[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9579 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 9579
To establish the Joint Advisory Committee on Digital Assets, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 12, 2024
Mr. Rose introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Agriculture, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To establish the Joint Advisory Committee on Digital Assets, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Bridging Regulation and Innovation
for Digital Global and Electronic Digital Assets Act'' or the ``BRIDGE
Digital Assets Act''.
SEC. 2. CFTC-SEC JOINT ADVISORY COMMITTEE ON DIGITAL ASSETS.
(a) Establishment.--The Commodity Futures Trading Commission and
the Securities and Exchange Commission (in this section referred to as
the ``Commissions'') shall jointly establish the Joint Advisory
Committee on Digital Assets (in this section referred to as the
``Committee'').
(b) Purpose.--
(1) In general.--The Committee shall--
(A) provide the Commissions with advice on the
rules, regulations, and policies of the Commissions
related to digital assets;
(B) further the regulatory harmonization of digital
asset policy between the Commissions;
(C) examine and disseminate methods for describing,
measuring, and quantifying digital asset--
(i) decentralization;
(ii) functionality;
(iii) information asymmetries; and
(iv) transaction and network security; and
(D) examine the potential for digital assets,
blockchain systems, and distributed ledger technology
to improve efficiency in the operation of financial
market infrastructure and better protect financial
market participants, including services and systems
which provide--
(i) improved customer protections;
(ii) public availability of information;
(iii) greater transparency regarding
customer funds;
(iv) reduced transaction cost; and
(v) increased access to financial market
services.
(2) Review by agencies.--Each Commission shall--
(A) review the findings and recommendations of the
Committee;
(B) promptly issue a public statement each time the
Committee submits a finding or recommendation to a
Commission--
(i) assessing the finding or recommendation
of the Committee;
(ii) disclosing the action or decision not
to take action made by the Commission in
response to a finding or recommendation; and
(iii) explaining the reasons for the action
or decision not to take action; and
(C) each time the Committee submits a finding or
recommendation to a Commission, provide the Committee
with a formal response to the finding or recommendation
not later than 3 months after the date of the
submission of the finding or recommendation.
(c) Membership and Leadership.--
(1) Non-federal members.--
(A) In general.--The Commissions shall appoint at
least 20 nongovernmental stakeholders who represent a
broad spectrum of interests, equally divided between
the Commissions, to serve as members of the Committee.
The appointees shall include--
(i) digital asset issuers;
(ii) persons registered with the
Commissions and engaged in digital asset
related activities;
(iii) individuals engaged in academic
research relating to digital assets; and
(iv) digital asset users.
(B) Members not commission employees.--Members
appointed under subparagraph (A) shall not be deemed to
be employees or agents of a Commission solely by reason
of membership on the Committee.
(2) Co-designated federal officers.--Notwithstanding
section 1009 of title 5, United States Code, the Committee
shall have two designated Federal officers or employees, as
described under such section, with each Commission designating
one officer or employee of the Commission to serve as a
designated Federal officer or employee, from among individuals
who possess an understanding of digital assets, blockchain
systems, and financial technology.
(3) Committee leadership.--
(A) Composition; election.--The Committee members
shall elect, from among the Committee members--
(i) a chair;
(ii) a vice chair;
(iii) a secretary; and
(iv) an assistant secretary.
(B) Term of office.--Each member elected under
subparagraph (A) in a 2-year period referred to in
section 1013(b)(2) of title 5, United States Code,
shall serve in the capacity for which the member was so
elected, until the end of the 2-year period.
(d) No Compensation for Committee Members.--All Committee members
shall--
(1) serve without compensation; and
(2) while away from the home or regular place of business
of the member in the performance of services for the Committee,
be allowed travel expenses, including per diem in lieu of
subsistence, in the same manner as persons employed
intermittently in the Government service are allowed expenses
under section 5703(b) of title 5, United States Code.
(e) Frequency of Meetings.--The Committee shall meet--
(1) not less frequently than twice annually; and
(2) at such other times as either Commission may request.
(f) Duration.--Section 1013(a)(2) of title 5, United States Code,
shall not apply to the Committee.
(g) Time Limits.--The Commissions shall--
(1) adopt a joint charter for the Committee within 90 days
after the date of the enactment of this section;
(2) appoint members to the Committee within 120 days after
such date of enactment; and
(3) hold the initial meeting of the Committee within 180
days after such date of enactment.
(h) Funding.--The Commissions shall jointly fund the Committee.
(i) Definitions.--In this section:
(1) Blockchain.--The term ``blockchain'' means any
technology--
(A) where data is--
(i) shared across a network to create a
public ledger of verified transactions or
information among network participants;
(ii) linked using cryptography to maintain
the integrity of the public ledger and to
execute other functions; and
(iii) distributed among network
participants in an automated fashion to
concurrently update network participants on the
state of the public ledger and any other
functions; and
(B) composed of source code that is publicly
available.
(2) Digital asset.--The term ``digital asset'' means any
fungible digital representation of value that can be
exclusively possessed and transferred, person to person,
without necessary reliance on an intermediary, and is recorded
on a cryptographically secured public distributed ledger.
(3) Digital asset issuer.--With respect to a digital asset,
the term ``digital asset issuer'' means any person that, in
exchange for any consideration--
(A) issues or causes to be issued a unit of such
digital asset to a person; or
(B) offers or sells a right to a future issuance of
a unit of such digital asset to a person.
<all>