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Digital Asset Regulation and Investor Protection Act

This bill aims to regulate the digital asset market, such as cryptocurrencies, by clearly defining which are securities and which are commodities. It introduces new rules for digital asset companies to enhance safety and transparency for citizens. The act also seeks to combat illegal use of digital assets and improve tax reporting.
Key points
Clear Rules: The act defines which digital assets are securities (under SEC oversight) and which are commodities (under CFTC oversight), aiming to increase legal certainty for investors.
Investor Protection: Digital asset firms will need to meet new requirements for customer protection and asset custody, similar to those in traditional finance.
Stablecoins Regulation: It mandates that all fiat-backed stablecoins must be approved by the U.S. Treasury Department, enhancing their stability and security.
No Insurance Coverage: Digital assets and digital asset securities will not be covered by federal deposit insurance (FDIC/NCUA) or SIPC insurance, even if held by banks or brokers.
Combating Crime: Strengthens anti-money laundering (Bank Secrecy Act) provisions for digital assets, including prohibiting the use of anonymizing services and money mules.
Tax Reporting: The IRS will prepare reports on digital asset ownership and taxation, potentially leading to changes in how cryptocurrency taxes are handled.
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Expired
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Additional Information
Print number: 118_HR_5745
Sponsor: Rep. Beyer, Donald S., Jr. [D-VA-8]
Process start date: 2023-09-27
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Digital Asset Market Structure and Investor Protection Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5745.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-09-27.

What are the main provisions?

Key points include:

  • Clear Rules: The act defines which digital assets are securities (under SEC oversight) and which are commodities (under CFTC oversight), aiming to increase legal certainty for investors.
  • Investor Protection: Digital asset firms will need to meet new requirements for customer protection and asset custody, similar to those in traditional finance.
  • Stablecoins Regulation: It mandates that all fiat-backed stablecoins must be approved by the U.S. Treasury Department, enhancing their stability and security.
  • No Insurance Coverage: Digital assets and digital asset securities will not be covered by federal deposit insurance (FDIC/NCUA) or SIPC insurance, even if held by banks or brokers.
  • Combating Crime: Strengthens anti-money laundering (Bank Secrecy Act) provisions for digital assets, including prohibiting the use of anonymizing services and money mules.
  • Tax Reporting: The IRS will prepare reports on digital asset ownership and taxation, potentially leading to changes in how cryptocurrency taxes are handled.
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 Rep. Beyer, Donald S., Jr. [D-VA-8].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law