H.R. 4763: Financial Innovation and Technology for the 21st Century Act

Bill · 118th Congress (2023–2024). Passed House, 22 May 2024. Introduced 20 Jul 2023.

Official title: To provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes.

Vote results

House, 22 May 2024: Passed, 279 Yea, 136 Nay, 0 Present, 15 Not voting. The House’s roll call
President: Not presented to the President.

How each member voted

House

Yea (279): Harold Rogers (R-KY-5); Christopher H. Smith (R-NJ-4); Nancy Pelosi (D-CA-11); Ken Calvert (R-CA-41); Anna G. Eshoo (D-CA-16); Frank D. Lucas (R-OK-3); Zoe Lofgren (D-CA-18); Robert B. Aderholt (R-AL-4); Kay Granger (R-TX-12); Michael K. Simpson (R-ID-2); Mike Thompson (D-CA-4); Pete Sessions (R-TX-17); Sam Graves (R-MO-6); Joe Wilson (R-SC-2); Michael C. Burgess (R-TX-26); John R. Carter (R-TX-31); Tom Cole (R-OK-4); Mario Diaz-Balart (R-FL-26); Mike Rogers (R-AL-3); Michael R. Turner (R-OH-10); Darrell Issa (R-CA-48); Jim Costa (D-CA-21); Henry Cuellar (D-TX-28); Virginia Foxx (R-NC-5); Michael T. McCaul (R-TX-10); Patrick T. McHenry (R-NC-10); Cathy McMorris Rodgers (R-WA-5); Gus M. Bilirakis (R-FL-12); Vern Buchanan (R-FL-16); Jim Jordan (R-OH-4); Doug Lamborn (R-CO-5); Adrian Smith (R-NE-3); Robert E. Latta (R-OH-5); Robert J. Wittman (R-VA-1); Tim Walberg (R-MI-5); Brett Guthrie (R-KY-2); James A. Himes (D-CT-4); Blaine Luetkemeyer (R-MO-3); Tom McClintock (R-CA-5); Bill Posey (R-FL-8); Glenn Thompson (R-PA-15); Mike Quigley (D-IL-5); Larry Bucshon (R-IN-8); Eric A. "Rick" Crawford (R-AR-1); Scott DesJarlais (R-TN-4); Jeff Duncan (R-SC-3); Charles J. "Chuck" Fleischmann (R-TN-3); Paul A. Gosar (R-AZ-9); H. Morgan Griffith (R-VA-9); Andy Harris (R-MD-1); Bill Huizenga (R-MI-4); Mike Kelly (R-PA-16); David Schweikert (R-AZ-1); Austin Scott (R-GA-8); Daniel Webster (R-FL-11); Steve Womack (R-AR-3); Dina Titus (D-NV-1); Mark E. Amodei (R-NV-2); Suzan K. DelBene (D-WA-1); Andy Barr (R-KY-6); Ami Bera (D-CA-6); Richard Hudson (R-NC-9); David P. Joyce (R-OH-14); Ann M. Kuster (D-NH-2); Doug LaMalfa (R-CA-1); Scott Perry (R-PA-10); Scott H. Peters (D-CA-50); Eric Swalwell (D-CA-14); Marc A. Veasey (D-TX-33); Ann Wagner (R-MO-2); Randy K. Weber, Sr. (R-TX-14); Brad R. Wenstrup (R-OH-2); Roger Williams (R-TX-25); Jason Smith (R-MO-8); Katherine M. Clark (D-MA-5); Pete Aguilar (D-CA-33); Rick W. Allen (R-GA-12); Brian Babin (R-TX-36); Donald S. Beyer, Jr. (D-VA-8); Mike Bost (R-IL-12); Brendan F. Boyle (D-PA-2); Earl L. "Buddy" Carter (R-GA-1); Tom Emmer (R-MN-6); Ruben Gallego (D-AZ-3); Garret Graves (R-LA-6); Glenn Grothman (R-WI-6); J. French Hill (R-AR-2); Ted Lieu (D-CA-36); John R. Moolenaar (R-MI-2); Alexander X. Mooney (R-WV-2); Seth Moulton (D-MA-6); Dan Newhouse (R-WA-4); Gary J. Palmer (R-AL-6); David Rouzer (R-NC-7); Elise M. Stefanik (R-NY-21); Bruce Westerman (R-AR-4); Bradley Scott Schneider (D-IL-10); David G. Valadao (R-CA-22); Trent Kelly (R-MS-1); Darin LaHood (R-IL-16); Warren Davidson (R-OH-8); James Comer (R-KY-1); Jodey C. Arrington (R-TX-19); Don Bacon (R-NE-2); Jim Banks (R-IN-3); Jack Bergman (R-MI-1); Neal P. Dunn (R-FL-2); A. Drew Ferguson IV (R-GA-3); Brian K. Fitzpatrick (R-PA-1); Vicente Gonzalez (D-TX-34); Josh Gottheimer (D-NJ-5); Clay Higgins (R-LA-3); Steven Horsford (D-NV-4); Mike Johnson (R-LA-4); Ro Khanna (D-CA-17); Raja Krishnamoorthi (D-IL-8); David Kustoff (R-TN-8); Brian J. Mast (R-FL-21); Jimmy Panetta (D-CA-19); John H. Rutherford (R-FL-5); Lloyd Smucker (R-PA-11); Darren Soto (D-FL-9); Ron Estes (R-KS-4); Ralph Norman (R-SC-5); Jimmy Gomez (D-CA-34); John R. Curtis (R-UT-3); Thomas R. Suozzi (D-NY-3); Debbie Lesko (R-AZ-8); Michael Cloud (R-TX-27); Troy Balderson (R-OH-12); Kevin Hern (R-OK-1); Susan Wild (D-PA-7); Colin Z. Allred (D-TX-32); James R. Baird (R-IN-4); Tim Burchett (R-TN-2); Ben Cline (R-VA-6); Angie Craig (D-MN-2); Dan Crenshaw (R-TX-2); Russ Fulcher (R-ID-1); Lance Gooden (R-TX-5); Mark E. Green (R-TN-7); Michael Guest (R-MS-3); Josh Harder (D-CA-9); Chrissy Houlahan (D-PA-6); Dusty Johnson (R-SD-AL); John Joyce (R-PA-13); Susie Lee (D-NV-3); Mike Levin (D-CA-49); Lucy McBath (D-GA-7); Daniel Meuser (R-PA-9); Carol D. Miller (R-WV-1); Greg Pence (R-IN-6); Dean Phillips (D-MN-3); Guy Reschenthaler (R-PA-14); John W. Rose (R-TN-6); Chip Roy (R-TX-21); Mikie Sherrill (D-NJ-11); Elissa Slotkin (D-MI-7); Abigail Davis Spanberger (D-VA-7); Greg Stanton (D-AZ-4); Pete Stauber (R-MN-8); Bryan Steil (R-WI-1); W. Gregory Steube (R-FL-17); Haley M. Stevens (D-MI-11); William R. Timmons IV (R-SC-4); Jefferson Van Drew (R-NJ-2); Michael Waltz (R-FL-6); Claudia Tenney (R-NY-24); Dan Bishop (R-NC-8); Mike Garcia (R-CA-27); Thomas P. Tiffany (R-WI-7); Ryan K. Zinke (R-MT-1); Jake Auchincloss (D-MA-4); Cliff Bentz (R-OR-2); Stephanie I. Bice (R-OK-5); Lauren Boebert (R-CO-3); Kat Cammack (R-FL-3); Jerry L. Carl (R-AL-1); Andrew S. Clyde (R-GA-9); Byron Donalds (R-FL-19); Pat Fallon (R-TX-4); Randy Feenstra (R-IA-4); Michelle