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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. 505

Sec. 505. Report on digital asset trading platforms

270 words·~1 min read·/bill/117/hr/4741/ih/section-505·

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Not later than 270 days after the date of the enactment of this section, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Secretary of the Treasury, and the Financial Crimes Enforcement Network, in consultation with such Federal and State regulators and market participants as the Commission determines appropriate, shall jointly submit to the relevant committees a report that— identifies the 10 largest digital asset trading platforms in the United States, their registration status, the number of client accounts each platform has, and the annual trading volume on each trading platform over the last 5 years; summarizes and compares— the statutory and regulatory requirements applicable to United States digital asset trading platforms
(MSBs)which are currently available to United States investors; and the statutory and regulatory requirements applicable to national securities exchanges, alternative trading systems, designated contract market, and swap execution facility; identifies and quantifies investor losses related to all known major foreign and domestic unauthorized electronic access or hacks of digital asset trading platforms in the 5-year period preceding the date of the enactment of this Act; and provides legislative and regulatory recommendations to promote and increase United States investor protection with respect to sale or trading of digital assets and digital asset securities. The report shall discuss the major differences between money services businesses and securities/commodities exchanges and provide concrete legislative and regulatory recommendations which would help clarify on what entities and under what rules and requirements the trading of digital assets and digital asset securities should take place as distinguished from the entities and the rules which should apply to the transmission of monetary instruments.
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