Referred to the House Committee on Financial Services.
This bill amends multiple federal securities statutes to exclude a defined class of digital tokens called "investment contract assets" from the definition of "security." It defines an investment contract asset as a fungible digital representation of value recorded on a public cryptographically secured distributed ledger and transferable person-to-person without necessary reliance on an intermediary.
The bill removes such assets from coverage under the Securities Act, Exchange Act, Advisers Act, Investment Company Act, and SIPA.
Clear deregulatory aim targeting a contentious sector increases opposition from regulators and some lawmakers; modest chance in House, low in Senate absent compromise or consolidation.
Relative to its intended legislative type, this bill is a clear substantive change that defines and excludes an "investment contract asset" from the statutory definition of "security" across several major securities statutes. The bill specifies the new term and the statutory insertion points, but it provides limited legislative findings, implementation guidance, fiscal acknowledgment, treatment of edge cases, or accountability mechanisms.
Progressives emphasize loss of investor protections and SEC authority
Progressives emphasize loss of investor protections and SEC authority
Likely viewed skeptically: seen as a broad carve-out that limits SEC authority and weakens investor protections for token offerings.
Some recognition that clarity can benefit innovation, but judged insufficiently protective.
Mixed view: welcomes clearer statutory treatment for some tokens but worries about vague terms and reduced investor safeguards.
Would favor compromise fixes, implementation details, and coordination with the SEC.
Generally favorable: seen as limiting SEC overreach and enabling decentralized finance and property-rights recognition for digital assets.
Likely sees this as pro-innovation deregulatory progress.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Clear deregulatory aim targeting a contentious sector increases opposition from regulators and some lawmakers; modest chance in House, low in Senate absent compromise or consolidation.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize loss of investor protections and SEC authority
Clear deregulatory aim targeting a contentious sector increases opposition from regulators and some lawmakers; modest chance in House, low…
Relative to its intended legislative type, this bill is a clear substantive change that defines and excludes an "investment contract asset" from the statutory definition of "security" across several major securities sta…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.