Financial Innovation and Technology for the 21st Century Act
- Introduced Jul 20
- Committee Jul 20
- Passed House May 22
- Passed Senate Next
- To President Not yet
- Law Not yet
Where it stands
Passed House, May 22, 2024Next: Senate vote
779d ago Sep 9, 2024: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Final votes
House 279-136
1 roll call on this bill
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Votes
House roll 226
On Passage
R 208-3 D 71-133
279-136
Passed
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Summary
Financial Innovation and Technology for the 21st Century Act
Full summary4 paragraphs
This bill establishes a regulatory framework for digital assets.
The Commodity Futures Trading Commission (CFTC) must regulate a digital asset as a commodity if the blockchain, or digital ledger, on which it runs is functional and decentralized. The bill classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset. In addition, the bill provides the CFTC with exclusive regulatory authority over cash or spot markets for digital commodities.
The Securities and Exchange Commission (SEC) must regulate a digital asset as a security if its associated blockchain is functional but not decentralized. However, the bill establishes certain exceptions to SEC regulation for digital assets that limit annual sales, restrict nonaccredited investor access, and satisfy disclosure and compliance requirements. The bill also sets forth requirements for primary and secondary market transactions.
The CFTC and SEC must jointly issue rules to define terms and exempt dually registered exchanges from duplicative rules.
Library of Congress summary, May 6, 2024
Summary versions
- Reported to HouseMay 6, 2024
- Introduced in HouseJul 20, 2023
Actions
- SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Sep 9, 2024
- HouseMotion to reconsider laid on the table Agreed to without objection.May 22, 2024
- HouseOn passage Passed by recorded vote: 279 - 136 (Roll no. 226). (text: CR H3432-3455)May 22, 2024
- HouseThe House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.May 22, 2024
- HouseThe previous question was ordered pursuant to the rule.May 22, 2024
- HouseThe House rose from the Committee of the Whole House on the state of the Union to report H.R. 4763.May 22, 2024
- HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Perry amendment No. 4, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.May 22, 2024
- HouseDEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Perry amendment No. 4.May 22, 2024
- HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Norman amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.May 22, 2024
- HouseDEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Norman amendment No. 3.May 22, 2024
- HouseDEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 2.May 22, 2024
- HousePOSTPONED PROCEEDINGS - At the conclusion of debate on the Casar amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced that the noes prevailed. Mr. Casar demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.May 22, 2024
All actions28
- HouseDEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Casar amendment No. 1.May 22, 2024
- HouseGENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 4763.May 22, 2024
- HouseThe Speaker designated the Honorable Michael Guest to act as Chairman of the Committee.May 22, 2024
- HouseHouse resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1243 and Rule XVIII.May 22, 2024
- HouseRule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.May 22, 2024
- HouseConsidered under the provisions of rule H. Res. 1243. (consideration: H3419–3463)May 22, 2024
- HouseRules Committee Resolution H. Res. 1243 Reported to House. Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.May 21, 2024
- HouseReported (Amended) by the Committee on Agriculture. H. Rept. 118-484, Part I.May 6, 2024
- HouseReported (Amended) by the Committee on Financial Services. H. Rept. 118-484, Part II.May 6, 2024
- HousePlaced on the Union Calendar, Calendar No. 401.May 6, 2024
- HouseCommittee Consideration and Mark-up Session HeldJul 27, 2023
- HouseOrdered to be Reported (Amended) by Voice Vote.Jul 27, 2023
