Digital Asset Market Structure and Investor Protection Act

Bill: 118-hr-5745
Sponsor: Rep. Beyer, Donald S., Jr. [D-VA-8]
Introduced: 2023-09-27 in the House
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital
Banking and financial institutions regulation
Business records
Computer security and identity theft
Computers and information technology
Congressional oversight
Corporate finance and management
Criminal investigation, prosecution, interrogation
Currency
Debt collection
Digital media
Financial services and investments
Fraud offenses and financial crimes
Government information and archives
Government studies and investigations
Internet, web applications, social media
Right of privacy
Securities
Tax administration and collection, taxpayers

Summary:
action_date: 2023-09-27
text: 

Digital Asset Market Structure and Investor Protection Act

This bill generally addresses the regulatory treatment of digital assets and digital asset securities.

The bill grants the Commodities Futures Trading Commission authority over 
digital assets
, which (1) are created electronically or digitally through software code; (2) are programmed with rules that govern the creation, supply, ownership, use, and transfer of the asset; (3) have a secure transaction history; and (4) are capable of being transferred through a decentralized method without an intermediate custodian.

Additionally, the bill grants the Securities and Exchange Commission authority over the regulation of 
digital asset securities
, digital assets that provide the holder with (1) equity or debt interest in the issuer, (2) rights to certain payments from the issuer, (3) voting rights in the major corporate actions of the issuer, or (4) liquidation rights in the event of the issuer's liquidation.

Digital assets and digital asset securities are subject to the Bank Secrecy Act for anti-money laundering, reporting, and recordkeeping purposes.

The Board of Governors of the Federal Reserve System may issue digital currency. However, digital assets, digital asset securities, and fiat-based stablecoins (a digital asset pegged to the U.S. dollar or other fiat currency) are not U.S. legal tender. Digital asset fiat-based stablecoins must be registered with and approved by the Department of the Treasury.

Digital assets shall not be covered by the Federal Deposit Insurance Corporation and the National Credit Union Administration depository insurance.

The Financial Crimes Enforcement Network must issue rules regarding the use of anonymizing services and other anonymity-enhanced convertible virtual currency services.


Legislative actions:
action_date: 2024-01-17
text: Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
action_date: 2023-09-27
text: 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.
action_date: 2023-09-27
text: 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.
action_date: 2023-09-27
text: 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.
action_date: 2023-09-27
text: Introduced in House
action_date: 2023-09-27
text: Introduced in House