To require the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the National Credit Union Administration Board to jointly submit a report on trends in the use of blockchain technology to tokenize traditional assets, and for other purposes.
About This Bill
Committee
Latest Action · May 17, 2024
Referred to the House Committee on Financial Services.
This bill requires four federal financial regulatory agencies—the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration—to jointly prepare a comprehensive report on how blockchain technology is being used to tokenize traditional assets like stocks, bonds, and real estate. The agencies must submit the report to Congress within 180 days of the bill's enactment and must gather public input during their research. The report must analyze the potential benefits and risks of asset tokenization, compare different types of blockchain networks, examine how well blockchains can work together, review how other countries are regulating tokenized assets, and assess whether new federal rules are needed to support this emerging practice. The bill affects financial institutions and anyone involved in or considering blockchain-based asset transactions, as the report's findings could influence future regulatory decisions in this area.
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