Title: Digital Taxonomy Act
Policy area: Commerce

Summary:
Digital Taxonomy Act  This bill requires the Federal Trade Commission to report on its efforts to address unfair or deceptive trade practices related to digital tokens (i.e., transferable units of a digital currency).


[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3638 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 3638

To direct the Federal Trade Commission to transmit to Congress a report 
         on the Commission's actions related to digital tokens.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 28, 2021

Mr. Soto (for himself and Mr. Davidson) introduced the following bill; 
       which was referred to the Committee on Energy and Commerce

_______________________________________________________________________

                                 A BILL


 
To direct the Federal Trade Commission to transmit to Congress a report 
         on the Commission's actions related to digital tokens.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Digital Taxonomy Act''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) it is important that the United States remains a leader 
        in innovation;
            (2) digital tokens and blockchain technology are driving 
        innovation and providing consumers with increased choice and 
        convenience;
            (3) the use of digital tokens and blockchain technology is 
        likely to increase in the future;
            (4) the Federal Trade Commission is responsible for 
        protecting consumers from unfair or deceptive acts or 
        practices, including relating to digital tokens;
            (5) the Commission has previously taken action against 
        unscrupulous companies and individuals that committed unfair or 
        deceptive acts or practices involving digital tokens; and
            (6) to bolster the Commission's ability to enforce against 
        unfair or deceptive acts or practices involving digital tokens, 
        the Commission should ensure staff have appropriate training 
        and resources to identify and pursue such cases.

SEC. 3. REPORTS ON UNFAIR OR DECEPTIVE ACTS OR PRACTICES IN 
              TRANSACTIONS RELATING TO DIGITAL TOKENS.

    Not later than one year after the date of enactment of this Act and 
each year thereafter through fiscal year 2024, the Federal Trade 
Commission shall transmit to the Committee on Energy and Commerce of 
the House of Representatives and the Committee on Commerce, Science, 
and Transportation of the Senate, and make publicly available on its 
website, a report on--
            (1) any actions taken by the Commission relating to unfair 
        or deceptive acts or practices in transactions relating to 
        digital tokens;
            (2) the Commission's other efforts to prevent unfair or 
        deceptive acts or practices relating to digital tokens; and
            (3) any recommendations by the Commission for legislation 
        that would improve the ability of the Commission and other 
        relevant Federal agencies--
                    (A) to further protect consumers from unfair or 
                deceptive acts or practices in the digital token 
                marketplace; and
                    (B) to promote competition and promote innovation 
                in the global digital token sector.
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