I 
118TH CONGRESS 
2D SESSION 
H. R. 8464 
To require the Board of Governors of the Federal Reserve System, the 
Board of Directors of the Federal Deposit Insurance Corporation, the 
Comptroller of the Currency, and the National Credit Union Administra-
tion Board to jointly submit a report on trends in the use of blockchain 
technology to tokenize traditional assets, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 17, 2024 
Mr. TIMMONS (for himself and Mr. TORRES of New York) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To require the Board of Governors of the Federal Reserve 
System, the Board of Directors of the Federal Deposit 
Insurance Corporation, the Comptroller of the Currency, 
and the National Credit Union Administration Board 
to jointly submit a report on trends in the use of 
blockchain technology to tokenize traditional 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 ‘‘Tokenization Report 
Act of 2024’’. 
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SEC. 2. REPORT ON TRENDS IN TOKENIZATION OF TRADI-
TIONAL ASSETS USING BLOCKCHAIN TECH-
NOLOGY. 
(a) REPORT REQUIRED.—Not later than 180 days 
after the date of the enactment of this Act, the Board 
of Governors of the Federal Reserve System, the Federal 
Deposit Insurance Corporation, the Comptroller of the 
Currency, and the National Credit Union Administration 
Board shall jointly submit to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate a report on trends in the use of blockchain tech-
nology to tokenize traditional assets. 
(b) CONTENTS OF REPORT.—The report required 
under subsection (a) shall include the following elements: 
(1) The potential benefits and risks of utilizing 
blockchain 
networks 
for 
traditional 
asset 
tokenization, including the impacts to settlement ef-
ficiency, cost, counterparty risk, and any other im-
pacts. 
(2) 
The 
critical 
differences 
between 
permissioned and permissionless blockchain networks 
for traditional asset tokenization. 
(3) The current state of blockchain interoper-
ability and integration capabilities across different 
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networks and platforms, and the effects on wide-
spread adoption of such capabilities. 
(4) Emerging global regulatory approaches to 
tokenized traditional assets, including differential 
capital requirements based on underlying technology. 
(5) Whether additional guidance or rules are 
necessary to facilitate traditional asset tokenization. 
(6) How control features of blockchain net-
works impact the ability of tokenized traditional as-
sets to retain their existing risk profile. 
(7) A summary of the legal permissibility and 
regulatory requirements of the use of blockchain 
technology to tokenize traditional assets. 
(c) PUBLIC INPUT.—The Board of Governors of the 
Federal Reserve System, the Federal Deposit Insurance 
Corporation, the Comptroller of the Currency, and the Na-
tional Credit Union Administration Board shall collect 
public input to inform the drafting of the report required 
under subsection (a). 
(d) BLOCKCHAIN DEFINED.—In this section, the 
term ‘‘blockchain’’ means any technology where data is— 
(1) shared across a network to create a ledger 
of verified transactions or information among net-
work participants; 
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(2) linked using cryptography to maintain the 
integrity of the ledger and to execute other func-
tions; and 
(3) distributed among network participants in 
an automated fashion to concurrently update net-
work participants on the state of the ledger and any 
other functions. 
Æ 
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