Bill > HR2365

This bill proposes to amend several key securities laws to create a new definition and classification for "investment contract assets," primarily focusing on digital assets. Specifically, the bill defines an investment contract asset as a fungible digital representation of value that can be exclusively possessed and transferred person-to-person without an intermediary, is recorded on a cryptographically secured public distributed ledger (like a blockchain), and is sold or transferred under an investment contract. The legislation would exclude these investment contract assets from being classified as securities under multiple existing laws, 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. By creating this new category, the bill aims to provide clarity and potentially reduce regulatory burden for certain digital assets, particularly cryptocurrencies and tokens that might have previously been ambiguous in their legal classification. The changes would standardize the treatment of these assets across different federal securities laws, potentially making it easier for companies and investors to understand their legal obligations when dealing with such digital representations of value.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2365/all-info