- HouseCommittee Consideration and Mark-up Session HeldJul 26, 2023
- HouseOrdered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 35 - 15.Jul 26, 2023
- HouseIntroduced in HouseJul 20, 2023
- HouseReferred 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.Jul 20, 2023
Bill record
Text versions4
- Referred in SenateSep 9, 2024PDF: Referred in Senate
- Engrossed in HouseMay 22, 2024PDF: Engrossed in House
- Reported in HouseMay 6, 2024PDF: Reported in House
- Introduced in HouseJul 20, 2023PDF: Introduced in House
Committees3
- Senate Banking, Housing, and Urban Affairs CommitteeReferred To Sep 9, 2024
- House Financial Services CommitteeReported By May 6, 2024Markup By, Jul 26, 2023Referred To, Jul 20, 2023
- House Agriculture CommitteeReported By May 6, 2024Markup By, Jul 27, 2023Referred To, Jul 20, 2023
Sponsor and cosponsors11 cosponsors
- Rep. Glenn Thompson (R-PA-15)Sponsor, Jul 20, 2023
- Dusty Johnson (R-SD)OriginalJoined Jul 20, 2023
- J. Hill (R-AR-2)OriginalJoined Jul 20, 2023
- Tom Emmer (R-MN-6)OriginalJoined Jul 20, 2023
- Warren Davidson (R-OH-8)OriginalJoined Jul 20, 2023
- Marcus Molinaro (R-NY-19)Joined Jul 27, 2023
- Henry Cuellar (D-TX-28)Joined Oct 17, 2023
- Wiley Nickel (D-NC-13)Joined Oct 17, 2023
- John Curtis (R-UT-3)Joined Dec 5, 2023
- Jim Banks (R-IN-3)Joined Feb 6, 2024
- Patrick McHenry (R-NC-10)Joined Apr 30, 2024
- Ritchie Torres (D-NY-15)Joined May 1, 2024
Amendments4
- H.Amdt. 922May 22, 2024An amendment numbered 4 printed in Part B of House Report 118-516 to add a sense of Congress to the end of title V that nothing in this Act or any amendment made by this Act should be interpreted to authorize any entity to regulate any commodity, other than a digital commodity, on any spot market.On agreeing to the Perry amendment (A004) Agreed to by recorded vote: 225 - 191 (Roll no. 225).
- H.Amdt. 921May 22, 2024Amendment requires a study on the impact of digital asset registrants owned by foreign adversaries.On agreeing to the Norman amendment (A003) Agreed to by recorded vote: 411 - 0 (Roll no. 224).
- H.Amdt. 920May 22, 2024An amendment numbered 2 printed in Part B of House Report 118-516 to clarify the application of the Bank Secrecy Act to digital asset and digital commodity entities and to require a Government Accountability Office study on risks posed by centralized intermediaries that are primarily located in foreign jurisdictions without regulatory requirements similar to those of the Bank Secrecy Act.On agreeing to the Pettersen amendment (A002) Agreed to by voice vote.
- H.Amdt. 919May 22, 2024Amendment sought to change the new crowdfunding exemption from $75 million to $5 million.On agreeing to the Casar amendment (A001) Failed by recorded vote: 204 - 209 (Roll no. 223).
Cost estimates and reports3
- CBO: H.R. 4763, Financial Innovation and Technology for the 21st Century ActMay 21, 2024As posted on the website of the House Committee on Rules on May 10, 2024, and amended by Manager’s Amendment 30
- H. Rept. 118-484Committee report
- H. Rept. 118-484,Part 2Committee report
Titles2
Short titles
- Financial Innovation and Technology for the 21st Century ActShort Titles from RFS (Referred to Senate) bill text
Official titles
- To provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes.Official Title as Introduced
Subjects11
Policy area
Legislative subjects
Administrative law and regulatory proceduresAdvanced technology and technological innovationsCommodities marketsCommodity Futures Trading CommissionComputers and information technologyCurrencyDigital mediaLicensing and registrationsSecuritiesSecurities and Exchange Commission (SEC)
Related bills2
- H.Res. 1243 118th, Related bill, Procedurally related Providing for consideration of the bill (H.R. 4763) to provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes; providing for consideration of the bill (H.R. 5403) 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; and providing for consideration of the bill (H.R. 192) to prohibit individuals who are not citizens of the United States from voting in elections in the District of Columbia.
- H.R. 9579 118th, Related bill BRIDGE Digital Assets Act
Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.