Bill Sponsor
BILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 4763
118th Congress(2023-2024)
Financial Innovation and Technology for the 21st Century Act
Active
Amendments
Active
Passed House on May 22, 2024
Overview
Text
Introduced
Jul 20, 2023
Latest Action
May 22, 2024
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4763
Congress
118
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Glenn Thompson
Pennsylvania
Republican
French Hill
Arkansas
Republican
Jim Banks
Indiana
Republican
Tom Emmer
Minnesota
Republican
Marcus J. Molinaro
New York
Democrat
Ritchie Torres
New York
Republican
Patrick McHenry
North Carolina
Democrat
Wiley Nickel
North Carolina
Republican
Warren Davidson
Ohio
Republican
Dusty Johnson
South Dakota
Democrat
Henry Cuellar
Texas
Republican
John Curtis
Utah
House Votes (1)
Senate Votes (0)
checkPassed on May 22, 2024
Question
On Passage
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
Recorded Vote
Roll Number
226
House Roll Call Votes
Summary

Financial Innovation and Technology for the 21st Century Act

This bill establishes a regulatory framework for digital assets.

The Commodity Futures Trading Commission (CFTC) must regulate a digital asset as a commodity if the blockchain, or digital ledger, on which it runs is functional and decentralized. The bill classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset. In addition, the bill provides the CFTC with exclusive regulatory authority over cash or spot markets for digital commodities.

The Securities and Exchange Commission (SEC) must regulate a digital asset as a security if its associated blockchain is functional but not decentralized. However, the bill establishes certain exceptions to SEC regulation for digital assets that limit annual sales, restrict nonaccredited investor access, and satisfy disclosure and compliance requirements. The bill also sets forth requirements for primary and secondary market transactions.

The CFTC and SEC must jointly issue rules to define terms and exempt dually registered exchanges from duplicative rules.

The bill excludes permitted stablecoins from CFTC and SEC regulation, except regarding anti-fraud authority and specified transactions on registered entities.

Text (3)
Engrossed in House
May 22, 2024
Reported in House
May 6, 2024
Introduced in House
July 20, 2023
Amendments (4)
Displaying only amendments with a detailed public record (2)
May 22, 2024
Agreed to in House
1
Sponsorship
House Amendment 921
Amendment requires a study on the impact of digital asset registrants owned by foreign adversaries.
Agreed To
May 22, 2024
Not Agreed to in House
1
Sponsorship
House Amendment 919
Amendment sought to change the new crowdfunding exemption from $75 million to $5 million.
Active
Related Bills (1)
May 22, 2024
Passed House
1
Sponsorship
House Simple Resolution 1243
Providing for consideration of the bill (H.R. 4763) to provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes; providing for consideration of the bill (H.R. 5403) to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes; and providing for consideration of the bill (H.R. 192) to prohibit individuals who are not citizens of the United States from voting in elections in the District of Columbia.
Active
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
House
Type
Procedurally-Related Measure
Procedurally-Related Measure
Legislation that affects consideration of other legislation (e.g., a rule for consideration, a bill ordered to be reported or passed in lieu of another measure). Identical bills, companion measures, and legislation with text similarities are other related bill types.
Identified By
House
Graphics
H.R.4763 118 Financial Innovation and Technology for the 21st Century Act
How Graphics are created
Public Record
Record Updated
Jun 11, 2024 3:26:12 AM
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