Sec. 4. Offsetting the costs of digital asset advertising supervision
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/bill/118/s/1357/is/section-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Beginning October 1, 2024, the Securities and Exchange Commission and the Commodity Futures Trading Commission may, jointly, by rule, collect fees— to fund expenses relating to the supervision of advertising by digital asset intermediaries; and that are designed to recover the costs to the Federal Government of the annual appropriation to each commission by Congress for the cost of the supervision of advertising by digital asset intermediaries. A fee shall be imposed under paragraph
(1)only— on an entity that— is licensed, registered, or similarly authorized pursuant to a provision of law described in section 2(4)(A); and is engaged in activities relating to digital assets, including a digital asset intermediary that is registered with either commission as otherwise may be provided by Federal law; and in relation to the regulation of those activities under a provision of law described in section 2(4)(A). A fee imposed under paragraph
(1)shall— be strictly related to the cost to the Commissions relating to the supervision of advertising by digital asset intermediaries; minimize negative impacts on market liquidity; and maintain the efficiency, competitiveness, and financial integrity of digital asset markets. The Commissions shall collect fees under this subsection in such manner and within such time as may be specified by the Commissions, by rule. Each fiscal year, the Commissions shall jointly adopt an order setting rates for fees that are collected under subsection
(a)during that fiscal year. The Commissions shall publish in the Federal Register each order adopted under paragraph (1), which shall include— projections on which the fees are based; and an explanation of the method used for calculating applicable fee rates. Fees collected under subsection
(a)for any fiscal year shall— be split evenly between the Commissions; be deposited and credited as offsetting collections to the accounts providing appropriations to each respective commission; and not be collected or available for obligation for any fiscal year except to the extent provided in advance in appropriation Acts. No fee collected under subsection
(a)may be deposited and credited as general revenue of the Treasury. If a regular appropriation to a commission has not been enacted on the first day of a fiscal year, the commission shall continue to collect fees under this section at the rates in effect on September 30 of the preceding fiscal year until the regular appropriation for the fiscal year has been enacted and the commission has published fees based on the appropriation under subsection (b)(2). Nothing in this section may be construed to authorize the imposition of fees on a registered entity relating to leveraged, margined, or financed transactions under this Act, including those activities relating to digital assets. Notwithstanding any other provision of law, a commission may use appropriations otherwise made available by law to fund expenses relating to the supervision of digital asset advertising under section 2. Unless otherwise provided by law, the total amount of fees collected under this section shall not exceed $50,000,000.