Top Summary
This US bill mandates the SEC to require brokers and dealers to disclose how digital commodities, stablecoins, and related investment contracts would be treated in insolvency or bankruptcy, under laws like the Dodd-Frank Act and Bankruptcy Code. It amends the Bank Holding Company Act to include digital commodities as financial activities, allowing national and insured state banks to use digital assets and blockchain systems while complying with regulations. The bill also requires digital commodity trading entities to provide public educational materials on blockchain, risks, and fraud reporting, reduces the Federal Reserve's discretionary surplus fund by $15 million, and amends the Commodity Exchange Act to require futures commission merchants to use qualified digital asset custodians. Provisions take effect 360 days after enactment or 60 days after final rules are published, whichever is later.
Sub Summaries
- SEC Mandated Disclosures for Digital Commodities and Stablecoins in Broker-Dealer Insolvency Scenarios
- Digital Commodities and Blockchain Integration in Banking Regulations
- SEC. 314 Mandates Educational Materials for Digital Commodity Trading Entities
- Bill Reduces Federal Reserve Discretionary Surplus Fund and Amends Digital Commodity Intermediary Registration Rules
- Amendments to the Commodity Exchange Act Requiring Qualified Digital Asset Custodians for Futures Commission Merchants