3.0.0 2281 2025-01-14T18:20:21Z 2025-01-14T18:20:21Z Senate S S 2023-07-12 118 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings By (full committee) 2023-10-26T14:00:00Z ssfi00 Finance Committee Senate Standing Referred To 2023-07-12T21:05:00Z 118 1357 S 2023-04-27 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2023-10-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2023-07-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2023-07-12 Introduced in Senate IntroReferral 10000 9 Library of Congress L000571 Sen. Lummis, Cynthia M. [R-WY] Cynthia Lummis R WY M. N G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2023-07-12 True Finance and Financial Sector Civil actions and liability 2024-05-01T15:39:55Z Commodities markets 2024-05-01T15:38:43Z Commodity Futures Trading Commission 2024-05-01T15:38:55Z Computers and information technology 2024-05-01T15:39:04Z Currency 2024-05-01T15:39:23Z Digital media 2024-05-01T15:39:29Z Financial services and investments 2024-05-01T15:39:41Z Fraud offenses and financial crimes 2024-05-01T15:40:21Z Income tax rates 2024-05-01T15:41:22Z Sales and excise taxes 2024-05-01T15:39:48Z Finance and Financial Sector 2023-11-01T21:00:37Z

00 2023-07-12 Introduced in Senate 2024-04-16T20:17:36Z <p><strong>Lummis-Gillibrand Responsible Financial Innovation Act </strong></p> <p>This bill provides for the regulation of crypto assets. </p> <p>The bill outlines agency jurisdictions over types of crypto assets and ancillary assets. For example, the bill provides that the Commodity Futures Trading Commission (CFTC) has jurisdiction over crypto assets that do not provide their holders with financial interest in a business entity.</p> <p>The bill also establishes consumer protections, including by requiring (1) a crypto asset intermediary to provide proof of possession or control of all its crypto assets, and (2) an annual verification of assets by an independent public accountant. The bill also provides for the establishment of customer protection and market integrity authorities upon approval by the Securities and Exchange Commission (SEC) and the CFTC.</p> <p>In addition, the bill imposes criminal penalties for violations of certain financial recordkeeping requirements involving crypto asset transactions. Further, the Department of the Treasury, the SEC, and the CFTC must assess the compliance of the entities they regulate with anti-money laundering programs and countering the financing of terrorism requirements.</p> <p>Under the bill, any stablecoin must be issued by depository institutions. Institutions must hold 100% of the value of all outstanding stablecoins in reserves and allow stablecoins to be redeemed at par. </p> <p>The bill also provides for the tax treatment of crypto assets, including an exemption from income tax for purchases using digital assets that result in a gain or loss of $200 or less. </p>

Display Title 45 2024-07-24T15:20:48Z Short Title(s) as Introduced 101 2024-05-24T13:37:24Z Introduced in Senate IS Official Title as Introduced 6 2024-04-18T10:56:42Z Introduced in Senate IS Introduced in Senate 2023-07-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s2281is/xml/BILLS-118s2281is.xml 2023-10-26 Committee on Banking, Housing, and Urban Affairs. Hearings held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.