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Code · BILL · 117th Congress · S. 4356 (Introduced in Senate) — To provide for responsible financial innovation and to bring digital assets within the regulatory perimeter. · Sec. 1

Sec. 1. Short title; table of contents

489 words·~2 min read·/bill/117/s/4356/is/section-1

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

This Act may be cited as the . Lummis-Gillibrand Responsible Financial Innovation Act The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Definitions. TITLE I—Definitions Sec. 101. Definitions. TITLE II—Responsible taxation of digital assets Sec. 201. Gain from disposition of digital assets. Sec. 202. Information reporting requirements imposed on brokers with respect to digital assets. Sec. 203. Sources of income. Sec. 204. Decentralized autonomous organizations.
Sec. 205. Tax treatment of digital asset lending agreements and related matters. Sec. 206. Implementing effective IRS guidance. Sec. 207. Analysis of retirement investing in digital assets. Sec. 208. Digital asset mining and staking. Sec. 209. Conforming amendments. TITLE III—Responsible securities innovation Sec. 301. Securities offerings involving certain intangible assets. Sec. 302. Termination of specified periodic disclosure requirements. Sec. 303. Guidance relating to satisfactory control location.
Sec. 304. Custody and customer protection rules. TITLE IV—Responsible Commodities Innovation Sec. 401. Definitions. Sec. 402. Reporting and recordkeeping. Sec. 403. CFTC jurisdiction over digital asset transactions. Sec. 404. Registration of digital asset exchanges. Sec. 405. Violations. Sec. 406. Market reports. Sec. 407. Bankruptcy treatment of digital assets. Sec. 408. Identified banking products. Sec. 409. Financial institutions definition. Sec. 410. Offsetting the costs of digital asset regulation.
TITLE V—Responsible consumer protection Sec. 501. Responsible consumer protection. Sec. 502. Source code version of digital assets. Sec. 503. Settlement finality. Sec. 504. Notice to customers; enforcement. Sec. 505. Right to individual management of digital assets. Sec. 506. Technical and conforming amendments. TITLE VI—Responsible payments innovation Sec. 601. Issuance of payment stablecoins. Sec. 602. Sanctions compliance responsibilities of payment stablecoin issuers. Sec. 603.
Use of the official digital currency of the People’s Republic of China on Government devices. Sec. 604. Certificate of authority to commence banking. Sec. 605. Holding company supervision of covered depository institutions. Sec. 606. Implementation rules to preserve adequate competition in payment stablecoins. Sec. 607. Financial Crimes Enforcement Network Innovation Laboratory. TITLE VII—Responsible banking innovation Sec. 701. Study on use of distributed ledger technology for reduction of risk in depository institutions.
Sec. 702. Eligibility for Federal Reserve services to depository institutions. Sec. 703. Routing transit number issuance. Sec. 704. Clarifying application review times with respect to the Federal banking agencies. Sec. 705. Examination standards for digital asset activities. Sec. 706. Asset custody for depository institutions and certain other entities. Sec. 707. Reputation risk; requirements for account termination requests and orders. Sec. 708. Conforming amendments. TITLE VIII—Responsible interagency coordination Sec. 801.
Timeline for interpretive guidance issued by Federal financial agencies. Sec. 802. Interstate sandbox activities. Sec. 803. State money transmission coordination relating to digital assets. Sec. 804. Information sharing among Federal and State financial regulators. Sec. 805. Analysis of decentralized finance markets and technologies. Sec. 806. Analysis of energy consumption in digital asset markets. Sec. 807. Analysis of self-regulation and registered digital asset associations.
Sec. 808. Cybersecurity standards for digital asset intermediaries. Sec. 809. Advisory Committee on Financial Innovation.
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