Top Summary
This US bill modernizes recordkeeping requirements by allowing financial institutions to use blockchain systems for recordkeeping, provided they comply with SEC rules issued within 180 days. It amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to expand exemptions, allow digital commodity registrations with the CFTC, and exempt digital commodities from state securities law classifications while preserving state regulatory authority. It also prohibits federal and state regulators from requiring financial institutions to treat digital assets as liabilities or hold capital against them, except to mitigate operational risks, with definitions aligned to existing banking laws.
Sub Summaries
- Modernizing Recordkeeping with Blockchain Compliance under SEC Rules
- Expansion of Exemption Authority Under Section 28 of the Securities Act of 1933
- Amendments to the Securities Exchange Act of 1934 for Digital Commodity Brokers and Exchanges
- Exemption of Digital Commodities from State Securities Laws Under the Securities Act of 1933
- Prohibition on Treating Custody Assets as Liabilities for Banking Institutions