Bills · 118th Congress · Finance and Financial Sector

Financial Innovation and Technology for the 21st Century Act

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Roll calls on this bill

Votes on passage
HouseOn Passage · 5/22/24PassageThe vote on whether this chamber approves the measure — usually by a simple majority of those voting. It becomes law only once both chambers pass the same text and the president signs it, or Congress overrides a veto.House: The Legislative Process ↗
Passed
  • Democratic71 Yea · 133 Nay · 9 Not voting
  • Republican208 Yea · 3 Nay · 6 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Not voting
Official summary (CRS)

Financial Innovation and Technology for the 21st Century Act

This bill establishes a regulatory framework for digital assets.

The Commodity Futures Trading Commission (CFTC) must regulate a digital asset as a commodity if the blockchain, or digital ledger, on which it runs is functional and decentralized. The bill classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset. In addition, the bill provides the CFTC with exclusive regulatory authority over cash or spot markets for digital commodities.

Full text on congress.gov ↗
Sponsor
Rep. Glenn Thompson ( Republican · PA-15)
Cosponsors
11
Introduced
7/20/23
Policy area
Finance and Financial Sector
Status
7/20/23Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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.
7/20/23Introduced in House
7/26/23Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 35 - 15.
7/26/23Committee Consideration and Mark-up Session Held
7/27/23Ordered to be Reported (Amended) by Voice Vote.
7/27/23Committee Consideration and Mark-up Session Held
5/6/24Placed on the Union Calendar, Calendar No. 401.
5/6/24Reported (Amended) by the Committee on Financial Services. H. Rept. 118-484, Part II.
5/6/24Reported (Amended) by the Committee on Agriculture. H. Rept. 118-484, Part I.
5/21/24Rules Committee Resolution H. Res. 1243 Reported to House. Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
5/22/24Motion to reconsider laid on the table Agreed to without objection.
5/22/24On passage Passed by recorded vote: 279 - 136 (Roll no. 226). (text: CR H3432-3455)
5/22/24Passed/agreed to in House: On passage Passed by recorded vote: 279 - 136 (Roll no. 226). (text: CR H3432-3455)
5/22/24The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
5/22/24The previous question was ordered pursuant to the rule.
5/22/24The House rose from the Committee of the Whole House on the state of the Union to report H.R. 4763.
5/22/24POSTPONED PROCEEDINGS - At the conclusion of debate on the Perry amendment No. 4, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
5/22/24DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Perry amendment No. 4.
5/22/24POSTPONED PROCEEDINGS - At the conclusion of debate on the Norman amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
5/22/24DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Norman amendment No. 3.
5/22/24DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 2.
5/22/24POSTPONED PROCEEDINGS - At the conclusion of debate on the Casar amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced that the noes prevailed. Mr. Casar demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
5/22/24DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Casar amendment No. 1.
5/22/24GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 4763.
5/22/24The Speaker designated the Honorable Michael Guest to act as Chairman of the Committee.
5/22/24House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1243 and Rule XVIII.
5/22/24Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
5/22/24Considered under the provisions of rule H. Res. 1243. (consideration: H3419–3463)
9/9/24Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.