Title: To provide for responsible financial innovation and to bring digital assets fully within theregulatory perimeter.Be it enacted by the Senate and House of Representatives of the United States of America inCongress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a)Short Title.—This Act may be cited as the “Responsible Financial Innovation Act”.(b)Table of Contents.—The table of contents for this Act is as follows:Sec.1.Short title; table of contents.Sec.2.Definitions.
TITLE I—DEFINITIONS
Sec.101.Definitions.
TITLE II—RESPONSIBLE TAXATION OF DIGITALASSETS
Sec.201.Gain from disposition of digital assets.Sec.202.Retirement account treatment of digital assets.Sec.203.Rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets.Sec.204.Decentralized autonomous organizations.Sec.205.Tax treatment of digital asset lending agreements.Sec.206.Implementing effective IRS guidance.Sec.207.Conforming amendments.
TITLE III—RESPONSIBLE SECURITIES INNOVATION
Sec.301.Securities offerings involving ancillary assets.Sec.302.Termination of specified periodic disclosure requirements for ancillary assets.Sec.303.Guidance relating to satisfactory control location.Sec.304.Custody and customer protection rules.Sec.305.Accounting treatment of digital assets.Sec.306.Qualified custodian study.
TITLE IV—RESPONSIBLE COMMODITIES INNOVATION
Sec.401.Definitions.
Sec.402.Revision of the term “futures commission merchant”.Sec.403.Jurisdiction over digital asset transactions.Sec.404.Standards and examinations.Sec.405.Commission merchants.Sec.406.Designated contract markets for digital assets.Sec.407.Violations generally.Sec.408.Market reports.Sec.409.Registered futures associations.Sec.410.Bankruptcy treatment of digital assets.Sec.411.Identified banking products.
TITLE V—RESPONSIBLE CONSUMER PROTECTION
Sec.501.Responsible consumer protection.
TITLE VI—RESPONSIBLE PAYMENTS INNOVATION
Sec.601.Depository institution issuance of stablecoins.Sec.602.Study on the creation of an official digital currency by the People’s Republic of China.Sec.603.Use of the official digital currency of the People’s Republic of China on governmentdevices.
TITLE VII—RESPONSIBLE BANKING INNOVATION
Sec.701.Certificate of authority to commence banking.Sec.702.Holding company supervision of covered depository institutions.Sec.703.Implementation rules to preserve adequate competition in payment stablecoins.Sec.704.Financial Crimes Enforcement Network Innovation Laboratory.Sec.705.Sanctions compliance responsibilities of payment stablecoin issuers.Sec.706.Study on use of distributed ledger technology for reduction of risk in depositoryinstitutions.Sec.707.Clarifications as to eligibility for Federal Reserve services to depository institutions.Sec.708.Transition to unique identifier for financial institutions assigned by the Board of Governors.Sec.709.Clarifying application review times with respect to the Federal banking agencies.Sec.710.Examination standards for digital asset activities.Sec.711.Asset custody for depository institutions and certain other entities.Sec.712.Reputation risk; requirements for account termination requests and orders.
Sec.713.Conforming amendments.
TITLE VIII—RESPONSIBLE INTERAGENCYCOORDINATION
Sec.801.Timeline for interpretive guidance issued by Federal financial agencies; interstatesandbox activities.Sec.802.State money transmission law coordination relating to digital assets.Sec.803.Establishment of self-regulatory organizations for digital assets.Sec.804.Registration, rulemaking, and supervision of digital asset self-regulatory organizations.Sec.805.Records and reports; duties and powers of self-regulatory organization.
SEC. 2. DEFINITIONS.
In this Act:(1)A
NCILLARYASSET
.—The term “ancillary asset” hasthe meaning given the term insection 41 of the Securities Exchange Act of 1934, as added by section 301 of this Act.(2)A
PPROPRIATECOMMISSION
.—The term “appropriatecommission” has the meaning giventhe term in section 9806 of title 31, United States Code, as added by section 803 of this Act.(3)C
OMMODITY
.—The term “commodity” has the meaninggiven the term in section 1a of the Commodity Exchange Act (7 U.S.C. 1a).(4)D
IGITALASSET
;
DISTRIBUTEDLEDGERTECHNOLOGY
;
SMARTCONTRACT
;
PAYMENTSTABLECOIN
;
VIRTUALCURRENCY
.—The terms “digital asset”, “distributedledger technology”, “smartcontract”, “payment stablecoin”, and “virtual currency” have the meanings given the termsin section 9801 of title 31, United States Code, as added by section 101 of this Act.(5)S
ECURITY
.—Except as otherwise expressly provided,the term “security” has themeaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C.78c(a)).(6)S
ELF
-
REGULATORYORGANIZATION
.—The term “self-regulatoryorganization” means anorganization jointly registered by the Securities and Exchange Commission and CommodityFutures Trading Commission under section 9806 of title 31, United States Code, as added by section 803 of this Act, for the supervision of digital asset intermediaries.
TITLE I—DEFINITIONSSEC. 101. DEFINITIONS.
(a) In General.—Subtitle VI of title 31, United States Code, is amended by adding after chapter 97 the following:
“CHAPTER 98—DIGITAL ASSETS
“Sec.“9801. Definitions.