Fischbach (R-MN-7); Scott Fitzgerald (R-WI-5); Scott Franklin (R-FL-18); Andrew R. Garbarino (R-NY-2); Carlos A. Gimenez (R-FL-28); Tony Gonzales (R-TX-23); Bob Good (R-VA-5); Marjorie Taylor Greene (R-GA-14); Diana Harshbarger (R-TN-1); Ashley Hinson (R-IA-2); Ronny Jackson (R-TX-13); Young Kim (R-CA-40); Jake LaTurner (R-KS-2); Nancy Mace (R-SC-1); Nicole Malliotakis (R-NY-11); Tracey Mann (R-KS-1); Lisa C. McClain (R-MI-9); Mary E. Miller (R-IL-15); Mariannette Miller-Meeks (R-IA-1); Barry Moore (R-AL-2); Blake D. Moore (R-UT-1); Troy E. Nehls (R-TX-22); Jay Obernolte (R-CA-23); Burgess Owens (R-UT-4); August Pfluger (R-TX-11); Maria Elvira Salazar (R-FL-27); Victoria Spartz (R-IN-5); Michelle Steel (R-CA-45); Marilyn Strickland (D-WA-10); Ritchie Torres (D-NY-15); Beth Van Duyne (R-TX-24); Julia Letlow (R-LA-5); Jake Ellzey (R-TX-6); Mike Carey (R-OH-15); Mike Flood (R-NE-1); Brad Finstad (R-MN-1); Mary Sattler Peltola (D-AK-AL); Patrick Ryan (D-NY-18); Rudy Yakym III (R-IN-2); Mark Alford (R-MO-4); Aaron Bean (R-FL-4); Josh Brecheen (R-OK-2); Nikki Budzinski (D-IL-13); Eric Burlison (R-MO-7); Yadira Caraveo (D-CO-8); Lori Chavez-DeRemer (R-OR-5); Juan Ciscomani (R-AZ-6); Mike Collins (R-GA-10); Elijah Crane (R-AZ-2); Jasmine Crockett (D-TX-30); Anthony D’Esposito (R-NY-4); Donald G. Davis (D-NC-1); Monica De La Cruz (R-TX-15); John S. Duarte (R-CA-13); Chuck Edwards (R-NC-11); Mike Ezell (R-MS-4); Russell Fry (R-SC-7); Robert Garcia (D-CA-42); Daniel S. Goldman (D-NY-10); Harriet M. Hageman (R-WY-AL); Erin Houchin (R-IN-9); Jonathan L. Jackson (D-IL-1); John James (R-MI-10); Sydney Kamlager-Dove (D-CA-37); Thomas H. Kean, Jr. (R-NJ-7); Jennifer A. Kiggans (R-VA-2); Kevin Kiley (R-CA-3); Nicholas A. Langworthy (R-NY-23); Michael Lawler (R-NY-17); Laurel M. Lee (R-FL-15); Anna Paulina Luna (R-FL-13); Morgan Luttrell (R-TX-8); Richard McCormick (R-GA-6); Robert Menendez (D-NJ-8); Max L. Miller (R-OH-7); Cory Mills (R-FL-7); Marcus J. Molinaro (R-NY-19); Nathaniel Moran (R-TX-1); Jared Moskowitz (D-FL-23); Kevin Mullin (D-CA-15); Wiley Nickel (D-NC-13); Andrew Ogles (R-TN-5); Brittany Pettersen (D-CO-7); Hillary J. Scholten (D-MI-3); Keith Self (R-TX-3); Eric Sorensen (D-IL-17); Dale W. Strong (R-AL-5); Shri Thanedar (D-MI-13); Derrick Van Orden (R-WI-3); Brandon Williams (R-NY-22); Celeste Maloy (R-UT-2); Timothy M. Kennedy (D-NY-26); Adam B. Schiff (D-CA-30); Matt Gaetz (R-FL-1); Kelly Armstrong (R-ND-AL); Andy Kim (D-NJ-3); Jeff Jackson (D-NC-14).

