I 
118TH CONGRESS 
1ST SESSION H. R. 5745 
To provide for the regulation of digital assets, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 27, 2023 
Mr. BEYER introduced the following bill; which was referred to the Committee 
on Financial Services, and in addition to the Committees on Agriculture, 
and Ways and Means, for a period to be subsequently determined by the 
Speaker, in each case for consideration of such provisions as fall within 
the jurisdiction of the committee concerned 
A BILL 
To provide for the regulation of digital assets, 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 ‘‘Digital Asset Market 
Structure and Investor Protection Act’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents for this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
TITLE I—DIGITAL ASSET SECURITIES UNDER THE FEDERAL 
SECURITIES LAWS 
VerDate Sep 11 2014 
22:47 Oct 03, 2023
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6211
E:\BILLS\H5745.IH
H5745
ddrumheller on DSK120RN23PROD with BILLS
Subtitle A—Securities Exchange Act of 1934 
Sec. 101. Definition of digital asset security. 
Sec. 102. Delayed registration for digital asset securities. 
Sec. 103. Desecuritization of digital asset securities. 
Sec. 104. Joint SEC and CFTC rulemaking on major digital asset classifica-
tion. 
Sec. 105. Conforming amendments. 
Subtitle B—Other Securities Laws 
Sec. 111. Securities Act of 1933. 
Sec. 112. Investment Advisers Act of 1940. 
Sec. 113. Investment Company Act of 1940. 
Sec. 114. Securities Investor Protection Act of 1970. 
TITLE II—TREATMENT OF DIGITAL ASSETS UNDER THE 
COMMODITY EXCHANGE ACT 
Sec. 201. Definitions. 
Sec. 202. Actual delivery of digital assets. 
Sec. 203. Optional Federal charter for digital asset trading and clearing. 
Sec. 204. Reporting requirements. 
Sec. 205. CTA and CPOs: Commodity Interests. 
Sec. 206. Swap data repositories and digital asset trade repositories. 
TITLE III—DIGITAL FEDERAL RESERVE NOTES, LEGAL TENDER 
STATUS, THE REGULATION OF DIGITAL ASSET FIAT-BASED 
STABLECOINS, AND FEDERAL DEPOSIT AND SHARE INSUR-
ANCE FOR DIGITAL ASSETS 
Subtitle A—Digital Federal Reserve Notes 
Sec. 301. In general. 
Sec. 302. Digital asset legal tender status. 
Subtitle B—Regulation of Digital Asset Fiat-Based Stablecoins 
Sec. 311. Department of Treasury regulation of digital asset fiat-based 
stablecoins. 
Sec. 312. Conforming amendment. 
Subtitle C—Federal Deposit and Share Insurance for Digital Assets 
Sec. 321. Digital asset not deposits for Federal deposit and share insurance. 
Sec. 322. Directed rulemaking FDIC and NCUA website disclosure on digital 
assets and insurance noncoverage. 
TITLE IV—BANK SECRECY ACT 
Sec. 401. Bank Secrecy Act. 
Sec. 402. Anonymizing services, money mule, and anonymity-enhanced convert-
ible virtual currencies. 
Sec. 403. Digital asset transaction actual delivery reporting. 
Sec. 404. Virtual digital asset service providers. 
TITLE V—VARIOUS DIGITAL ASSET REPORTS 
Sec. 501. IRS report on digital asset ownership/taxes. 
VerDate Sep 11 2014 
22:47 Oct 03, 2023
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6211
E:\BILLS\H5745.IH
H5745
ddrumheller on DSK120RN23PROD with BILLS
Sec. 502. Report on ransomware and digital assets. 
Sec. 503. Report on decentralized finance. 
Sec. 504. Report on custody of digital assets and digital asset securities. 
Sec. 505. Report on digital asset trading platforms. 
Sec. 506. Report on false trade reporting, wash trading, and off-chain trans-
action on digital asset trading platforms. 
Sec. 507. Relevant committees defined. 
TITLE I—DIGITAL ASSET SECU-
RITIES UNDER THE FEDERAL 
SECURITIES LAWS 
Subtitle A—Securities Exchange 
Act of 1934 
SEC. 101. DEFINITION OF DIGITAL ASSET SECURITY. 
(a) DEFINITION OF SECURITY.—Section 3(a)(10) of 
the Securities Exchange Act of 1934 (15 U.S.C. 
78c(a)(10)) is amended— 
(1) by inserting ‘‘digital asset security,’’ after 
‘‘investment contract,’’; and 
(2) by striking ‘‘; but shall not include cur-
rency’’ and inserting ‘‘; but shall not include any fiat 
currency, commodity, digital asset,’’. 
(b) OTHER DEFINITIONS.—Section 3(a) of the Secu-
rities Exchange Act of 1934 (15 U.S.C. 78c(a)) is amend-
ed— 
(1) by transferring paragraph (79) so as to ap-
pear after paragraph (78); 
(2) by redesignating the second paragraph (80) 
as paragraph (81); and 
(3) by adding at the end the following: 
VerDate Sep 11 2014 
22:47 Oct 03, 2023
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H5745.IH
H5745
ddrumheller on DSK120RN23PROD with BILLS