Sec. 207. Settlement finality
167 words·~1 min read·
/bill/118/s/2281/is/section-207·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Chapter 98 of title 31, United States Code, as amended by section 206 of this Act, is amended by adding at the end the following: To promote legal certainty and customer protection, a crypto asset intermediary and a customer shall, upon the opening of an account, agree on the terms of settlement finality for all transactions with respect to crypto assets, including the following: The conditions under which a crypto asset may be deemed fully transferred, provided that those legal conditions may diverge from operational conditions under which crypto assets are considered transferred, based on the distributed and probabilistic nature of crypto assets.
The exact moment of transfer of a crypto asset. The discharge of any obligations upon transfer of a crypto asset. Conformity to applicable provisions of the Uniform Commercial Code. . The table of sections for chapter 98 of title 31, United States Code, as amended by section 206 of this Act, is amended by adding at the end the following: 9807. Settlement finality. .