection (c)(2)(D)(i) involving a digital 
commodity; or 
‘‘(iii) is registered with the Commis-
sion as a digital commodity dealer. 
‘‘(B) EXCEPTION.—The term ‘digital com-
modity dealer’ does not include a person solely 
because the person— 
‘‘(i) enters into a digital commodity 
transaction with an eligible contract partic-
ipant; 
‘‘(ii) enters into a digital commodity 
transaction on or through a registered dig-
ital commodity exchange; 
‘‘(iii) enters into a digital commodity 
transaction for the person’s own account, ei-
ther individually or in a fiduciary capac-
ity, but not as a part of a regular business; 
‘‘(iv) enters into a digital commodity 
transaction the primary purpose of which is 
to make, send, receive, or facilitate pay-
ments, whether involving a payment service 
provider or on a peer-to-peer basis; or 
‘‘(v) validates a digital commodity 
transaction, operates a node, or engages in 
similar activity to participate in facili-
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