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House Bill 8989
116th Congress(2019-2020)
To require the Securities and Exchange Commission to conduct a study on the feasibility, benefits, and costs of using a distributed ledger system in the post-trade clearing and settlement process, and for other purposes.
Introduced
Introduced
Introduced in House on Dec 16, 2020
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Introduced in House 
Dec 16, 2020
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Introduced in House(Dec 16, 2020)
Dec 16, 2020
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 8989 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 8989


To require the Securities and Exchange Commission to conduct a study on the feasibility, benefits, and costs of using a distributed ledger system in the post-trade clearing and settlement process, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

December 16, 2020

Mr. Lynch (for himself and Mr. Emmer) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Securities and Exchange Commission to conduct a study on the feasibility, benefits, and costs of using a distributed ledger system in the post-trade clearing and settlement process, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Study on the use of a distributed ledger system.

(a) In general.—Not later than 1 year after the date of the enactment of this Act, the Securities and Exchange Commission shall conduct a study on the feasibility, benefits, and costs of using a distributed ledger system in the post-trade clearing and settlement process.

(b) Consultation.—In conducting the study under subsection (a), the Commission staff shall consult with domestic and international stakeholders.

(c) Contents of the study.—The study required under subsection (a) shall include—

(1) an identification of the key operational and regulatory challenges and opportunities that could be caused by the use of a distributed ledger system in the post-trade clearing and settlement process;

(2) an identification of practices from domestic and international models that use a distributed ledger system in the clearing and settlement process;

(3) an identification of the processes and entities that could be disintermediated by the use of such system in such processes;

(4) an identification of the potential steps for establishing international standards for, and global continuity of service in the transition to, the use of such system in such processes;

(5) an identification of the implications of the use of such system in such processes on—

(A) investor protection, capital formation, and market efficiency; and

(B) the establishment of international standards; and

(6) an assessment of whether the Commission should implement a pilot program to use such system in such processes.

(d) Report required.—

(1) IN GENERAL.—Not later than 1 year after the date of the enactment of this Act, the Commission shall submit to Congress a report on the findings and determinations of the study required under subsection (a).

(2) UPDATE.—Not later than 1 year after the date on which the report under paragraph (1) is submitted, the Commission shall submit to Congress a report that updates the findings and determinations of the report submitted under such paragraph.

(3) CONTENT.—In submitting the reports required under paragraphs (1) and (2), the Commission may not include confidential information.