Top Summary
This US bill defines terms related to digital assets and blockchain technology by referencing existing laws such as the Commodity Exchange Act and Securities Acts, clarifies that the Act does not apply to certain financial transactions governed by those laws, amends the Commodity Exchange Act to include digital commodities, updates the Bank Secrecy Act to regulate digital commodity entities with anti-money laundering requirements, and ensures compliance with existing ethics laws regarding digital commodities for public officials.
Sub Summaries
- Regulatory Definitions for Digital Assets and Blockchain Technology in the US Bill
- Exclusions and Prohibitions for Digital Commodity Entities Under the US Bill
- Amending the Commodity Exchange Act to Include Digital Commodities in Section 4c(a)
- Amending the Bank Secrecy Act to Regulate Digital Commodity Brokers and Exchanges
- Clarification of Ethics Laws and Executive Branch Compliance Under the Act