arrow_back Back to App

Strengthening Digital Asset Market Oversight Through Self-Regulation

This act aims to enhance security and transparency in digital asset markets, such as cryptocurrencies, by introducing new oversight rules. Citizens can expect better protection for their investments and greater accountability from companies in this industry, making the market more orderly and secure.
Key points
Introduces definitions for key terms like "digital assets," "virtual currency," and "digital asset intermediary," simplifying regulatory understanding.
Establishes a registration and oversight system for digital asset associations, which will be responsible for enforcing rules and disciplining members.
Sets forth procedures for approving and amending rules by these associations, ensuring transparency and stakeholder input.
Requires digital asset firms to maintain accurate records and report information, increasing accountability and facilitating oversight.
Implements cooperation mechanisms between regulatory bodies (SEC and CFTC) and associations to avoid duplication and reduce regulatory burdens.
Mandates the development of rules for "best execution" of digital asset transactions, aiming to protect customer interests.
Allows associations to make initial determinations on the legal character of digital assets, potentially streamlining regulatory processes.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_5286
Sponsor: Sen. Lummis, Cynthia M. [R-WY]
Process start date: 2022-12-15
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Responsible Self-Regulation Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5286.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-15.

What are the main provisions?

Key points include:

  • Introduces definitions for key terms like "digital assets," "virtual currency," and "digital asset intermediary," simplifying regulatory understanding.
  • Establishes a registration and oversight system for digital asset associations, which will be responsible for enforcing rules and disciplining members.
  • Sets forth procedures for approving and amending rules by these associations, ensuring transparency and stakeholder input.
  • Requires digital asset firms to maintain accurate records and report information, increasing accountability and facilitating oversight.
  • Implements cooperation mechanisms between regulatory bodies (SEC and CFTC) and associations to avoid duplication and reduce regulatory burdens.
  • Mandates the development of rules for "best execution" of digital asset transactions, aiming to protect customer interests.
  • Allows associations to make initial determinations on the legal character of digital assets, potentially streamlining regulatory processes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Lummis, Cynthia M. [R-WY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy Courts and Law