Sec. 312. Digital commodity activities that are financial in nature
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/bill/119/hr/3633/eh/section-312·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 4(k)(4) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(k)(4) ) is amended— in subparagraph (A), by striking or securities and inserting , securities, or digital commodities ; and in subparagraph (E), by inserting or digital commodities before the period at the end. A national bank may use a digital asset or blockchain system to perform, provide, or deliver any activity, function, product, or service that the national bank is otherwise authorized by law to perform, provide, or deliver.
Nothing in this subsection may be construed to exempt a national bank’s performance, provision, or delivery of an activity, function, product, or service from a requirement that would apply if the activity were not performed, provided, or delivered using a digital asset or blockchain system. For purposes of sections 24(a) and 24(d) of the Federal Deposit Insurance Act ( 12 U.S.C. 1831a(a) and (d)), all of the activities authorized for a national bank under subsection
(b)that are principal activities shall be permissible for an insured State bank and subsidiary of an insured State bank.
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