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Digital Asset Market Structure and Investor Protection Act

Introduced: September 27, 2023 Introduced by: Beyer, Donald S. Democratic · Virginia See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 17, 2024
Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
Sep 27, 2023
Introduced in House
Sep 27, 2023
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.
 Plain-English summary Congressional Research Service

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.

What's happening now January 17, 2024

Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.

 Committees of jurisdiction 4