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Code · BILL · 118th Congress · S. 2281 (Introduced in Senate) — To provide for consumer protection and responsible financial innovation, to bring crypto assets within the regulatory... · Sec. 1

Sec. 1. Short title; table of contents

609 words·~3 min read·/bill/118/s/2281/is/section-1

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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—Putting consumer protection first Sec. 201. Sense of Congress relating to crypto asset enforcement powers. Sec. 202. Enforcement of consumer protection requirements. Sec. 203. Mandatory proof of reserves; annual verification. Sec. 204.
Plain language crypto asset customer agreements. Sec. 205. Basic consumer protection standards for crypto assets. Sec. 206. Cleaning up crypto asset lending. Sec. 207. Settlement finality. Sec. 208. Advertisements of crypto asset intermediaries and certain other persons. Sec. 209. Cybersecurity standards for crypto asset intermediaries. TITLE III—Combating illicit finance Sec. 301. Higher penalties for crypto asset crimes. Sec. 302. Anti-money laundering examination standards.
Sec. 303. Crypto asset kiosks. Sec. 304. Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. Sec. 305. Sanctions compliance responsibilities of payment stablecoin issuers. Sec. 306. Crypto asset mixers and tumblers. Sec. 307. Financial Crimes Enforcement Network Innovation Laboratory. TITLE IV—Responsible Commodities regulation Sec. 401. Definitions. Sec. 402. Reporting and recordkeeping. Sec. 403. Jurisdiction over crypto asset transactions.
Sec. 404. Registration of crypto asset exchanges. Sec. 405. Supervision of affiliates. Sec. 406. Violations. Sec. 407. Market reports. Sec. 408. Bankruptcy treatment of crypto assets. Sec. 409. Identified banking products. Sec. 410. Financial institutions definition. Sec. 411. Offsetting the costs of crypto asset regulation. TITLE V—Responsible securities regulation Sec. 501. Securities offerings involving certain intangible assets. Sec. 502. Guidance relating to satisfactory control location.
TITLE VI—Customer protection and market integrity authority Sec. 601. Customer protection and market integrity authority. Sec. 602. Registration, rulemaking, and supervision of customer protection and market integrity authorities. Sec. 603. Records and reports; duties and powers of customer protection and market integrity authorities. TITLE VII—Responsible payments innovation Sec. 701. Issuance of payment stablecoins. Sec. 702. Treatment of endogenously referenced crypto assets.
Sec. 703. Certificate of authority to commence banking. Sec. 704. Holding company supervision of covered depository institutions. Sec. 705. Codifying custodial principles for financial institutions. Sec. 706. Implementation rules to preserve adequate competition in payment stablecoins. Sec. 707. Study on use of distributed ledger technology for reduction of risk in depository institutions. Sec. 708. Clarifying application review times with respect to the Federal banking agencies.
Sec. 709. Conforming amendments. TITLE VIII—Responsible taxation of crypto assets Sec. 801. De minimis gain from sale or exchange of crypto assets. Sec. 802. Information reporting requirements imposed on brokers with respect to crypto assets. Sec. 803. Sources of income. Sec. 804. Tax treatment of crypto asset lending agreements and related matters. Sec. 805. Loss from wash sales of crypto assets. Sec. 806. Mark-to-market election. Sec. 807. Forks, airdrops, and subsidiary value.
Sec. 808. Crypto asset mining and staking. Sec. 809. Charitable contributions and qualified appraisals. TITLE IX—Responsible interagency coordination Sec. 901. Timeline for interpretive guidance issued by Federal financial agencies. Sec. 902. State money transmission coordination relating to crypto assets. Sec. 903. Information sharing among Federal and State financial regulators. Sec. 904. Report on energy consumption in crypto asset markets. Sec. 905. Analysis of energy consumption by distributed ledger technologies.
Sec. 906. Report on distributed ledger applications in energy. Sec. 907. Permitting Federal Government employees to gain experience with crypto asset technologies. Sec. 908. Advisory Committee on Financial Innovation. TITLE X—Equipping agencies to protect consumers and promote responsible innovation Sec. 1001. Executive Office of the President appropriations. Sec. 1002. Financial Crimes Enforcement Network appropriations. Sec. 1003. Commodity Futures Trading Commission appropriations.
Sec. 1004. Securities and Exchange Commission appropriations. Sec. 1005. Federal Trade Commission appropriations. Sec. 1006. Advisory Commission on Financial Innovation appropriations.
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