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Digital Commodities Consumer Protection Act of 2022

USA117th CongressHR-8730| House 
| Updated: 11/1/2022
Randy Feenstra

Randy Feenstra

Republican Representative

Iowa

Cosponsors (1)
Stephanie I. Bice (Republican)

Administrative State, Regulatory Reform, and Antitrust Subcommittee, Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee, Financial Services Committee, Judiciary Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Digital Commodities Consumer Protection Act of 2022 This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill. The bill defines digital commodities as fungible digital forms of personal property that can be transferred person-to-person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service. Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.
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Timeline
Aug 19, 2022
Introduced in House
Aug 19, 2022
Referred to the Committee on Agriculture, and in addition to the Committees on Financial Services, and the Judiciary, 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.
Sep 15, 2022

Latest Companion Bill Action

S 117-4760
Committee on Agriculture, Nutrition, and Forestry. Hearings held.
Sep 19, 2022
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Nov 1, 2022
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
  • August 19, 2022
    Introduced in House


  • August 19, 2022
    Referred to the Committee on Agriculture, and in addition to the Committees on Financial Services, and the Judiciary, 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.


  • September 15, 2022

    Latest Companion Bill Action

    S 117-4760
    Committee on Agriculture, Nutrition, and Forestry. Hearings held.


  • September 19, 2022
    Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.


  • November 1, 2022
    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Finance and Financial Sector

Related Bills

  • HR 117-8950: Digital Commodities Consumer Protection Act of 2022
  • S 117-4760: Digital Commodities Consumer Protection Act of 2022
Banking and financial institutions regulationCommodities marketsCommodity Futures Trading CommissionComputers and information technologyConsumer affairsCurrencyDigital media

Digital Commodities Consumer Protection Act of 2022

USA117th CongressHR-8730| House 
| Updated: 11/1/2022
Digital Commodities Consumer Protection Act of 2022 This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill. The bill defines digital commodities as fungible digital forms of personal property that can be transferred person-to-person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service. Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Aug 19, 2022
Introduced in House
Aug 19, 2022
Referred to the Committee on Agriculture, and in addition to the Committees on Financial Services, and the Judiciary, 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.
Sep 15, 2022

Latest Companion Bill Action

S 117-4760
Committee on Agriculture, Nutrition, and Forestry. Hearings held.
Sep 19, 2022
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Nov 1, 2022
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
  • August 19, 2022
    Introduced in House


  • August 19, 2022
    Referred to the Committee on Agriculture, and in addition to the Committees on Financial Services, and the Judiciary, 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.


  • September 15, 2022

    Latest Companion Bill Action

    S 117-4760
    Committee on Agriculture, Nutrition, and Forestry. Hearings held.


  • September 19, 2022
    Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.


  • November 1, 2022
    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Randy Feenstra

Randy Feenstra

Republican Representative

Iowa

Cosponsors (1)
Stephanie I. Bice (Republican)

Administrative State, Regulatory Reform, and Antitrust Subcommittee, Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee, Financial Services Committee, Judiciary Committee

Finance and Financial Sector

Related Bills

  • HR 117-8950: Digital Commodities Consumer Protection Act of 2022
  • S 117-4760: Digital Commodities Consumer Protection Act of 2022
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Banking and financial institutions regulationCommodities marketsCommodity Futures Trading CommissionComputers and information technologyConsumer affairsCurrencyDigital media