S. 4760 · 117th Congress
Digital Commodities Consumer Protection Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
StabenowSponsor6 cosponsors · 3 D, 3 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill.
What it does: CRS summary · Introduced in Senate · Aug 3, 2022
Digital Commodities Consumer Protection Act of 2022
This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill.
The bill defines digital commodities as fungible digital forms of personal property that can be transferred person-to-person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service.
Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Digital Commodities Consumer Protection Act of 2022
Latest action (Sep 15, 2022): Committee on Banking, Housing, and Urban Affairs. Hearings held.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Aug 3, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.