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HR 8730 117th Congress House Finance and Financial Sector Banking and financial institutions regulation Commodities markets Commodity Futures Trading Commission Computers and information technology Consumer affairs Currency Digital media

Digital Commodities Consumer Protection Act of 2022

Introduced: August 19, 2022 Introduced by: Feenstra, Randy Republican · Iowa See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 1, 2022
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Sep 19, 2022
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Aug 19, 2022
Referred to the Committee on Agriculture, and in addition to the Committees on Financial Services, and the Judiciary, 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.
Aug 19, 2022
Introduced in House
 Plain-English summary Congressional Research Service

Digital Commodities Consumer Protection Act of 2022

This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill.

The bill defines digital commodities as fungible digital forms of personal property that can be transferred person-to-person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service.

Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.

What's happening now November 1, 2022

Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

 Committees of jurisdiction 5
 Cosponsors 1
All 1 Republican 1