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Code · BILL · 117th Congress · H.R. 4741 (Introduced in House) — To provide for the regulation of digital assets, and for other purposes. · Sec. 503

Sec. 503. Report on decentralized finance

209 words·~1 min read·/bill/117/hr/4741/ih/section-503·

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Not later than 270 days after the date of the enactment of this Act, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Secretary of the Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, shall jointly submit a report to the appropriate committees that— summarizes the use of decentralized finance in the United States; estimates the number and percentage of Americans using decentralized finance products and services versus the global usage and identifies the major decentralized finance products and services by estimated dollar volume usage; provides recommendations with respect to the definition of the term decentralized finance to be adopted and codified in United States law; discusses the primary differences between digital asset fiat based stablecoins and central bank digital currencies; discusses whether there are financial stability risks or concerns posed by decentralized finance; provides recommendations regarding appropriate regulation and investor protection for decentralized finance in United States banking, securities, and commodities, including with respect to United States jurisdiction and application of United States law; and discusses the legal obligations of creators, owners, or operators of decentralized finance applications, distributed ledgers, smart contracts, and other applications which are hacked or are used for fraud and manipulation.
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