Nay (136): Steny H. Hoyer (D-MD-5); Marcy Kaptur (D-OH-9); Frank Pallone, Jr. (D-NJ-6); Richard E. Neal (D-MA-1); Rosa L. DeLauro (D-CT-3); Maxine Waters (D-CA-43); Jerrold Nadler (D-NY-12); Sanford D. Bishop, Jr. (D-GA-2); James E. Clyburn (D-SC-6); Robert C. "Bobby" Scott (D-VA-3); Bennie G. Thompson (D-MS-2); Lloyd Doggett (D-TX-37); Danny K. Davis (D-IL-7); Diana DeGette (D-CO-1); James P. McGovern (D-MA-2); Brad Sherman (D-CA-32); Adam Smith (D-WA-9); Gregory W. Meeks (D-NY-5); Barbara Lee (D-CA-12); John B. Larson (D-CT-1); Grace F. Napolitano (D-CA-31); Janice D. Schakowsky (D-IL-9); Rick Larsen (D-WA-2); Betty McCollum (D-MN-4); Stephen F. Lynch (D-MA-8); C. A. Dutch Ruppersberger (D-MD-2); David Scott (D-GA-13); Linda T. Sánchez (D-CA-38); Emanuel Cleaver (D-MO-5); Al Green (D-TX-9); Debbie Wasserman Schultz (D-FL-25); Doris O. Matsui (D-CA-7); Kathy Castor (D-FL-14); Yvette D. Clarke (D-NY-9); Steve Cohen (D-TN-9); Joe Courtney (D-CT-2); Henry C. "Hank" Johnson, Jr. (D-GA-4); John P. Sarbanes (D-MD-3); André Carson (D-IN-7); Gerald E. Connolly (D-VA-11); Chellie Pingree (D-ME-1); Paul Tonko (D-NY-20); Judy Chu (D-CA-28); John Garamendi (D-CA-8); Bill Foster (D-IL-11); William R. Keating (D-MA-9); Terri A. Sewell (D-AL-7); Frederica S. Wilson (D-FL-24); Kweisi Mfume (D-MD-7); Suzanne Bonamici (D-OR-1); Joyce Beatty (D-OH-3); Julia Brownley (D-CA-26); Matt Cartwright (D-PA-8); Joaquin Castro (D-TX-20); Tony Cárdenas (D-CA-29); Lois Frankel (D-FL-22); Jared Huffman (D-CA-2); Hakeem S. Jeffries (D-NY-8); Daniel T. Kildee (D-MI-8); Derek Kilmer (D-WA-6); Grace Meng (D-NY-6); Mark Pocan (D-WI-2); Raul Ruiz (D-CA-25); Mark Takano (D-CA-39); Juan Vargas (D-CA-52); Robin L. Kelly (D-IL-2); Alma S. Adams (D-NC-12); Donald Norcross (D-NJ-1); Ed Case (D-HI-1); Mark DeSaulnier (D-CA-10); Debbie Dingell (D-MI-6); Norma J. Torres (D-CA-35); Bonnie Watson Coleman (D-NJ-12); Nanette Diaz Barragán (D-CA-44); Andy Biggs (R-AZ-5); Lisa Blunt Rochester (D-DE-AL); Salud O. Carbajal (D-CA-24); J. Luis Correa (D-CA-46); Adriano Espaillat (D-NY-13); Pramila Jayapal (D-WA-7); Jamie Raskin (D-MD-8); Joseph D. Morelle (D-NY-25); Mary Gay Scanlon (D-PA-5); Sean Casten (D-IL-6); Jason Crow (D-CO-6); Sharice Davids (D-KS-3); Madeleine Dean (D-PA-4); Veronica Escobar (D-TX-16); Lizzie Fletcher (D-TX-7); Sylvia R. Garcia (D-TX-29); Jesús G. "Chuy" García (D-IL-4); Jared F. Golden (D-ME-2); Jahana Hayes (D-CT-5); Joe Neguse (D-CO-2); Alexandria Ocasio-Cortez (D-NY-14); Ilhan Omar (D-MN-5); Chris Pappas (D-NH-1); Katie Porter (D-CA-47); Ayanna Pressley (D-MA-7); Kim Schrier (D-WA-8); Rashida Tlaib (D-MI-12); Lori Trahan (D-MA-3); David J. Trone (D-MD-6); Lauren Underwood (D-IL-14); Jennifer Wexton (D-VA-10); Jamaal Bowman (D-NY-16); Cori Bush (D-MO-1); Sara Jacobs (D-CA-51); Teresa Leger Fernandez (D-NM-3); Kathy E. Manning (D-NC-6); Frank J. Mrvan (D-IN-1); Matthew M. Rosendale, Sr. (R-MT-2); Deborah K. Ross (D-NC-2); Nikema Williams (D-GA-5); Troy A. Carter (D-LA-2); Shontel M. Brown (D-OH-11); Sheila Cherfilus-McCormick (D-FL-20); Becca Balint (D-VT-AL); Greg Casar (D-TX-35); Christopher R. Deluzio (D-PA-17); Valerie P. Foushee (D-NC-4); Maxwell Frost (D-FL-10); Marie Gluesenkamp Perez (D-WA-3); Val T. Hoyle (D-OR-4); Glenn Ivey (D-MD-4); Nick LaLota (R-NY-1); Summer L. Lee (D-PA-12); Morgan McGarvey (D-KY-3); Delia C. Ramirez (D-IL-3); Andrea Salinas (D-OR-6); Emilia Strong Sykes (D-OH-13); Jill N. Tokuda (D-HI-2); Gabe Vasquez (D-NM-2); Jennifer L. McClellan (D-VA-4); Gabe Amo (D-RI-1); Bill Pascrell, Jr. (D-NJ-9).

