Sponsors (22)
The bill provides comprehensive regulatory clarity, stronger consumer disclosures, AML controls, and operational standards for digital assets—tradeoffs include higher compliance costs, new privacy/surveillance risks, potential chilling effects on innovation, narrowed investor remedies, and concentrated market power that may shift costs and risks onto consumers and taxpayers.
Financial firms, exchanges, developers, and investors gain a much clearer statutory framework that defines key terms (digital asset, digital commodity, network token), distinguishes securities from commodities, and creates predictable classification and joint SEC–CFTC processes for market activities.
Retail and institutional investors get stronger disclosure, anti‑fraud protections, and educational resources requiring issuers, intermediaries, and brokers to provide clearer risk, governance, and insolvency disclosures.
Law enforcement and financial regulators receive strengthened AML/CFT rules, FinCEN funding, and information‑sharing mechanisms that increase traceability of illicit activity in digital assets.
Most digital‑asset issuers, exchanges, custodians, and intermediaries will face substantial new compliance, reporting, certification, and capital requirements that will raise operating costs and are likely to be passed on to customers as higher fees or reduced services.
Users of digital-asset services and developers face heightened privacy and surveillance risks because expanded AML/transaction monitoring, data collection, and interagency/private information sharing increase government and third‑party access to transaction and customer data.
Complex cross‑agency rulemakings, statutory deadlines, overlapping jurisdictional changes, and significant agency discretion create transitional legal uncertainty that could chill innovation, delay projects, and raise compliance risk for startups and developers.
Based on analysis of 19 sections of legislative text.
Creates a cross‑agency regulatory regime for tokens, digital‑commodity trading venues, AML/CFT rules, bank uses of distributed ledgers, insolvency protections, and consumer disclosures with multiple rulemaking deadlines.
Official title: To provide for a system of regulation of the offer and sale of digital commodities by the Securities and Exchange Commission and the Commodity Futures Trading Commission, to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.
Introduced May 29, 2025 by French Hill · Last progress May 14, 2026
Sets a comprehensive U.S. regulatory framework for digital assets and distributed ledger systems across securities, commodities, banking, anti‑money‑laundering, insolvency, and consumer protection law. The bill creates new definitions (blockchain, digital asset, ancillary asset, decentralized governance system, digital commodity, digital commodity broker/dealer, digital commodity exchange, and others), establishes tailored registration and rulemaking regimes for token offerings and trading platforms, orders joint SEC–CFTC and Treasury rulemaking and studies, and permits regulated banks and financial holding companies to use distributed-ledger technology. Key elements include a new SEC “Regulation Crypto” exemption and disclosure/certification regime for certain network tokens (ancillary assets), a CFTC registration regime for digital commodity exchanges and brokers/dealers, expanded Bank Secrecy Act (AML/CFT) coverage for digital commodity markets, insolvency protections recognizing customer interests in digital assets, retail consumer-protection rules and education requirements, a joint SEC–CFTC Micro‑Innovation Sandbox and advisory committee, and carve-outs for software developers and certain decentralized systems. Multiple rulemaking deadlines (typically 270–360 days) and phased compliance timetables are set throughout the bill.