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Creates a federal regulatory framework for digital commodities and related trading activity by assigning registration and enforcement roles to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). It establishes a temporary provisional CFTC registration path for digital commodity exchanges, brokers, and dealers; limits certain insider resales of tokens sold under exempt investment-contract offers; extends SEC oversight and rulemaking for some trading by SEC-registered brokers/dealers and national securities exchanges; requires CFTC registration and customer-protection rules for digital-commodity brokers and dealers; and establishes innovation hubs, a codified LabCFTC, and several one-year studies to improve regulator understanding of blockchain, stablecoins, NFTs, and DeFi.
Sets multiple near-term deadlines for agencies to write rules (many within 270 days or one year), creates new reporting, recordkeeping, and disclosure obligations, bans deceptive filings and manipulative trading practices, and preempts some state and local restrictions on compliant digital-asset sales. The bill reshapes market structure, increases compliance burdens for trading platforms and issuers, and clarifies overlapping SEC/CFTC authorities while leaving enforcement overlap intact.
Adds multiple new definitions (e.g., blockchain, blockchain application, blockchain protocol, blockchain system, decentralized governance system, digital asset, digital commodity, related terms including digital commodity issuer, digital commodity affiliated person, end user distribution, mature blockchain system, permitted payment stablecoin and issuer) to section 2(a) of the Securities Act of 1933.
Redesignates an existing paragraph and adds new definitions, including Bank Secrecy Act and incorporation of definitions from the Securities Act and Commodity Exchange Act for various digital-asset terms.
Amends multiple paragraphs to insert digital commodity terminology and add extensive new definitions related to digital commodities, decentralized finance, digital commodity brokers/dealers/exchanges, and related terms; redesignates many existing paragraphs to accommodate additions.
Adds multiple new sections to the Commodity Exchange Act (inserting sections 4u, 4v, 4w, 4x, and 6e) and amends existing sections 4k and 4m to add registration and exemption requirements for digital commodity brokers, dealers, associated persons, commodity pool operators, and trading advisors, plus other trading and exclusion provisions.
Redesignates subsections and adds a new subsection making it unlawful to act as an associated person of a digital commodity broker or dealer without registration; conforming amendment to substitute references to section 4k(7).
Modifies registration language to include commodity pool operators and commodity trading advisors and adds an exemptive authority granting the Commission rulemaking power to provide exemptions for CPOs and CTAs to avoid duplicative or burdensome requirements related to digital commodity markets.
References the Securities Exchange Act of 1934 for comparative capital requirement standards and for definition cross-references; no direct amendment to 15 U.S.C. 78a in this section.
Strikes the final sentence of section 2(a)(1) of the Securities Act of 1933 and inserts new text (as amended by the GENIUS Act).
Strikes the final sentence of section 3(a)(10) of the Securities Exchange Act of 1934 and inserts new text (as amended by the GENIUS Act).
Amends section 202(a) of the Investment Advisers Act of 1940: modifies paragraph (18) by striking its final sentence and inserting new text; redesignates a paragraph (29) as (31); and adds a new paragraph (32) defining digital commodity-related terms referencing 15 U.S.C. 77b(a).
And 51 more affected sections...
Introduced May 29, 2025 by French Hill · Last progress September 18, 2025
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199). (text of amendment in the nature of a substitute: CR H3373-3397)
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199).