Top Summary
This section of the bill establishes a 360-day timeframe for the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to promulgate rules and regulations required by the Act, either individually or jointly. It also allows the CFTC and SEC to take actions such as promulgating rules, conducting studies, registering persons, and granting exemptions before the effective dates of the Act, provided these actions do not become effective prior to their designated effective dates under the Act. The section is part of Title II, which addresses the offers and sales of digital commodities.
Original Bill Text:
SEC. 112.Implementation.
(a) Global rulemaking timeframe.—Unless otherwise provided in this Act or an amendment made by this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission, or both, shall individually, and jointly where required, promulgate rules and regulations required of each Commission under this Act or an amendment made by this Act not later than 360 days after the date of enactment of this Act.
(b) Rules and registration before final effective dates.—
(1) IN GENERAL.—In order to prepare for the implementation of this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission may, before any effective date provided in this Act—
(A) promulgate rules, regulations, or orders permitted or required by this Act;
(B) conduct studies and prepare reports and recommendations required by this Act;
(C) register persons under this Act; and
(D) exempt persons, agreements, contracts, or transactions from provisions of this Act, under the terms contained in this Act.
(2) LIMITATION ON EFFECTIVENESS.—An action by the Commodity Futures Trading Commission or the Securities and Exchange Commission under paragraph (1) shall not become effective before the effective date otherwise applicable to the action under this Act.
TITLE II—Offers and Sales of Digital Commodities