Creates a federal regulatory framework for cryptocurrencies and other digital assets

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

✎ Drafted by AI from the public sources cited. Each sentence links to its source.

This bill would set up a federal system for regulating digital assets such as cryptocurrencies, dividing oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).^2,3 Assets tied to a blockchain, a shared digital record of transactions, that is functional and decentralized would be treated as commodities overseen by the CFTC; decentralized means in part that no single party can control the system and no issuer or affiliated person holds 20% or more of the asset or its voting power, and the CFTC would have exclusive authority over cash, or spot, trading in these assets.^2,3,4 The SEC would regulate assets on functional blockchains that are not decentralized as securities, but issuers could sell up to $75 million of a digital asset a year without registering the sale if they meet disclosure rules and limit each buyer who does not meet the SEC's wealth or income tests to 10% of their yearly income or net worth.^2,3,4 Amendments adopted on the House floor clarified how anti-money-laundering rules under the Bank Secrecy Act apply to digital asset firms, required a study of firms owned by foreign adversaries, and stated that the bill does not authorize regulating spot markets for other commodities.³

§2Status

§3How Congress voted

Why this matters: The official count.