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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. 502

Sec. 502. Source code version of digital assets

299 words·~1 min read·/bill/117/s/4356/is/section-502

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Chapter 98 of title 31, United States Code, as amended by section 501 of this Act, is amended by adding at the end the following: A customer and a person who provides digital asset services shall, at the initiation of a contractual relationship, agree in writing regarding the source code version the person will use for each digital asset and the treatment of each asset under the law, including securities and commodities laws and the Uniform Commercial Code applicable to the transaction.
A person who provides digital asset services— may periodically determine whether to implement a source code version that uses validation rules different than those of the source code version specified in a customer agreement, including in circumstances where it is not possible to predict in advance whether utilization of the different source code version will be in the best interests of the customer; shall consider the nature of proposed changes to source code versions with potential effects resulting from third-party actors that may create different source code versions resulting in new networks that could create economic value for customers; shall not be required to support digital assets and source code versions that the person has not entered into an agreement with customers to support; and shall not capriciously redefine a digital asset or the corresponding source code or alter customer agreements with respect to this subsection.
A person who provides digital asset services— shall adopt and maintain standards for changes to digital asset source code versions that use differing validation rules than those of the source code version specified in the customer agreement, which shall include customer notice and approval, as appropriate based on the circumstances; and may specify differing standards based on source code changes which occur as the result of emergencies, including security vulnerabilities. .
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