Bill > HR3633

This bill, the Digital Asset Market Clarity Act, aims to establish a comprehensive regulatory framework for digital assets in the United States. It seeks to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating digital commodities, defining terms like "ancillary asset" and "network token" to distinguish them from traditional securities. The bill introduces disclosure requirements for certain digital asset transactions, creates exemptions for small-scale offerings, and establishes rules for the disposition of digital assets by related parties to prevent insider trading. It also addresses illicit finance by updating the Bank Secrecy Act to include digital asset service providers and mandates cybersecurity standards for decentralized finance protocols. Furthermore, the bill permits national banks and financial holding companies to engage in certain digital asset activities, clarifies rules for portfolio margining, and prohibits interest or yield on payment stablecoins. It also includes provisions for consumer protection, financial literacy, and international cooperation in digital asset regulation, while also aiming to protect software developers and clarify the regulatory treatment of nonfungible tokens (NFTs).