S 4760 117th Congress Senate 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 3, 2022 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 15, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Sep 15, 2022

Committee on Agriculture, Nutrition, and Forestry. Hearings held. Hearings printed: S.Hrg. 117-609.

Aug 3, 2022

Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Aug 3, 2022

Introduced in Senate

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 September 15, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Committees of jurisdiction 2