Not voting (15): Nydia M. Velázquez (D-NY-7); Earl Blumenauer (D-OR-3); Raúl M. Grijalva (D-AZ-7); Gwen Moore (D-WI-4); Steve Scalise (R-LA-1); Thomas Massie (R-KY-4); Barry Loudermilk (R-GA-11); Dwight Evans (D-PA-3); Gregory F. Murphy (R-NC-3); Melanie A. Stansbury (D-NM-1); Wesley Hunt (R-TX-38); Greg Landsman (D-OH-1); Seth Magaziner (D-RI-2); Zachary Nunn (R-IA-3); Sheila Jackson Lee (D-TX-18).

Not in office (15): Vince Fong (R-CA-20); Michael A. Rulli (R-OH-6); Greg Lopez (R-CO-4); LaMonica McIver (D-NJ-10); Erica Lee Carter (D-TX-18); Tony Wied (R-WI-8); Brian Higgins (D-NY-26); Kevin McCarthy (R-CA-20); Bill Johnson (R-OH-6); David N. Cicilline (D-RI-1); Donald M. Payne, Jr. (D-NJ-10); Chris Stewart (R-UT-2); Ken Buck (R-CO-4); Mike Gallagher (R-WI-8); George Santos (R-NY-3).

Summary

Main subject: Sets up a system of regulation for digital assets, dividing oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission through definitions, offering and sale rules, and registration of exchanges, brokers, dealers and custodians. Sec. 101, Sec. 301, Sec. 404, Sec. 504

Its core areas: Definitions of digital assets, digital commodities and decentralized blockchain systems; Exemption and disclosure rules for offers and sales of digital assets; Certification that a blockchain system is a decentralized system; SEC registration of digital asset trading systems, brokers, dealers and custodians; CFTC registration of digital commodity exchanges, brokers and dealers; Notice of intent to register for digital asset intermediaries; Studies, advisory committee and technology offices on digital assets.

Unexpected Items: 14 provisions

These provisions fall outside the bill’s main subject or apply narrowly. This describes the text; it is not a judgment.

Not related to the bill’s main subject (3)

Sec. 109: Administrative requirements: Adds a duty of trust and confidence for Members of Congress, congressional employees and federal employees or agents regarding material nonpublic information on restricted digital assets, for insider trading purposes, and extends Commodity Exchange Act section 4c(a) provisions to contracts of sale of a digital commodity.
Sec. 413: Discretionary Surplus Fund: Reduces the dollar amount specified in section 7(a)(3)(A) of the Federal Reserve Act by $15,000,000, effective September 30, 2034. ($15,000,000)
Sec. 411: Treatment of custody activities by banking institutions: Bars federal banking agencies, the NCUA, and the SEC from requiring certain depository institutions and trust companies to record custodied assets as liabilities or hold added capital against them, except for operational risk.

Exception or delay for a subset (11)

