Digital Commodities Consumer Protection Act of 2022
Latest action · Nov 1, 2022 Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedAug 19, 2022
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Digital Commodities Consumer Protection Act of 2022
This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill.
The bill defines digital commodities as fungible digital forms of personal property that can be transferred person-to-person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service.
Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.
Cosponsors 1
Members who signed on, in the order they did. All signed on Aug 19, 2022.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OK | Stephanie I. Bice | Original | Aug 19, 2022 |
Actions 4
Everything that happened, newest first.
- Nov 1, 2022Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
- Sep 19, 2022Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- Aug 19, 2022Introduced in House
- Aug 19, 2022Referred to the Committee on Agriculture, and in addition to the Committees on Financial Services, and the Judiciary, 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.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 4760 | Digital Commodities Consumer Protection Act of 2022 | Identical bill | Sep 15, 2022 |
| HR 8950 | Digital Commodities Consumer Protection Act of 2022 | Related bill | Oct 28, 2022 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Aug 19, 2022Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.