Summary
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.
The Securities and Exchange Commission (SEC) must regulate a digital asset as a security if its associated blockchain is functional but not decentralized. However, the bill establishes certain exceptions to SEC regulation for digital assets that limit annual sales, restrict nonaccredited investor access, and satisfy disclosure and compliance requirements. The bill also sets forth requirements for primary and secondary market transactions.
The CFTC and SEC must jointly issue rules to define terms and exempt dually registered exchanges from duplicative rules.
Lifecycle of the Bill
Introduced in House
Jul 25, 2025
Introduced in House
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Introduced in House
Jul 25, 2025
Introduced in House
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on House Administration, Oversight and Government Reform, the Judiciary, and Transportation and Infrastructure, 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.
Jul 25, 2025
