H.R. 9579

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9579 Introduced in House (IH)]

<DOC>

118th CONGRESS
2d Session
H. R. 9579

To establish the Joint Advisory Committee on Digital Assets, and for 
other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

September 12, 2024

Mr. Rose introduced the following bill; which was referred to the 
Committee on Financial Services, and in addition to the Committee on 
Agriculture, for a period to be subsequently determined by the Speaker, 
in each case for consideration of such provisions as fall within the 
jurisdiction of the committee concerned

_______________________________________________________________________

A BILL

To establish the Joint Advisory Committee on Digital Assets, and for 
other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Bridging Regulation and Innovation 
for Digital Global and Electronic Digital Assets Act'' or the ``BRIDGE 
Digital Assets Act''.

SEC. 2. CFTC-SEC JOINT ADVISORY COMMITTEE ON DIGITAL ASSETS.

(a) Establishment.--The Commodity Futures Trading Commission and 
the Securities and Exchange Commission (in this section referred to as 
the ``Commissions'') shall jointly establish the Joint Advisory 
Committee on Digital Assets (in this section referred to as the 
``Committee'').
(b) Purpose.--
(1) In general.--The Committee shall--
(A) provide the Commissions with advice on the 
rules, regulations, and policies of the Commissions 
related to digital assets;
(B) further the regulatory harmonization of digital 
asset policy between the Commissions;
(C) examine and disseminate methods for describing, 
measuring, and quantifying digital asset--
(i) decentralization;
(ii) functionality;
(iii) information asymmetries; and
(iv) transaction and network security; and
(D) examine the potential for digital assets, 
blockchain systems, and distributed ledger technology 
to improve efficiency in the operation of financial 
market infrastructure and better protect financial 
market participants, including services and systems 
which provide--
(i) improved customer protections;
(ii) public availability of information;
(iii) greater transparency regarding 
customer funds;
(iv) reduced transaction cost; and
(v) increased access to financial market 
services.
(2) Review by agencies.--Each Commission shall--
(A) review the findings and recommendations of the 
Committee;
(B) promptly issue a public statement each time the 
Committee submits a finding or recommendation to a 
Commission--
(i) assessing the finding or recommendation 
of the Committee;
(ii) disclosing the action or decision not 
to take action made by the Commission in 
response to a finding or recommendation; and
(iii) explaining the reasons for the action 
or decision not to take action; and
(C) each time the Committee submits a finding or 
recommendation to a Commission, provide the Committee 
with a formal response to the finding or recommendation 
not later than 3 months after the date of the 
submission of the finding or recommendation.
(c) Membership and Leadership.--
(1) Non-federal members.--
(A) In general.--The Commissions shall appoint at 
least 20 nongovernmental stakeholders who represent a 
broad spectrum of interests, equally divided between 
the Commissions, to serve as members of the Committee. 
The appointees shall include--
(i) digital asset issuers;
(ii) persons registered with the 
Commissions and engaged in digital asset 
related activities;
(iii) individuals engaged in academic 
research relating to digital assets; and
(iv) digital asset users.
(B) Members not commission employees.--Members 
appointed under subparagraph (A) shall not be deemed to 
be employees or agents of a Commission solely by reason 
of membership on the Committee.
(2) Co-designated federal officers.--Notwithstanding 
section 1009 of title 5, United States Code, the Committee 
shall have two designated Federal officers or employees, as 
described under such section, with each Commission designating 
one officer or employee of the Commission to serve as a 
designated Federal officer or employee, from among individuals 
who possess an understanding of digital assets, blockchain 
systems, and financial technology.
(3) Committee leadership.--
(A) Composition; election.--The Committee members 
shall elect, from among the Committee members--
(i) a chair;
(ii) a vice chair;
(iii) a secretary; and
(iv) an assistant secretary.
(B) Term of office.--Each member elected under 
subparagraph (A) in a 2-year period referred to in 
section 1013(b)(2) of title 5, United States Code, 
shall serve in the capacity for which the member was so 
elected, until the end of the 2-year period.
(d) No Compensation for Committee Members.--All Committee members 
shall--
(1) serve without compensation; and
(2) while away from the home or regular place of business 
of the member in the performance of services for the Committee, 
be allowed travel expenses, including per diem in lieu of 
subsistence, in the same manner as persons employed 
intermittently in the Government service are allowed expenses 
under section 5703(b) of title 5, United States Code.
(e) Frequency of Meetings.--The Committee shall meet--
(1) not less frequently than twice annually; and
(2) at such other times as either Commission may request.
(f) Duration.--Section 1013(a)(2) of title 5, United States Code, 
shall not apply to the Committee.
(g) Time Limits.--The Commissions shall--
(1) adopt a joint charter for the Committee within 90 days 
after the date of the enactment of this section;
(2) appoint members to the Committee within 120 days after 
such date of enactment; and
(3) hold the initial meeting of the Committee within 180 
days after such date of enactment.
(h) Funding.--The Commissions shall jointly fund the Committee.
(i) Definitions.--In this section:
(1) Blockchain.--The term ``blockchain'' means any 
technology--
(A) where data is--
(i) shared across a network to create a 
public ledger of verified transactions or 
information among network participants;
(ii) linked using cryptography to maintain 
the integrity of the public ledger and to 
execute other functions; and
(iii) distributed among network 
participants in an automated fashion to 
concurrently update network participants on the 
state of the public ledger and any other 
functions; and
(B) composed of source code that is publicly 
available.
(2) Digital asset.--The term ``digital asset'' means any 
fungible digital representation of value that can be 
exclusively possessed and transferred, person to person, 
without necessary reliance on an intermediary, and is recorded 
on a cryptographically secured public distributed ledger.
(3) Digital asset issuer.--With respect to a digital asset, 
the term ``digital asset issuer'' means any person that, in 
exchange for any consideration--
(A) issues or causes to be issued a unit of such 
digital asset to a person; or
(B) offers or sells a right to a future issuance of 
a unit of such digital asset to a person.
<all>