H.R. 5741 · 118th Congress
Uniform Treatment of Custodial Assets Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
FloodSponsor22 cosponsors · 15 D, 7 R
R
Hill
WN
D
Nickel
RT
D
Torres
AB
R
Barr
HC
D
Cuellar
TE
R
Emmer
DM
R
Meuser
SH
D
Horsford
JJ
D
Jackson
CT
R
Tenney
DD
D
Davis
ZZ
R
(Zach) Nunn
DG
D
Goldman
SP
D
Peters
DS
D
Soto
RG
D
Garcia
ES
D
Sorensen
BB
D
Boyle
JG
D
Gottheimer
YC
D
Caraveo
WT
R
Timmons
RK
D
Krishnamoorthi3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill addresses the accounting treatment of certain assets, including digital assets, at financial institutions.
What it does: CRS summary · Introduced in House · Sep 27, 2023
Uniform Treatment of Custodial Assets Act
This bill addresses the accounting treatment of certain assets, including digital assets, at financial institutions.
For example, under the bill, federal regulatory entities are prohibited from requiring specified financial institutions to include as a liability on financial statements assets that are held in custody or safekeeping by the institution. This applies to assets associated with a cryptographic key held in custody or safekeeping by the financial institution. However, if cash held by an institution for a third party is commingled with the general assets of the institution, that cash may be treated as a liability.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Uniform Treatment of Custodial Assets Act
Latest action (Sep 27, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 27, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.