Bill > HR5496

This bill amends the Securities Act of 1933 to provide a safe harbor for transactions in certain digital tokens. The key provisions are: 1. The safe harbor applies to tokens offered and sold for the purpose of facilitating access to, participation on, or the development of a network, where the initial development team intends for the network to reach "network maturity" within three years. 2. The initial development team must comply with certain disclosure requirements, file a notice of reliance on the safe harbor, and file an exit report when the network reaches maturity or the safe harbor period ends. 3. The bill also amends the Securities Exchange Act of 1934 to exclude certain token-related activities from the definitions of "exchange," "broker," "dealer," "clearing agency," and "transfer agent." 4. The bill directs the Securities and Exchange Commission to issue rules to carry out the amendments within one year of the bill's enactment.

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https://www.congress.gov/bill/117th-congress/house-bill/5496/all-info