Digital Taxonomy Act

Bill: 117-hr-3638
Sponsor: full_name: Rep. Soto, Darren [D-FL-9]
Introduced: 2021-05-28
Policy area: Commerce
Subjects: Advanced technology and technological innovations

Competition and antitrust

Computers and information technology

Congressional oversight

Consumer affairs

Currency

Digital media

Government information and archives
Latest action: action_date: 2021-05-31
text: Referred to the Subcommittee on Consumer Protection and Commerce.

Summaries:
action_date: 2021-05-28
action_desc: Introduced in House
text: <p> <strong>Digital Taxonomy Act</strong><br> <br> 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). <p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3638 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.

1. Short title This Act may be cited as the Digital Taxonomy Act . 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. 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.