Sec. 404: Requirements for digital asset trading systems: Deems certain State-supervised trust companies adequately supervised before the Commission's custodian rulemaking takes effect, and requires a transition period of at least two years for those trust companies.
Sec. 409: Exclusion for decentralized finance activities: Provides that a person is not subject to the Securities Exchange Act of 1934 or its regulations based on engaging in listed blockchain and decentralized finance activities, while keeping the SEC's anti-fraud and anti-manipulation authority.
Sec. 509: Exclusion for decentralized finance activities: Provides that a person is not subject to the Commodity Exchange Act or its regulations based on engaging in listed blockchain and decentralized finance activities, while keeping the CFTC's anti-fraud, anti-manipulation, and false reporting enforcement authority.
Sec. 510: Funding for implementation and enforcement: Sets up CFTC filing fees for notices of intent to register, and lets the Commission reduce or eliminate the fee for small or medium filers. The authority to collect fees ends after the 4th fiscal year that begins after enactment.
Sec. 410: Registration and requirements for notice-registered digital asset clearing agencies: Lets a person registered as a notice-registered digital asset clearing agency within the first 2 years keep that registration in effect until the end of that period, even after the SEC adopts rules under this section.
Sec. 505: Qualified digital commodity custodians: Deems certain State-supervised trust companies to meet the custodian supervision standard before CFTC rules take effect, and requires a transition period of at least 2 years for them once the rules take effect.
Sec. 106: Notice of intent to register for digital commodity exchanges, brokers, and dealers: A person who has filed a notice of intent to register with the CFTC and is in compliance is exempt from SEC rules on registering as a national securities exchange, broker, dealer, or clearing agency for activities related to a digital asset.
Sec. 107: Notice of intent to register for digital asset brokers, dealers, and trading systems: A person who has filed a notice of intent to register with the SEC and is in compliance is exempt from SEC rules on registering as a national securities exchange, broker, dealer, or clearing agency for activities related to a digital asset.
Sec. 403: Registration of digital asset trading systems: A digital asset trading system that offers at least one restricted digital asset does not have to register with the SEC if it satisfies an exemption on a list the SEC prepares, modeled on existing exemptions from the definition of an exchange.
Sec. 408: Treatment of certain digital assets in connection with federally regulated intermediaries: Treats a restricted digital asset as a covered security under Securities Act section 18(b) for exempt transactions when it is handled by a registered digital asset broker or dealer or traded through a digital asset trading system, which gives it the exemption from State regulation that section 18(b) provides.
Sec. 501: Commission jurisdiction over digital commodity transactions: Sets CFTC jurisdiction over digital commodity transactions but excludes custodial or depository activities of entities regulated by a Federal banking agency or State bank supervisor, mixed digital asset transactions, and permitted payment stablecoins from certain CFTC authority.

What it does

Sec. 101: Defines terms such as "digital asset," "blockchain system," "decentralized system," "digital asset issuer," "end user distribution" and "restricted digital asset" by adding them to the Securities Act of 1933.
Sec. 103: Defines "digital commodity" and adds definitions for digital commodity brokers, dealers, exchanges and custodians to the Commodity Exchange Act.
Sec. 105: Requires the CFTC and the SEC to issue joint rules further defining the digital asset terms, exempting dually registered persons from duplicative rules, and setting rules for mixed digital asset transactions.
Sec. 106: Allows persons to file a notice of intent to register with the CFTC as a digital commodity exchange, broker or dealer, and exempts compliant filers from SEC registration as an exchange, broker, dealer or clearing agency for digital asset activities.
Sec. 301: Exempts from registration under the Securities Act of 1933 certain offers and sales of digital assets by an issuer, with a cap of $75,000,000 in sales over 12 months, purchase limits for non-accredited investors, and filing of a statement with the SEC.
Sec. 304: Allows any person to certify to the SEC that a blockchain system is a decentralized system; the certification takes effect after 60 days unless the SEC rebuts or stays it, and a rebuttal may be appealed to the D.C. Circuit Court of Appeals.
Sec. 403: Requires digital asset trading systems to register with the SEC and to hold customer restricted digital assets with a qualified digital asset custodian.
Sec. 405: Requires digital asset brokers and dealers to register with the SEC, join a national securities association, and follow rules on anti-fraud, customer asset custody, capital, and recordkeeping.
Sec. 504: Requires trading facilities that offer a cash or spot market in a digital commodity to register with the CFTC as digital commodity exchanges, and sets core principles including listing standards, customer asset protection and conflict-of-interest procedures.
Sec. 605: Requires the CFTC and the SEC to jointly carry out a study on decentralized finance, and requires the Comptroller General to carry out a separate study, each reporting within 1 year of enactment.

Written automatically from the official text by Claude Sonnet 5.5, an AI model. Written 1 Oct 2026 and published after the automatic checks, without a person reading it first. Every line names the section it came from.