Sec. 502. Guidance relating to satisfactory control location
122 words·~1 min read·
/bill/118/s/2281/is/section-502·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 180 days after the date of the enactment of this Act, the Securities and Exchange Commission shall issue guidance relating to section 240.15c3–3 of title 17, Code of Federal Regulations, or any successor regulation, providing that the requirement to designate a satisfactory control location for a crypto asset that is, or may represent ownership of, a security may be satisfied by protecting the crypto asset through commercially reasonable cybersecurity practices to maintain control of sufficient private key material to transfer control of the crypto asset to another person, or to cause another person to obtain control of the crypto asset, including by means of a smart contract that generates private key material without the involvement of a natural person.