Bill > HR8378

This bill, the Securities Clarity Act, aims to amend the securities laws to exclude "investment contract assets" from the definition of a security. The key provisions of the bill are: 1. It provides a sense of Congress that the distinction between an "investment contract," which is a security, and the assets sold pursuant to it, has been "unnecessarily conflated" in the context of digital assets, discouraging development and hindering innovation in the U.S. digital asset sector. 2. It clarifies and codifies that an asset, whether tangible or intangible (including digital assets), sold pursuant to an investment contract, but not otherwise a security, does not become a security simply because it is sold under an investment contract. 3. It amends several key financial regulations, including the Securities Act of 1933, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Exchange Act of 1934, and the Securities Investor Protection Act of 1970, to exclude "investment contract assets" from the definition of a "security." The overall purpose of the bill is to provide clarity and differentiate between investment contracts, which are securities, and the underlying assets sold pursuant to those contracts, which may not be securities themselves.