HR 5741
118th Congress
House
Finance and Financial Sector
Uniform Treatment of Custodial Assets Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 27, 2023
Referred to the House Committee on Financial Services.
Sep 27, 2023
Introduced in House
Plain-English summary
Uniform Treatment of Custodial Assets Act
This bill addresses the accounting treatment of certain assets, including digital assets, at financial institutions.
For example, under the bill, federal regulatory entities are prohibited from requiring specified financial institutions to include as a liability on financial statements assets that are held in custody or safekeeping by the institution. This applies to assets associated with a cryptographic key held in custody or safekeeping by the financial institution. However, if cash held by an institution for a third party is commingled with the general assets of the institution, that cash may be treated as a liability.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1